Coolidge Corner Investment has signed an MOU with Thailand’s PNP Management, Silicon Valley’s BootstrapLabs and Singapore’s Adval Group, to give Korean startups a leg up entering the South East Asian market.
PNP Management is a Thai-Korean company that provides business consulting and investment between Thai and Korean organizations. Together with Coolidge Corner, the two companies are wanting to get South Korean startups to dip their toes in a ripening ecosystem.
The Thai government is currently looking to revitalize the country’s startup environment as part of its new digital economy policy. Last week Bangkok’s largest shopping mall Siam Paragon hosted ‘Smart Startup 2017’, an event which featured upcoming Thai startups and VC investors.
“This is a good time for Korean startups that have competitive technology to succeed in ASEAN markets — with a focus on Thailand, as well as Cambodia, Laos and Myanmar,” says Coolidge Corner CEO, Ted Kwon.
“Through the strategic partnership, I hope that local startups entering the new market will provide a good opportunity to introduce startup acceleration programs that have been successful in Korea, such as the TIPS Program.”
Korean content and technology is highly valued in Thailand according to Julie Kwon, Executive Director of PNP Group. She says that with up to 15% growth in the country’s financial markets, it should prove an attractive market for Korean startups.
Further down the road, Coolidge Corner and PNP Management Group say they plan to establish a fund for the wider Asia region, and will continue to look for other startups with potential to succeed in South East Asia.