Various services and supports were provided for 42 deep-tech startups to discover joint venture partners and establish a joint venture
SEOUL, South Korea, Dec. 16, 2021 /PRNewswire/ — The Born2Global Centre has supported the creation of 11 global joint ventures between startups in the United States, Europe, Japan, Southeast Asia, Australia, and other countries and regions worldwide.
On December 13, Born2Global Centre organized a seminar (on-off hybrid) to hear from startups’ experiences on establishing a global joint venture, building a joint venture partnership, and experts’ advice (on legal, IP protection, accounting, etc.) for startups in establishing & operating a joint venture in the global market.
From this year, Born2Global Centre supported the creation of global deep-tech startup joint ventures via a program funded by the Ministry of Science and ICT of Korea. Through this program, 11 global joint ventures have been established, and 10 joint venture partnerships were created. The purpose of this program is to lend a helping hand to tech innovators whose global business efforts have been curtailed by the strain that the coronavirus pandemic has put on international business activity as well as the common challenges of localizing commodities and mobilizing sales resources. Enabling Korean and foreign tech innovators to enter new global markets and grow through partnerships is at the heart of this initiative.
At the event, achievements were announced in terms of the discovery of partners for and formation of global joint ventures as well as the holding of expert, informative sessions on legal, patent, and accounting requirements associated with the launch of joint ventures in foreign markets by DNA companies.
The first part of the briefing was an update on the formation of global joint venture partnerships and the collaborative efforts that have gone into them. Three companies—Avancargo (Argentina), Advance (Colombia), and BlueWing Motors (Korea)—gave presentations on their achievements in forming partnerships for global joint ventures and their future plans.
The second part involved the sharing of experiences in forming and running global joint ventures. TeamGRIT, Coconut Silo, and InnoCSR, all Korean companies, detailed their experiences with and know-how on forming joint ventures in Japan, Vietnam, and Malaysia and shed light on their future business plans for those local markets.
The last part of the briefing was a seminar where an attorney, patent attorney, and accountant delivered valuable knowledge on the legal requirements that must be reviewed when forming a joint venture as well as intellectual property rights protection (patent application), international tax affairs, and other matters.
Born2Global Centre Chief Executive Director Kim Jongkap said, "Eleven new global joint ventures around the world is a great accomplishment and proof that there’s a clear and present demand for companies looking to expand their business globally through joint ventures in target countries. Going forward, we’re going to use our years of experience with helping tech innovators do business overseas and take advantage of the lessons and data from the joint venture support activities we executed this year to help even more promising tech companies set up and run global joint ventures."
For more detailed information on Born2Global Centre, visit www.born2global.com.
About Born2Global Centre
Born2Global Centre (www.born2global.com) is a full-cycle service platform for global expansion. Since its inception in 2013, Born2Global has been setting the standard for a successful startup ecosystem as the main Korean government agency under the Ministry of Science and ICT. Born2Global has expanded and transformed startups to be engaged, equipped and connected with the global market.
Born2Global Centre: [email protected]