What connects German startups with Korea?
Discussing good market conditions and policies for building a successful ecosystem for startups in South Korea and Germany formed the core of yesterday’s meeting at betahaus Berlin. South Korean Minister of Justice Beom-kye Park was welcomed by the joint organizational team consisting of DIHK, Berliner Senatsverwaltung für Wirtschaft, Energie und Betriebe, AsiaBerlin, betahaus and Enpact. Together with startups nota.ia and EasyCookAsia, Industrial Analytics had the chance to share their founding experience in Berlin and their experience to expand into the Korean market.
Center of the discussion was how the government can support startups in terms of establishing and financing. Richard Buessow, founder and Managing Director of Industrial Analytics, discussed the founding history and how the Berlin state helped to build the company with its offerings. The Berlin Senatsverwaltung shared how they support founders from abroad with their immigration service and that local and global connectedness is key to their success. The Korean Minister of Justice Mr Park announced that South Korea will discuss potential regulatory changes for business visas, enabling foreigners and startups to access the country easier. “In order to vitalize our startup ecosystem, we need to have an influx of foreigners who want to launch startups in South Korea. We need to offer (startup visas) in order to achieve this,” Park said during the meeting.
The announcement of Park is of great importance to IA to further increase its market reach in South Korea and facilitate the process of market entry and business relations with Korean companies. Richard Buessow and Tania Schulze from Industrial Analytics had the chance to share their experiences during the K-Startup Challenge, in which Industrial Analytics participated in Seoul at the end of 2021.
Richard Buessow emphasized that a good infrastructure is just one part of building a successful company. The importance of finding the right clients is the biggest issue startups are facing and the willingness of working with these startups. “A good infrastructure is nice. A good offering of financing and funding options is nice. But I think this time we can learn from Korea. Having a process where startups can be qualified and certified as a supplier for the government or companies and that they need to invest a certain percentage with these startups can be a driver for startups and innovation.”