The Korea International Trade Association said Monday it is joining hands with US-based Startup Junkie to back Korean startups to test their technologies and products overseas.
The partnership deal was signed by chief of KITA’s innovation growth division Dong-ki and Louis Diesel, director and head of Asia at Startup Junkie, in Seoul.
Startup Junkie is funded in large part by the Walton Family Foundation, a philanthropic organization led by the family of Walmart founder Sam Walton, as well as the US Small Business Administration and the Arkansas Economic Development Commission. Startup Junkie also leverages strategic partnerships with multi-national corporations like Walmart, Tyson Foods, JB Hunt and FedEx.
Under the deal, the two will help local startups to build testbed in commercial venues of Startup Junkie’s corporate partners and jointly implement accelerator programs. They will also cooperate on offering products of Korean startups to retailers and partner firms, exchanging information on startup environment of the two nations.
“Conventional cooperation between large firms and startups requires a long time for decision-making. But this pilot project will allow startups to promptly verify mutual suitability,” said Diesel.
“Through this agreement, we will actively support Korean startups to demonstrate their technologies in major commercial places overseas,” Lee said.
By Shin Ji-hye (firstname.lastname@example.org)