Trade Association: Startup Fostering Delivers Investment, Jobs, Global Reach

Even amidst a challenging situation where global startup investment has decreased by 16.8% worldwide due to the global economic slowdown (PitchBook, accumulated as of Sep ’25), institutional support has shown to have a positive impact on the startup ecosystem. According to a recent report published by the Korea International Trade Association (KITA), startups that participated in the association's support programs for three years from 2022 to 2024 achieved remarkable results. Among approximately 1,200 companies that disclosed investment information, 54.2% succeeded in attracting investment, while 55.6% of 813 companies that disclosed employment information saw an increase in employment, and 61.7% of 1,053 companies that disclosed financial statements achieved sales growth over the past three years. Cooperation achievements with large corporations were also notable. According to a survey of participating companies, 26.5% of the responding companies signed Non-Disclosure Agreements (NDAs) or Memoranda of Understanding (MOUs) with large or medium-sized enterprises, and 25.5% reported conducting joint projects such as Proof of Concept (PoC) or pilot projects. Actual success stories followed. 'NineWatt' co-developed the digital energy platform 'Enable' with LS Electric after participating in the '2022 KITA-LS Electric Open Innovation' and attracted approximately 3 billion KRW in investment. 'LabNPeople,' a microneedle patch company, is targeting the global market by entering Japanese retail store Don Quijote and expanding into Walgreens in the U.S. through the '1:1 Meetup with Shiseido' and the '2023 Korea-Japan Open Innovation Summit'. 'RobyGoes,' a logistics AI company, demonstrated an AI-based inventory management system at Parkson Department Store and signed a formal supply contract through the '2022 KITA-Malaysia Lion Group MOU.' RobyGoes has established a local subsidiary in Malaysia, achieved sales of 4 billion KRW this year, and is pursuing a smart logistics center project worth 66 billion KRW. A Lion Group official expressed satisfaction with the cooperation with Korean startups through KITA's support programs and stated expectations for future expanded cooperation. Lee Myung-ja, Head of Global Marketing at KITA, emphasized the critical role of institutions during periods of reduced private investment, stating that KITA will strengthen network expansion, identification of overseas testbeds, and support for global open innovation as an 'industrial innovation hub' connecting the innovation demands of domestic and international large and medium-sized enterprises with startups. Since the launch of a dedicated startup support department in 2017, KITA has contributed to invigorating the startup ecosystem through various programs, including meetups with domestic companies such as LG Electronics and SK ecoplant, operation of overseas testbeds, and hosting global open innovation summits.