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  • European Accelerators (AC) Welcome Non-European Start-ups
    2019-01-02 hit 874

    European Accelerators (AC) Welcome Non-European Start-ups

     

    - KITA studied the ways for Korean start-ups to utilize European ACs they value diversity, networking and innovation -

     

    It is pointed out that in order for Korean start-ups to make inroads into European markets, they need to pay attention to diversity, networking and communication capabilities, and service innovation.

      

    According to a report titled "Strategies for Global Advancement of Start-ups Utilizing European Accelerators" issued by the Brussels branch of the Korea International Trade Association (Chairman, Kim Young-joo) on December 24th, with the expansion of supports for start-ups, the development of digital technology and the decrease of the cost for starting business and investment, the number of  European accelerators (AC) and incubators increased nearly fourfold between 2007 and 2013 and new investment in start-ups in Europe rose by 36 percent as of last year.

      

    European AC is largely run by investment companies, global conglomerates, and industry-academia partnership and is mostly funded by the government. Most of them request a 5-15% stake for the investment, but Belgian KBC bank and French BNP Paribas in run programs for free. Accelerators provide corporate social responsibility (CSR) models through fostering start-ups, identify the latest technology trends, and seek opportunities for mergers and acquisitions (M&A).

     

    The report selected the diversity of team members, networking and communication skills, and innovative technologies that solve social problems as what European AC considers the most importantly when making investment in a start-up investment. The most well known ACs such as Techstars and APX prefer start-ups with diverse workforce in terms of age, personality, and background, while BNP Paribas, KBC, and Startit emphasize supports for female entrepreneurs.

      

    Yoon Ga-young, the section chief at Brussels branch of the Korea International Trade Association, said, European countries respect various values and are active in attracting non-European talent with innovative ideas. She advised, In order for Korean start-up businesses make inroads into overseas, they must actively take advantage of preferential policies for issuing foreign start-up visas or specialized support programs in France, the UK, Ireland, and the Netherlands.

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