Techstars, a startup accelerator has launched Techstars Korea Accelerator this year. Techstars has been looking to accelerate its global expansion efforts and thanks to its $42 million investment lead by SVB Financial Group, this will be possible. In addition, Techstars has 49 accelerator programs in 35 cities in 16 countries with South Korea being one of them. Therefore, they partnered with Hillstone Partners (startup consulting firm) to create Techstars Korea Accelerator. It makes sense for Techstars to launch a startup accelerator in Korea because Korea has become one of the top startup hubs in Asia. The program will focus on supporting the Korean startup ecosystem. Applications have closed and 10 domestic and overseas startups have been selected. The 13-week accelerator program will start on August 31st. Due to COVID-19, Techstars Korea Accelerator will be running its program virtually.
The Techstars Korea Accelerator Program
The accelerator program will be a 3-month mentorship-driven accelerator program. Techstars Korea has selected 10 startups for 2020. There will be a Demo Day (Nov. 30th) where the startups will present their progress. Techstars Korea selected startups that focus on digital and tech innovations across many verticals. In addition, the program will be done both virtually and offline at Pangyo Techno Valley which is a tech and innovation hub located in Pangyo (30 minutes South of Seoul).
“Korea’s booming startup sector and Pangyo’s thriving tech ecosystem are the perfect ingredients for this accelerator program. This is a very exciting move for Techstars, considering Korea’s access to other major Asian markets, the country’s massive internal market, and the public and private sector’s interest in mobilizing the tech industry,” said Will Robinson, Vice President Asia Pacific Sales at Techstars.
Techstars Partnership with Hillstone Partners
Hillstone Partners, a boutique capital consulting firm that specializes in startups has partnered with Techstars to launch Techstars Korea Accelerator. They will work together to develop growth opportunities and international and global impact for Korean startups. Hillstone Partners was originally established as CGI Korea in late 2010 as a private equity fund manager. Since then, Hillstone has delivered expertise in IT, gaming, and clean technology sectors with a strong network of influence in the Asia Pacific. They have played a key role in cross-border M&A and helping startups in Korea access global markets. Hillstone recently established a Blockchain-cryptocurrency fund to connect startups with global VCs, contributing to the development of the technology-based startup ecosystem in Korea.
“Given Techstar’s expertise running accelerator programs across the world, as well as its deep network, we know this partnership will drive a significant degree of long-term impact, growth, and success for our startup community in Pangyo. This partnership will drive the continued development of our startup ecosystem and contribute meaningfully to our country’s focus on and dedication to South Korea’s status as a major startup, tech, and innovation leader,” said Rayol Hwang, CEO at Hillstone Partners.
A Mentorship-Driven Accelerator Program
The mentorship-driven accelerator program will have some of the top mentors in Korea. Techstars mentors are individuals with deep industry, investment, or entrepreneurship experience. Therefore, make sure to check in often as they grow their mentors. Some of them include:
Jong Yoon Kim – Yanolja
Jong Yoon Kim is the CEO of the Online Business & Corporate Strategy at Yanolja. Yanolja is the biggest online leisure and accommodation booking platform in Korea. It is also the only travel startup to gain unicorn status in Korea. Furthermore, before joining Yanolja, Jong Yoon Kim worked as a team lead of online sales and operations at Google and was a digitization expert at McKinsey & Company.
“With my experience at Google, McKinsey, and Yanolja, I like to show startups how to monetize their customers or service traffic with the right direction and timing,” said Jong Yoon Kim.
Olivier Mouroux – CEO at ASIANCE
Olivier is one of Korea’s most experienced digital marketing executives. He is also one of Seoul’s most successful foreign entrepreneurs and the CEO and co-founder of Asiance, a leading Digital Marketing Agency based in Seoul and Tokyo with over 60 digital specialists. He has spent the last 22 years in Asia with experience in China and 20 years of experience in Korea. Olivier is also an active startup mentor and regularly holds classes and workshops in Digital marketing. Furthermore, he was awarded the Honorary Citizenship of Seoul in May 2008 and has won several local and international Web Awards.
“Learn, unlearn, and relearn: this is why I have been mentoring startups for the past 20 years.”
Bumsoo Kim – Partner at Sema Translink Investment
Bumsoo Kim has over 18 years of experience as a VC and a start-up founder with expertise in consumer electronics, semiconductor, telecommunications, web service, and mobile apps. Therefore, having been on both sides of the table as an investor and an entrepreneur helped him develop unique insights and perspectives. He is a partner at Sema Translink Investment which invests in Korean startups and helps them expand their business beyond Korea by providing a global network.
“I like mentoring early-stage founders who can make data-driven decisions and understand the importance of scalability.”
James Jung – beSUCCESS
James Jung is the founder of beSUCCESS which offers multiple media platforms to introduce the startup ecosystem in Asia. He is also an ambassador for MITA (Malta Information Technology Agency) Innovation HUB where he connects the startup communities in Korea with acceleration, funding, and regulatory opportunities provided by the government of Malta. In addition, he is also the Seoul Chapter Leader for Government Blockchain Association and an anchor sponsor for Blockchain for Impact in New York.
Nathan Millard – G3 Partners
Nathan Millard is the founder and CEO of G3 Partners. He helps Korean startups with cross-border business consulting. He has lived in Asia for over 15 years and started working with startups in 2012. In 2015, he founded G3 partners out of a co-working space in Seoul. Furthermore, G3 Partners is now one of the fastest-growing marketing and PR agency in Korea.
Just to name a few…
Eunse Lee Named Managing Director at Techstars Korea
Techstars named Eunse Lee the Managing Director of Techstars Korea Accelerator. He was previously the Founding Managing Partner at ELEVEN:ZULU Capital in Los Angeles. As well as the Managing Director of BEYOND STARTUPS, a startup incubator in Seoul. He has seen the rise of entrepreneurship in Korea. The smartest students from the top Universities in Korea are looking more and more to start their own companies and pursue their dreams. Many want to make a global impact and are key to driving entrepreneurship in Korea.
“The Korean startup ecosystem is extremely active and is also very firmly supported by the Government of Korea. A major benefit as they provide investment and resources to founders building solutions within the country. Korea also has a large pool of talent that is expanding. As well as a culture that has moved on from valuing working for large institutions, now wanting to work for the “next Google” or create the next big tech company. All of these factors will contribute to a ripe environment for our recruiting efforts,” said Eunse Lee, Managing Director at Techstars Korea.
Techstars in Korea
Techstars started out as a single accelerator program for early-stage startups back in 2006. Now they are all around the world and have hundreds of employees and close to 2,000 portfolio companies. Therefore, as they enter Korea they are looking to bring a culture of entrepreneurship and their massive network to help entrepreneurs in Korea succeed. The massive network of Techstars is what separates Techstars from other accelerator programs in Korea. They have the connections to help Korean startups expand into the global market. In addition, they help startups connect with large corporations and vice versa. Techstars does a great job of leveraging startups and corporations together to improve both.
Techstars Corporate Accelerators
It is only a matter of time before Techstars partners with a corporate company in Korea to create a corporate-backed accelerator. They have done this with global corporations like Comcast, Barclays, MetLife, and more. Each corporate accelerator has its own vertical and they help startups within that vertical succeed. Therefore it will be interesting to see which corporation in Korea, Techstars partners up with. For now, their focus will be on the first batch for the Techstars Korea Accelerator.
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