Six startups working in 'Google for Startups' receive US$ 4.4 mil. in investment for six months
- 5 years ago
Back in July, six local firms set up shop at a place in Seoul called "Google for Startups."
The tech giant not only provided office space, it's helping them network with various experts.
Today, the CEOs of these Korean companies presented what they've achieved in half a year.
Ko Roon-hee zooms in on their experience.
Last year, Shin Ki-young started a company that would combine artificial intelligence with fashion.
And now, as CEO, his company is headquartered at Google for Startups.
It uses AI... to help clothing companies choose designs and styles that go well with their product lines.
Shin says that because of the work space supplied by Google... his business was able to grow.
"I met many people here working for AI or machine learning businesses. I think one of the biggest strengths of this place is networking."
On Tuesday, representatives from the six startups, including Shin's, presented what they've achieved since July.
They were able to raise investment worth around 4-point-4 million U.S. dollars, and they grew in terms of staff... by 30 percent.
This was possible thanks to Google providing a working space, mentoring and global networking opportunities.
"I think most of all, startups need support. They need psychological and emotional support. It is a really difficult thing that they are doing. What we really intend is to give them that support."
Startups continue to boom in South Korea.
Through October this year, the number of companies newly set up came to more than 85-thousand... an increase on year of 5-and-a-half percent.
To keep the trend going, the South Korean government unveiled new measures on Monday to support people starting their own businesses.
By 2020, it plans to create a fund worth around 8-point-8 billion U.S. dollars raised with private investors... and focus most of it on businesses in the early stages... rather than ones that are already growing.
An expert cautions, though, that there's a lot more to starting a successful business than just setting up a company.
"There are four important steps to starting a business. First, finding a problem in society. Second, solving that problem. Third... is the fun that you feel while solving it. And lastly, it's observing how entrepreneurship can benefit a country's economy. But here in South Korea, many are more concerned about starting a company than the problem people want to solve."
Ko Roon-hee, Arirang News.
The tech giant not only provided office space, it's helping them network with various experts.
Today, the CEOs of these Korean companies presented what they've achieved in half a year.
Ko Roon-hee zooms in on their experience.
Last year, Shin Ki-young started a company that would combine artificial intelligence with fashion.
And now, as CEO, his company is headquartered at Google for Startups.
It uses AI... to help clothing companies choose designs and styles that go well with their product lines.
Shin says that because of the work space supplied by Google... his business was able to grow.
"I met many people here working for AI or machine learning businesses. I think one of the biggest strengths of this place is networking."
On Tuesday, representatives from the six startups, including Shin's, presented what they've achieved since July.
They were able to raise investment worth around 4-point-4 million U.S. dollars, and they grew in terms of staff... by 30 percent.
This was possible thanks to Google providing a working space, mentoring and global networking opportunities.
"I think most of all, startups need support. They need psychological and emotional support. It is a really difficult thing that they are doing. What we really intend is to give them that support."
Startups continue to boom in South Korea.
Through October this year, the number of companies newly set up came to more than 85-thousand... an increase on year of 5-and-a-half percent.
To keep the trend going, the South Korean government unveiled new measures on Monday to support people starting their own businesses.
By 2020, it plans to create a fund worth around 8-point-8 billion U.S. dollars raised with private investors... and focus most of it on businesses in the early stages... rather than ones that are already growing.
An expert cautions, though, that there's a lot more to starting a successful business than just setting up a company.
"There are four important steps to starting a business. First, finding a problem in society. Second, solving that problem. Third... is the fun that you feel while solving it. And lastly, it's observing how entrepreneurship can benefit a country's economy. But here in South Korea, many are more concerned about starting a company than the problem people want to solve."
Ko Roon-hee, Arirang News.