South Korea has a wide range of technology partners. LG Electronics, Hyundai, Samsung... are South Korean companies that are world leaders and at the forefront of innovation. On the other hand, Hyundai is interested in the metaverse, joining forces with Unity and building its first "metafactory". Samsung, a veritable showcase of innovation made in Korea, has made Suwon the capital of innovation with Samsung Digital City or Samsung City, a campus in Suwon that houses one of the headquarters of Samsung Electronics as well as the factories and research offices of the Samsung Group.
Surrounding these well-known world leading companies are hundreds of startups, including unicorns, that are designed to support Korea's technological ambitions. The aim is to position the country as a global technology hub.
"Envision future partnerships with Korean institutions and companies"
South Korea was the guest of honour at the last Vivatech show in Paris in June and is now aiming to become a global technology leader. This ambition was made clear by Lee Young, South Korea's Minister for SMEs and Startups, who led a delegation of 40 startups, KT, the Korean Institute for Startup Development and Entrepreneurship, the Korean Institute for Design Promotion and the Centre for Creative Economy and Innovation. For South Korea, the aim is to "invite delegations attending Vivatech to consider future partnerships with Korean institutions and companies, including in Africa".
The Republic of Korea's Ministry of SMEs and Startups and the Korea Institute of Startup & Entrepreneurship Development are implementing a number of programs to support startups and SMEs in Korea," says Park Jong Hyuk, Director of KISED (Korea Institute of Startup & Entrepreneurship Development). This support includes not only government grants, but also infrastructure such as office space for startups. We also provide them with indirect support.
South Korea has also set up a fund to provide venture capital to the private sector. "According to Park Jong Hyuk, this venture capital has been able to provide funding for start-ups. What's more, the government's support for startups has been a recipe for success". In his view, this has transformed the country into a powerhouse in technology in just a few years.
Indeed, the Korean government has recently taken a keen interest in the deep tech sectors, particularly AI and data network services. To support startups in these sectors, it is working closely with global companies such as Google. "We have also partnered with global accelerators to support Korean startups to go international and expand globally," he said. The goal remains clear: to support Korean startups so that they can export know-how made in Korea. To Africa, among other places.
"We will launch a startup program to help and support Korean startups to expand overseas, especially in African countries”
"So far, we have only had a few collaborations with African countries. Most of our partners are in Europe, North America and Southeast Asia. But starting in 2024, we will implement a program with the Ministry of Foreign Affairs and its affiliated Korea Africa Foundation to help and support Korean startups to expand overseas, especially in African countries. At the same time, we plan to work with African conglomerates that have large operations in Africa to help Korean startups do business in African countries," says Park Jong Hyuk.
A number of initiatives are already underway on the continent. These include the establishment of the Kenya Advanced Institute of Science and Technology (KAIST). It is based in Konza Technopolis, the showcase for Kenya's smart city. Dedicated to technological knowledge, Konza City is modelled on the Korean Institute of Advanced Science and Technology. "It has benefited from collaboration with the Korean Higher Institute of Science and Technology," says Joséphine Ndambuki, director of Konza Technopolis. According to her, Kenya has already made major breakthroughs in technology, with innovations such as M-Pesa that have really propelled the country's position in the global innovation space. "But when we realized that the world is moving towards a knowledge economy, we realized that we needed to invest in the development of a smart city that will become the heart of East Africa and perhaps the African region in terms of development and technological advancement. This is the Konza Principle. Our vision is to develop a world-class technology park and innovation center," she explains.
Focus on training Kenya has set itself the challenge of creating a dedicated ecosystem to host the world's leading companies to bring the local technology sector up to international standards. To achieve this, training has been given a prominent place. At the heart of this project is the knowledge economy and innovation," says Joséphine. One of the projects at the heart of Konza Technopolis is the Kenya Advanced Institute of Science and Technology (KAIST), set up in partnership with the Koreans. It is modelled on the Korean Institute of Advanced Science and Technology. According to Joséphine, this makes it "their knowledge center, with research facilities and highly experienced professionals coming from the faculty, and ideally able to attract its students from Kenya and even beyond the country for truly targeted research, adapted to our environment, with the intention of commercializing it using new solutions from Konza". Indeed," she explains, "the Korean Institute of Advanced Science and Technology has played a big role in commercializing innovation and research in Korea. And brands such as Samsung have grown out of it. "We are therefore very pleased to be working closely with this university, which is the sister of our Kenyan university, KAIST," she concludes.