SINGAPORE, Dec. 12, 2023 /PRNewswire/ — Tenity, a leading innovation ecosystem and early-stage investor, is proud to announce the successful conclusion of the 2023 Global Market Expansion Program (GMEP). The intensive six-week on-site program in Singapore provided ten talented Korean startups in the Smart City sector with the capabilities and connections to expand across Singapore and Southeast Asia (SEA).
Singapore has emerged as a hub for Korean startups looking to go global, maintaining its ranking as 1st in Asia Pacific and within the top 10 startup ecosystems globally in 2023. The city-state is home to around 4,000 tech startups and over 400 venture capital firms, with early-stage funding deals rising 33% in 2022. In the same year, the combined number of Korean startups expanding overseas and entrepreneurs of Korean-led ventures launched abroad totalled around 300.
The success of Tenity’s Global Market Expansion Program highlights Singapore as a springboard for innovative Korean startups to access the region’s high-growth markets. With substantial funding, supportive policies, and a strong investor appetite, Singapore offers an ideal environment for Korean startups to establish regional capabilities and customer traction.
The curriculum covered practical aspects of regional expansion, including optimizing business models, crafting go-to-market strategies, market research, building sales and marketing capabilities, navigating regulations and scaling across borders. Participants also benefited from networking opportunities with key ecosystem players.
A capstone Demo Day was held on November 9th in Singapore, allowing the startups to pitch to investors, potential corporate partners, and other startups. This opened up tangible opportunities for funding, partnerships, and piloting new solutions.
“The Global Market Expansion Program opens doors for ambitious Korean startups to access thriving Southeast Asia markets,” said Julie Choi, Director at Tenity Singapore, “We take pride in facilitating the success of 10 highly innovative Korean startups entering Singapore. We continue to seek like-minded partners who share our vision of building a global innovation ecosystem.”
The program was conducted in collaboration with the Korea Institute of Startup and Entrepreneurship Development (KISED), supported by South Korea’s Ministry of SMEs and Startups, Smart City Association and N15 Partners.
With the success of the 2023 cohort, Tenity’s GMEP has proven to be the leading pathway for Korean startups to gain customers, funding, and capabilities to scale across SEA’s high-growth markets.
About Tenity
Tenity is a leading global innovation ecosystem and early-stage investor with hubs in Switzerland, Singapore, Nordics and Baltics, and Spain. Its vision is to create the future of innovation by accelerating tech startups and connecting them with big businesses, investors, and industry experts. Since its inception in 2015, more than 280 tech startups have participated in Tenity programs, both at the early- and growth stages, which have attracted more than USD 370M in funding.
Find out more at www.tenity.com.
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SOURCE Tenity