India-Korea startup hub has been launched by Indian Prime Minister Narendra Modi in Seoul. It will help to serve both countries on a strategic level to enhance business movement at a startup level. This startup hub will fill in as a one-stop stage to bring Indian and Korean startup segments closer and to encourage joint advancement between the two economies.
As a feature of a joint articulation marked between The Korea Trade-Investment Promotion Agency (KOTRA) and Invest India on 9th July 2018, the Hub will empower coordinated efforts between new companies, investor, incubators, and business professional of the two nations and give them assets for market passage and worldwide development.
PM Narendra Modi in his keynote address at India-Korea Business Symposium, stated, “The two India and the Republic of Korea are giving highest significance to this (startup) area. Subsequently, it is normal to extend participation in new companies.” He further included, “The startup segment has the vitality of adolescents just as the enthusiasm to make something novel and gainful for individual nationals.”
India at present has a population of 1.3 Bn individuals with 41.6% internet infiltration. A sum of more than 15,000 Indian new companies is enlisted with Startup India, among which 20 organizations have earned the unicorn startup status with a valuation of over $75 Bn.
While Korea has a population of 51 Mn and the world’s most elevated internet infiltration of 82%. Korea stands twelfth on the Global Innovation Index and has more than 100 new companies supporting spaces, for example, Incubators, Accelerators and Co-working space. Korea has pulled in $3.3 Bn adventure financing in 1400 odd new companies in 2018.
‘Startup Grand Challenge’ was likewise propelled on the India-Korea Startup Hub, this test is centred around the issues identified with digital risk, analytics and rural healthcare. The State Bank of India and Mahindra Rise will give mentoring, pilot openings and monetary help to the winners of this test.