New Delhi: At the "COME UP" startup festival, the Indian Institute of Technology (IIT) Kanpur's Startup Incubation and Innovation Center (SIIC) and the Korea Startup Forum signed a contract.
With over 20,000 attendees in 2022, the festival of IIT Kanpur, which is being held in Seoul, South Korea this year, will rank among the biggest startup events in Asia. The deal will give Korean startups chances for co-incubation and technology exchange as part of the collaboration. This is consistent with the possibilities provided by the Indian domestic market for the product launches of Korean entrepreneurs.
Indian startups are also anticipated to profit from Korean technological advancements and create goods for a worldwide market. Nikhil Agarwal, CEO of SIIC-IIT Kanpur, and Choi Sungjin, CEO of Korea Startup Forum, inked the agreement. Agarwal invited Korean-based entrepreneurs to use the incubation services at the artificial intelligence centre of excellence at IIT Kanpur in Noida.
The large Korean companies, such as Hyundai, LG, and Samsung, have a significant presence in India; our long association can potentially benefit the Korean and Indian startups in form of tech exchange, investments, and collaboration, he added. He also informed the audience about the rapidly evolving ecosystem at IITK. Such partnerships will only solidify our bonds.
Choi Sungjin, CEO of Korea Startup Forum, stated his hopes for the collaboration and noted that "India is a hometown of competent talents. I think many talented Indians will have the opportunity to work for bright businesses with significant development potential. Additionally, many Indian companies can enter the Korean market to establish various commercial partnerships with major corporations as well as to obtain venture financing.
Anuskh Sharma, professor in charge of innovation and incubation at IIT-K, said: "I extend a warm welcome to Korean companies to "soft-launch" their businesses in conjunction with SIIC, IIT Kanpur startups, and bring value to our cross-border association. I'm hoping that this MoU will help both countries' startup ecosystems grow as well as deepen our worldwide affiliation.
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