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Expanding into Malaysia through the K-Startup Program at Jeonbuk Creative Economy Innovation Center

[Jeonju=Newsis] By Kim Min-soo – Kang Young-jae, the director of the Jeonbuk Center for Creative Economy and Innovation (Center), announced on the 16th that the ‘2023 K-Startup Center (KSC) Malaysia Entry Support’ program played a significant role in the expansion of promising local startups into Malaysia.

The ‘2023 K-Startup Center (KSC) Malaysia Entry Support’ program, held from the 8th to the 11th of this month, is a project that supports startups in expanding into various overseas markets to escape the limited domestic market. The Small and Medium Venture Business Department designated the Korea Institute of Startup & Entrepreneurship Development as the dedicated agency, and the Jeonbuk Innovation Center as the lead agency to operate the program.

Through a preliminary demand survey, the Jeonbuk Innovation Center exerted efforts to facilitate the entry of six companies into Malaysia, a Southeast Asian country with high potential for B2B linkage, in addition to the existing supported countries (India, Vietnam).

The participating companies this time include:

– Air Lab Co., Ltd. (Representative Lee Hyo-gwang / Nasal Mask)

– Lawid Co., Ltd. (Representative Oh Jin-soo / Localization of K-street food)

– Dental Bridge Co., Ltd. (Representative Ahn Ha-young / Global Dental Integrated Medical Device Intermediary Platform)

– VandalSoft Co., Ltd. (Representative Lee Bong-hak / Development of a Smart Insect Rearing System)

– Creators Lab Co., Ltd. (Representative Ryu Jung-ha / Children’s Edible Play Toy Kit)

– Play Legend Co., Ltd. (Representative Park Sang-su / Digital Indoor Theme Park)

This program received support such as selection of high potential companies, market research, capacity enhancement consulting, VC consultation meetings, and business meetings through close collaboration with ‘Vision Ventures Partners,’ a specialized accelerator in Malaysia.

In particular, it attracted much attention from Malaysian sovereign wealth fund operator ‘Pemjana Capital,’ Malaysia’s largest pharmaceutical manufacturing and sales company ‘Duopharma Biotech,’ and ‘AirAsia,’ the Malaysian airline, raising expectations for future achievements.

Lee Hyo-gwang, CEO of Air Lab Co., Ltd., a promising startup in Jeonbuk, said, “Malaysia was a challenging place for startups to enter alone, but through this program, I received a lot of help. I will strive to secure results for our entry into Malaysia based on this opportunity.”

Kang Young-jae, the director of the Jeonbuk Innovation Center, said, “The Jeonbuk Innovation Center plans to continuously expand outbound programs to support the overseas market entry of startup companies. This year, we will prepare various programs tailored to the needs of startup companies and do our best for the successful global expansion of startups.”