We interviewed Mr. Seo Dongjin, Managing Director at KOSME, for a better understanding of KOSME's activities and to gain insight into its work.
In the last few years, Korea’s startup ecosystem has achieved remarkable growth. Armed with innovative technologies and creative ideas Korean startups are not only receiving attention domestically but also in foreign market. Especially business exchanges with France play an important role in the mutual development of the two countries.
This is highlighted by Station F, the world’s largest startup hub in Paris, in which Korean companies are very active. Including companies such as Tun Square((주)툰스퀘어), which is one of AI Webtoon creation platform, 15 Korean companies are currently moving in through the Paris office of the Korean Startup Center.
Behind the growth of Korean startups there is KOSME :
Since its funding 45 years ago in 1979, KOSME is a public organization which provides diverse support projects such as policy funding, consulting, training, export marketing, and etc. to Korean SMEs and Startups. Currently, KOSME manages the SMEs and startup promotion fund, a public fund with an annual budget of about 10 trillion wons, and assets of 29 trillion wons.
KSC Paris, korean startup’s gateway to Europe
In May 2022, the KSC Paris office opened. KSC Paris supports startups that are established within the last 7 years (10 years for new industries), have attracted investments, or have export performances in Europe to enter and develop within the French or European market. This program includes support in providing offices, consulting, VC/AC matching, events organizing, establishment of corporate brands office, human resource recruitment, and so on. Through those diverse support programs KSC Paris helps Korean companies successfully establish themselves in Europe.
France and Korea, ideal business partners
Mr. Seo Dongjin said that these days France has a lot of interest in Korean cultural contents and digital technology due to the effects of “Korean Wave(Hallyu).” While many young French people like Korean culture, Korea also admires and benchmarks France, as French is as a traditional cultural industry powerhouse. Seo Dongjin emphasized that the business collaboration model between the two countries is highly ideal. He adds that to maximize mutual profits, there is a need to recognize each other as strategic business partners. The two countries also need to value mutual exchange as a necessary and sufficient condition, rather than just limiting the range of interaction to traditional sectors such as tourism, food, and manufacturing trade.
French business background analysis and forecast
In addition to existing businesses such as tourism, dairy farming, and luxury goods industries, France is showing interests for newly grown sectors including AI, robots, and metaverse. The best examples of it are La French Touch and Station F. It is noteworthy that France attracts startups with a high potential of global growth with facilitated and accelerated visa procedures. Yet, the rigidity of the labor market, the socialist ideas and values throughout the french society, as well as various regulations and taxes can pose challenges for foreign companies. However, such problems are identified and being addressed, so to the director of KOSME the outlook seems very bright.
France and South Korea have received significant attention as promising business partners based on both countries' common interest and mutual understanding in new technologies. In particular, if both countries continue to improve exchanges, they will be able to achieve greater synergy and results, especially in the growth and collaboration of startups.
Interview conducted and written by Lee Hyeram, and Elma Duval.
Article proofread by Hwang Jeeon.
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