An agreement was signed between The Indian Institute of Technology (IIT) Kanpur and the Korea Startup Forum during COME UP, Asia's leading startup festival, hosted by the Korea Startup Forum and the Ministry of SMEs and Startups. This agreement aims to promote Indian and Korean startups and team up with Asian markets in technology development. The deal was signed between Dr. Nikhil Agarwal, CEO of Startup Incubation and Innovation Centre (SIIC), Sungjin Choi, CEO of Korea Startup Forum, and IIT Kanpur, during the COME UP event.
As per the agreement, SIIC IIT Kanpur will provide opportunities for technology exchange and co-incubation to Korean startups. It is per the incredible landscape and opportunities the Indian domestic market offers Korean startups to launch their products. Similarly, Indian startups are anticipated to be aided by creative Korean technology solutions and world-class design products for global customers.
The COME-UP event witnessed a stride of more than 20,000 attendees worldwide. Alongside many leading personalities from the global startup ecosystem, Dr. Nikhil Agarwal was also a part of the jury meeting. He enlightened the audience and spoke elaborately about the 'Make-in-India' initiative, the rapidly evolving incubation ecosystem at IIT Kanpur, and India's startup policies.
Moreover, he added, "Large Korean firms such as Hyundai, LG, and Samsung have a significant presence in India. Our long association can potentially benefit Korean and Indian startups through tech exchange, investments, and collaboration. Such collaborations will only strengthen our ties."
Sungjin Choi, the CEO of the Korea Startup Forum, voiced his aspirations and added, "India is a hometown of qualified talents. I believe a lot of Indian talents will get a chance to work with promising startups carrying great growth potential. Also, many Indian startups can penetrate the Korean market to access venture capital and build various business collaborations with big corporates."
Additionally, The COO of Korea Startup Forum, Josh Choi, added, "India is a diverse market that Korean startups should pay attention to. Therefore, the partnership between KSF and SIIC, IIT Kanpur will accelerate immense opportunities between both economies."
Innovation and Incubation, Professor-in-charge, IIT Kanpur, Ankush Sharma, also commented on the exchange of this agreement. He said, "I extend a warm welcome to Korean startups to 'soft-launch' their business in collaboration with SIIC, IIT Kanpur startups and add value to our cross-border association. I am hopeful this agreement will not just strengthen our international association but also positively impact the startup ecosystem in both countries."
The center is based in Uttar Pradesh and is backed by the government of Uttar Pradesh's startup policy initiative and the Federation of Indian Chambers of Commerce and Industry. An invitation was extended to the startups based in Korea by Dr. Nikhil Agarwal to avail of the incubation services at IIT Kanpur's Artificial Intelligence - Centre of Excellence in Noida.
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