November 13th, 2020
SEOUL, South Korea – Nov 13, 2020 – Techstars, the worldwide network that helps entrepreneurs succeed, today announced a new partnership with investment company Gettoo. The announcement comes as the inaugural Techstars Korea Demo Day on December 2 quickly approaches, when the class of 10 startups will share their newly-polished company pitches ondemoday.techstars.com. In addition to supporting investment and incubation programs for early stage companies, Gettoo also works with universities and startup support centers and is preparing to launch a startup investment platform. The partnership between Techstars and Gettoo enables Techstars Korea to be a next-generation accelerator that opens Korea to the global startup market.
The Techstars Gettoo Korea Accelerator leverages the Techstars model proven over 13 years of investment and operating experience worldwide. Selecting 10 premier startups from around the globe on an annual basis for a 13 week program, but with the addition of Gettoo in Korea as a partner to support, mentor, and connect startups participating in the program. Together, Gettoo and Techstars look forward to continuing efforts in driving innovation in Korea and beyond.
“We’re excited to bring companies to Korea to experience the culture and business opportunities whilst also helping Korean startups navigate the international world through the Techstars network,” said Ivan Lopez, Techstars General Manager, APAC. “Historically, it has been notoriously difficult for Korean startups to expand their innovative businesses and technologies outside of Korea, and this new partnership with Gettoo will help to make this a more accessible reality. The recent changes in investment instruments such as the convertible bond are to be applauded and are paving the way to fast track foreign investment into the Korean startup ecosystem from global investors. We, with the local leadership from Gettoo look forward to supporting the Korean Government and entrepreneurial community in the next wave of Korean investment and innovation.
In partnership with Techstars, Gettoo looks forward to achieving status as a partner in the most successful accelerator in Korea.
"In order to have more unicorn startup companies in Korea, we need to actively find and accelerate teams that will appeal to the global market," said JH Lee, CEO of Gettoo. "In the global startup ecosystem, the Techstars program has already created many cross-border business cases. Gettoo will work with Techstars to help not only Korean companies go into the global market but also foreign startups make inroads into the Koean market, ultimately contributing innovation and startup ecosystem in the country."
Wednesday, December 2nd marks the program’s first Demo Day, a showcase event, where the 2020 class will present their newly polished business to a live audience of venture capitalists, corporate leaders, and industry experts. More information about this year’s Demo Day can be found here. In addition to the live showcase, individuals are encouraged to view the companies’ pitches and connect with founders directly at https://demoday.techstars.com/korea-2020-t5.
For future years of the program, the accelerator will be known as the Techstars Gettoo Korea Accelerator. Applications for year two of the program open February 22, 2021. Learn more at https://www.techstars.com/accelerators/korea.