The Seoul Business Agency (SBA) has signed a Memorandum of Understanding (MoU) with ventureLAB, a Canadian innovation hub, to support high-potential startups in Seoul and Toronto. The signing took place at the Seoul Startup Hub in Gongdeok, attended by key representatives, including Kim Jong-woo, Head of SBA’s Startup Headquarters, and Avinash Persaud, VP of ventureLAB’s Hardware Catalyst Initiative.

Established in 2011, ventureLAB is a non-profit organization dedicated to startup development in AI and hardware. It operates a research lab focused on workspace, AI, and hardware, offering a range of growth programs for startups as part of Ontario’s regional innovation network.

Through this partnership, SBA and ventureLAB aim to facilitate AI startups entering the Toronto market while offering Seoul Startup Hub Gongdeok’s support programs to help Toronto-based startups access the Seoul market.

Kim Jong-woo, Head of SBA’s Startup Division, commented, “This agreement will open valuable opportunities for Seoul AI startups to expand into the Toronto market. We hope this partnership will serve as a pathway for Seoul startups to successfully enter the North American market.”