Korea Launches K-Founder Network to Support Startup Expansion into India

The Ministry of SMEs and Startups (MSS) held the first forum of the K-Founder Network in India on June 15, marking a significant step in connecting Korean entrepreneurs worldwide through grassroots networks.

The K-Founder Network supports Korean entrepreneurs active around the world in building and running their own networks. MSS plans to connect domestic startups with experienced founders who have already entered overseas markets, helping startups avoid much of the trial and error of overseas expansion by sharing local market knowledge and business experience and supporting cooperation with local partners. Beginning in India this year, the network will expand to major countries including France, China, and the United States.

The K-Founder Network in India, launched in April, held its first official forum on June 15. Around 70 people attended, including Mok Seung-Hwan, Head of the Startup, Venture and Innovation Office at MSS, along with Korean startups in India, local venture capital firms, accelerators, government agencies, and experts.

Lee Cheol-Won, CEO of AFINIT and chair of the network, said connecting Korean founders in India matters above all else. “Now that the network is in place, startups that didn’t know each other before have a place to meet and work together,” he said. He also stressed the value of passing on the experience and strategies of senior founders who have already made inroads into the Indian market, so newer founders have something to learn from.

The Korea Startup Forum, which manages the project, signed a memorandum of understanding with the Federation of Indian Chambers of Commerce and Industry (FICCI) to help startups from both countries expand abroad and connect with one another. The Korea Institute of Startup and Entrepreneurship Development (KISED), the project’s lead agency, also signed an MOU with the Confederation of Indian Industry (CII), a major Indian industry body, to broaden cooperation in areas such as finding and growing startups, supporting market entry, building networks, and running joint programs.

Mok also announced plans to bring the Startup for All Global project to India. Through the project, Korean startups and aspiring entrepreneurs can receive mentoring from senior founders who have succeeded locally. Those selected will also receive support to grow their business, including local office space, legal and tax advisory, technology proof of concept, and connections to venture capital.

The K-Founder Network in India plans to help newer Korean founders enter and settle into the market more easily by producing a guidebook for startups entering India, expanding its local network, and sharing success stories.

“India is one of the fastest-growing markets in the world and a market full of new opportunities for our startups,” said Mok Seung-Hwan. “Through the privately led K-Founder Network, MSS will connect senior and junior founders on the ground and keep building a stronger foundation for our startups to go global.”

MSS plans to lower the barriers to starting a business and offer more hands-on support, so that founders who are too small to expand abroad on their own can still take on global markets — as long as they have strong ideas and technology.