On February 20th, 13 different startups from Korea and the United Kingdom gathered for the KOR-UK startup co-pitching event at Studio Black, Hyundai Card’s co-working space.
Co-hosted by Hyundai Card and the British Embassy, the event was designed to provide a networking opportunity for startups and investors from both countries.
Tae Young Chung, Vice Chairman of Hyundai Card, also attended the event and said, “Hyundai Card has always endeavored to work with the UK, and this co-pitching event serves as the culmination of our past efforts. Hopefully, this event will be the stepping stone to further exchange among Korean and British startups.”
The Secretary of State for Culture, Media, and Sport, Karen Bradley commented, “the United Kingdom is home to some of the fastest growing creative companies that contribute to job creations and overall economic value. So, many Korean students have come to the UK to learn more about such creative side.”
According to Ye Jin Yoo, investment research associate from British Embassy, UK has actively stepped up to promote its startup ecosystem through “Technation” policies. For instance, Prime Minister Theresa May announced to lower corporate tax to the lowest level among G7 countries starting in 2010. Consequently, the British corporate tax rate decreased by 1% each year. The current rate is 20% and by 2020, it is projected to be 17%.
Furthermore, UK gives various tax benefits, such as EIS and SEIS, to startup investors in order to promote aggressive investments. Another way to receive tax benefit is to register for a patent within the UK. For foreign entrepreneurs, Global Entrepreneurship Program from the International Trade Department connects the firms to the investors and provides support for market entry once the firms move to the UK.
At the co-pitching event, MyCelebs(user perspective data classification), Inifinigru(fraud detection IT solution), and four other startups from Korea presented their business and core projects, while Hedgehog Lab(startup strategic consulting), PAYLOAD Studio(game development) and five other British firms presented their firms.
– Inspired by Platum