KIST, IBK, & Sarrland State Government Sign Business Agreement to Support Domestic Startups Entering Europe

On June 28, KIST signed a business agreement with IBK (President: Sung-tae Kim) and the German state government of Saarland (Deputy Minister-President: Jürgen Barke) to support domestic startups entering Europe at IBK's headquarters in Jung-gu, Seoul.

The agreement was signed by KIST, IBK and the Saarland state government to support the successful entry and local commercialization of IBK Changgong (startup plant) innovative startups in Saarland, Germany. Through this agreement, KIST Europe, IBK, and the Saarland Economic Promotion Corporation plan to jointly operate an integrated support program for domestic startups entering Europe from the second half of 2023 through the establishment of the IBK Changgong European Base at KIST Europe in Saarland.

Through this one-stop program, companies can receive various services necessary for entering Europe from the preparation stage up through the establishment of a local subsidiary, including consultation on the entire local subsidiary establishment process, entry into related support programs in Saarland, and access to local networks through an integrated support platform (EU-Hub) for entering Germany. Utilizing its expertise in supporting companies entering Europe accumulated over the past 30 years, KIST Europe will provide the infrastructure for IBK Changgong companies and support domestic startups in Germany and Europe with establishing local networks.

KIST President Seok-Jin Yoon commented, "We plan to actively support the advance of Korean startups into Europe by linking the IBK Changgong Program with KIST Europe's support platform for domestic companies."

IBK Changgong is a platform for supporting startup companies under IBK by providing customized development programs for each stage of growth, from obtaining investments and loans to assisting with consultations, public relations, and market development. It currently operates four centers, located in Seoul’s Mapo and Guro districts, Busan, and Daejeon, and two camps at Seoul National University and UNIST, and plans to operate and set up bases for IBK startups to enter the European market from the second half of 2023.

Located in Germany, Saarland is the birthplace of Germany's Industry 4.0, and several of the world's top research institutes, including Max Planck, Fraunhofer, Leibniz, the German Research Center for Artificial Intelligence, and Helmholtz, are concentrated in the Saarland University R&D cluster. KIST Europe was established by KIST in Saarland in 1996 to support domestic institutions with entering Europe.