Weekly VentureSquare Stories are summaries of some of the week’s top posts relating to the Korean startup and venture Industry.
Google to help Korean Startups Go Global
The Korea Communications Commission announced on the 10th of January that Google had signed an agreement to help to help foster and promote Korean startups helping them to more easily access global markets. Through the agreement, Google will offer funding and personnel as well as helping companies develop their ideas. On the 11th of January Google CEO Eric Schimdt discussed the “Korea Go Global” plan of which the Google program will be a part of. Google is also to invest 1 million dollars into a venture fund which is run by the KCC. Read more about the news at the The Next Web here.
Fast Track Asia gains Traction
Fast Track Asia, which was briefly introduced in last week’s stories has had a very good response. Approximately one week after the news was announced, over 200 applicants and 300 responses have flooded in and it is easy to sense many entrepreneurs reaching for a chance in today’s world of social media and smartphones. With applicants ranging from teenagers in high school to a seventy year old man, a veterinarian from a top university and a New York hedge fund manager — the program has attracted the attention of those from all walks of life. Interviews for the programs started on the 11th of January and after giving a management presentation and job-style interview, teams will be selected at the end of the month. Watch a video from Insight Venture Partners below, one of the members of Fast Track Asia.To view more information on Fast Track Asia please check their Facbook page or follow them on Twitter.
Kiwiple mixes Augmented Reality and Social Networks
Though many people have not heard of Kiwiple, most people have seen the startup’s product already. The company’s social network service ‘Ovjet’ was advertised widely on television in 2010 as a new Android service on SK Telecom’s network. The advert showed a man scanning the room with has cellphone camera, the screen projecting the name of nearby places over the image according to where they are located. Through the publicity, Ovjet received many downloads and by December last year the app had been downloaded 11,000,000 times. The app integrates social media and augmented reality to give the user an experience where they can not only receive information in real-time but also communicate with other people. You can view the Ovjet commercial below.
ZetaApp’s Sasung Lim
I interviewed the CEO of ZetaApp Sasung Lim, which operates the mobile SNS service Mopeer. Do you know the clear difference between an angel investor and venture capitalist? Other then those in the first stages of attracting investment, most people don’t seem to know the main difference between them. Here at JunApps we plan to look at this in more detail from here in, but put simply, angel investors are those who can invest their own person capital into a company in its early stages. Venture capitalists are those in charge of investments at companies which run investment funds for startups. In the interview I talked with Lim Sasung about investment in startups. We discussed how the company received investment and how over 51% of investors get involved in disputes over control of the company.
Our Mobile Planet
When planning a mobile-based service or application it’s important to research trends in the market. It can be hard for startups to find information on international market trends when planning to enter the international scene. Google and the Mobile Marketing Association have combined to provide data and statistics of mobile users around the world. Users can choose the countries they want, and compare data such as smartphone penetration. Looking at one graph made on the spot, Korea’s smartphone penetration is at 27% and Japan is lower than expected. There are many options available for each graph and users can save them as PNGs or Excel files. Try out the site for yourself at Our Mobile Planet.