Seoul Food Startup Center Concentrates Support on Startups’ Entry into the Foreign Market

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In 2013, Bill Gates became captivated with the taste of vegetarian meat (imitation meat) and invested in Beyond Meat, which has now grown into a giant company worth over KRW 8 trillion. In January of this year, Impossible Foods presented meat-free burgers at CES 2020 that took place in Las Vegas, Nevada in the United States.

In line with global food trends, Seoul Food Startup Center, the only incubator center for startups in the fields of farming and food in South Korea, is preparing to usher in promising startups that have the competence to lead the globalization of Korean cuisine.

This year, Seoul will concentrate its efforts on improving the global competitiveness of the startups nestling in the Seoul Food Startup Center with the goal of their entrance into foreign markets.

Over the past three years, Seoul Food Startup Center succeeded in the incubation of 70 startups with innovative food technologies, achieving accomplishments including KRW 23 billion in sales and KRW 4.4 billion in investments in 2019.

As startups specializing in agriculture and food are demonstrating a high success rate, Seoul will expand and move the Seoul Food Startup Center to prepare a foundation for the stable growth of these startups in the latter half of this year. In order for more startups to receive systematic incubation support from the city of Seoul, Seoul Food Startup Center will be operated within a space that can house 70 startups, expanding from the existing space that can house 50 new businesses.

Seoul Food Startup Center in the new location will have a Food & Agriculture R&D Lab with professional devices related to the development of food and agricultural products to allow for self-quality testing. These resources are expected to help the center-based startups save in commercialization costs and shorten the development period of products.