Korea’s Startup Boom: 40-Year Tech Giant Joins

Mr. Yeol-Soo Choi, Acting President of KISED, and François Piolet, Country Director of Thales South Korea, have signed a Memorandum of Understanding (MoU) to support the growth of South Korean startups in the Aerospace and Deeptech sectors.

The signing ceremony was attended by Mr. Kyoung-Won Cho, Director General for Startup Policy at the Ministry of SMEs & Startups, and Mrs. Pascale Sourisse, Senior Executive Vice-President of International Development at Thales. This agreement will enable South Korean startups to connect with Thales’ global innovation network, including its digital acceleration programs and Digital Factory locations in Montreal, Paris, and Singapore.

It also aims to facilitate foreign entrepreneurs’ access to the South Korean market, fostering an environment of open innovation. This initiative is in line with the forthcoming launch of the Global Startup Centre in Seoul, which will assist foreign startups in accelerating opportunities and entering new markets.

The Ministry of SMEs & Startups (MSS) and the Korea Institute of Startup & Entrepreneurship Development (KISED) are working to create a supportive environment for startups to launch and grow their businesses. As part of South Korea’s goal to establish itself as a global hub for international entrepreneurship, the forthcoming Global Startup Centre will offer comprehensive support, including office space, funding vouchers, and mentorship programs to help startups thrive and expand.

The Memorandum of Understanding (MoU), signed on July 17, 2024, in Seoul, will enable Thales to contribute to the local innovation ecosystem by bringing some of the Group’s most promising international startups to South Korea. The agreement also sets the stage for potentially incubating South Korean startups at Thales’ Digital Factories in Montreal, Paris, and Singapore and involving them in Thales’ acceleration programs.

Thales, with a global workforce of 81,000, including 33,000 researchers and engineers, invests nearly 4 billion Euros annually in research and development. The Group’s strong technological base and commitment to open innovation span areas such as AI, cybersecurity, big data, connectivity, and quantum technologies, focusing on Defence & Security, Aeronautics & Space, and Cybersecurity & Digital Identity.

Thales is celebrating its 40-year presence in South Korea this year, marking a long-standing partnership with the local ecosystem. Over the years, Thales has worked with a diverse range of South Korean industries, collaborating with notable partners such as Hanwha, KAI, KT Group, LIG Nex1, and Samsung Electronics in fields from defense and aerospace to digital identity and space.

Recently, Thales’ Digital Identity and Security division has supported over 200 SMEs and startups in South Korea by providing licensing and software monetization solutions. These services help companies protect their intellectual property and adopt new business models to foster growth.

The MoU with KISED highlights Thales’ commitment to supporting the evolution of South Korea’s SME and startup landscape, particularly in the aerospace, space, and deeptech sectors.