Google has invested $87.9 million to nurture nearly 500 South Korean startups and support their international expansion efforts, according to a company spokesperson.
The ChangGoo Programme, initiated in 2019 in collaboration with the Ministry of SMEs and Startups, aims to identify promising young developers and early-stage businesses. It provides them with access to Google’s IT infrastructure and global network to help them grow into profitable enterprises.
The program offers a range of educational workshops, conferences, mentoring sessions, and networking events, as reported by Yonhap News Agency.
Kay Shin, senior director of marketing for Asia-Pacific platforms and ecosystems at Google, emphasized the program’s unique approach in South Korea. Google has recognized the ambitious spirit and exceptional capabilities of Korean developers, citing the success of Korean developer Sohn Ho-yeol, who won Google’s 2023 data science and technology competition, Kaggle.
“We have supported numerous successful startups through our incubation program,” Shin said at a press event. “Since its inception, we have invested over 118 billion won in the ChangGoo Programme to assist these young companies.”
Since 2019, Google has annually selected 80 promising startups for its program, increasing the number to 100 for the current year. Nearly 500 companies have participated in the program to date.
Participants in the ChangGoo Programme have experienced a 140% increase in app downloads and a 62% increase in revenue from 2019 to 2021. Additionally, 69% of them conduct business outside of Korea, highlighting the program’s success in supporting international expansion.
“Our primary goal is to serve as a gateway to help Korean developers expand internationally,” the Google official stated.
In a new development, Google will collaborate with Japan’s Google for Startups program this year, enabling Korean developers to connect with Japanese experts before launching their businesses in Japan.
Google for Startups is Google’s global startup incubation program.
