IDB Lab and Born2Global Centre launch a new initiative for promoting deep tech exchange in IDB member countries by supporting the formation of partnership prototypes between startups in Latin America and the Caribbean and Korea.
Learning from South Korea’s successful COVID-19 experience with deep tech startups, IDB Lab has partnered with Born2Global Centre, Korea’s global deep tech startup accelerator, to launch the LAC-Korea Deep Tech Exchange Program aimed at promoting global exchanges for LAC deep tech ecosystems to solve short-term (mitigation) and medium-term (economic recovery and reopening) challenges caused by COVID-19.
In Korea, this new program was launched at the LAC-Korea Startup Joint Partnership Prototype Unpackedevent held on October 21st at Pangyo Startup Campus hosted by Born2Global Centre. Ambassadors and representatives from (18) Embassies of LAC countries in Korea were the primary offline guests to the event, while the IDB Lab and LAC ecosystem players as well as startups from Korea and LAC countries attended the event via online. The Unpacked event, which was also broadcast live online, provided an opportunity for Born2Global Centre and IDB Lab to showcase the key highlights of the program and discuss ways to get the ecosystem players involved for its successful launch and implementation.
Irene Arias Hofman, CEO of the IDB Lab, welcomed the event, mentioning that deep tech is a strategic area with high impact potential in the Latin America and the Caribbean, and that partnerships with ecosystems like Korea this will bring forward mutual inspirations and solutions to the region’s systemic problems.
According to the details of the program which was unveiled at the on/offline event, Born2Global Centre, in collaboration with IDB Lab and LAC ecosystem players, will source Korean and LAC companies with innovative solutions in key sectors including HealthTech, BioTech, AgTech, ClimateTech, IndustryTech, and EdTech. The deep tech companies will then go through a matchmaking process to discuss the possibility of forming joint partnership prototypes that may be in the forms of joint ventures, knowledge transfer, or other innovative collaboration pilots.
The program aims to create 5-7 pairs of LAC-Korea deep tech joint partnerships which will be eligible to receive prototype financing from IDB Lab. In addition, to further promote the LAC deep tech ecosystem, the LAC ecosystem players that have sourced the selected startups will receive an acceleration fee. The successful joint partnerships will go through a period of joint R&DB supported by Born2Global Centre with the objective of expanding their markets within and outside the LAC region, and become leading innovators in deep tech.
LAC deep tech ecosystem builders including accelerators, company builders, universities, and corporate venture hubs are invited to partner with IDB Lab and Born2Global Centre in this initiative. LAC deep tech entrepreneurs and startups interested in partnering with Korean startups and technologies can also reach out to the local LAC ecosystem builder or contact IDB Lab and Born2Global Center.
Jongkap Kim, Chief Executive Director of Born2Global Centre, reaffirmed the timeliness and significance of this new collaborative effort by stating that “Born2Global Center, with the support of IDB Lab, will focus on making LAC-Korea Deep Tech Exchange Program the catalyst for promoting deep tech ecosystems in Korea and LAC countries and demonstrating to the global community that global collaboration and joint innovation can flourish despite the pandemic, helping nations cope with the challenges faced and prepare for the post-COVID digital transformation.