Partnership creates first Korea-focused accelerator for tech startups with a dedicated Silicon Valley Fast Track™ program
Silicon Valley-based BootstrapLabs, a global accelerator for foreign entrepreneurs and Seoul-based Coolidge Corner Investment (CCVC), a technology venture firm with $22M under management, today announce the formation of BootstrapAccelerator Korea, a Seoul-based 6 month accelerator program specifically designed to assist young and promising korean technology startups to relocate in Silicon Valley and build global businesses.
Additionally, Coolidge Corner Investment will sponsor BootstrapLabs’ first country specific program, providing Korean startups a dedicated Silicon Valley Fast Track™ to successfully relocate, execute and stay in Silicon Valley. It is important to note that this sponsored program is not exclusive to BootstrapAccelerator Korea graduates but open to all Korean technology startups with serious ambition.
BootstrapAccelerator Korea will work on preparing their startups’ culture, product and team for international expansion from the get go and continuously assess their readiness to join BootstrapLabs Accelerator Program in Silicon Valley. Startups joining the accelerator in Korea will receive up to $100,000 investment, potential additional angel investment from OpenTrade™ deal syndication (Korea’s version of AngelList) and many other perks valued at over US$35,000.
Once accepted in BootstrapLabs Accelerator Program in Silicon Valley, the Korean startups will receive up to $400,000 in additional capital over the course of the 6+6 month program, potential additional angel investment from AngelList deal syndication and many other perks valued at over $35,000. Both BootstrapAccelerator Korea and BootstrapLabs program enroll startups on a monthly basis, facilitating onboarding and transitions. BootstrapLabs Accelerator Program was specifically design to successfully relocate foreign startups with global potential to Silicon Valley and maintain an office in their country of origin to drive future job creation and knowledge transfer. Foreign portfolio companies of BootstrapLabs include: Prezi, Witsbits, AudioDraft and Zerply, among others. Today these startups are valued at $250M+, employ over 200 people, and received over $25M in funding.
“The Korean startup renaissance movement fueled by President Park’s creative economy policy is really reshaping the entrepreneurial fabrique of the country. Coolidge Corner Investment has been doing a fantastic job locally, educating, mentoring and investing in promising entrepreneurs and we look forward to working with them in selecting, financing and accelerating global companies” said Nicolai Wadstrom, Founder of BootstrapLabs.
Kwon Hyuck-Tae, CEO & Founder of Coolidge Corner Investment echoes these sentiments adding that “our partnership with BootstrapLabs creates a very different kind of accelerator when compared to any other Korean or Silicon Valley-based ones that mostly run 3 month programs. By combining a 6 month accelerator program in Korea and another 6+6 months one in Silicon Valley that was specifically designed to foreign startups, we are truly building a direct and sustainable bridge to Silicon Valley for Korean startups.”
Benjamin Levy, Partner of BootstrapLabs and survivor of Asiana flight #214 crash at SFO last July added: “This is a very exciting time for BootstrapLabs and Korean startups. We have been working extremely hard to establish this cross-border partnership and lay the foundations of a proven program to assist innovative Korean startups and their founders to relocate and stay in Silicon Valley. This is also the first country-specific sponsored program BootstrapLabs is running but certainly not the last. Governments, take notice. We remain dedicated to accelerate Global Innovation Discovery and as one of the most connected countries on the planet with social mobile behaviors a few years ahead of other populations, Korea is likely to remain a hotbed for disruptive technology startups going forward.”
BootstrapLabs and CCVC are already vetting several Korean startups and first enrollments could happen as early as January 2014.
About BootstrapAccelerator Korea: BootstrapAccelerator Korea is a 6 month hands-on accelerator program focused on early-stage capital efficient Korean software startups with global potential that leverage the speed of internet distribution and the scalability of cloud infrastructure, regardless of their vertical or segment. BootstrapAccelerator Korea brings together a Glocal (Global+Local) network of corporates, mentors and investors that provide critical support to its portfolio companies and assist them in building and scaling global businesses. Startups are continuously prepared and assessed for Silicon Valley readiness. The most promising startups will be offered to join BootstrapLabs San Francisco-based accelerator program to relocate permanently to Silicon Valley and go global. BootstrapAccelerator Korea does not run cohorts and enroll new applicants on a monthly basis.
About BootstrapLabs:
BootstrapLabs runs a 6+6 month hands- on accelerator program in Silicon Valley tailored for foreign startups. We focus on technology startups with global potential and assist them building disruptive companies by relocating to Silicon Valley, while maintaining their roots in their country of origin. Our approach is focused on relationship building and fast execution to accelerate equity value creation. We connect founders to industry thought leaders, strategic partners and smart investors in our network to ensure their long term success. Since 2009, BootstrapLabs has helped foreign startups such as Prezi, Witsbits, AudioDraft and Zerply connect and relocate to Silicon Valley for good, while maintaining offices in their home countries. Today these startups are valued at $250M+, employ more than 200 people, and have received over $25M in funding.
About Coolidge Corner Investment: Coolidge Corner Investment (CCVC), a technology venture capital firm with $22M under management in Korea, is actively providing seed+ funding to the technology startups that are filled with full of passion and global growth potential. Coolidge Corner Investment runs CCVC Young Entrepreneur Competition every 6 month in order to find entrepreneurial founders since 2010. Coolidge Corner Investment runs a CCVC Value-Up Center in Gangnam area to provide fast-growing environment for young entrepreneurs. Sung-Ju Cho, a serial entrepreneur and the head of the center, provides professional support based on his own experience. The center also provides 4 + 2 month professional incubation programs to young and senior entrepreneurs. The curriculum is focused on increasing the business competitiveness of startup companies.
Main Contacts:
Ben Levy, BootstrapLabs, Silicon Valley
Email: ben@bootstraplabs.com / Mobile: +1 415 742 1517
URL: www.bootstraplabs.com
Kwon, Hyuck-Tae, Coolidge Corner Investment, Korea
Email: htkwon@ccvc.co.kr / Mobile: +82-10-9630-2395
URL: www.ccvc.co.kr
