A memorandum of understanding (MOU) was signed Aug. 12 between the Howard County Economic Development Authority (HCEDA) and Born2Global Center (B2G), a Korean accelerator.
The document establishes a partnership between the HCEDA and B2G to create a soft-landing zone at the Howard County Innovation Center for qualified South Korean startups.
Soft landing spaces are popular with international firms because they provide an established infrastructure, professional network and business assistance services as they enter a foreign marketplace.
B2G is a South Korean government agency which contributes to the national startup ecosystem. Each year, B2G selects more than 100 startups with high potential for entering the global market. It provides services, including professional consulting in law, patents, accounting, marketing, investment and business development.
Fifty of the startups are selected to reside in its business space, known as the K-Global Startup Hub, and receive consulting services at the Startup Campus. Located in Pangyo, the “Silicon Valley of South Korea,” it is emerging as the latest hot spot in the thriving startup ecosystem.
“Earlier this year, I signed an MOU to launch our innovation center to support growing businesses and budding entrepreneurs. Now, we are taking another big step forward to make our county a global destination for bold and innovative startups,” said Howard County Executive Calvin Ball. “Howard County has a strong connection to our neighbors in South Korea, with the highest percentage of Korean-American residents in Maryland and [more than] 170 Korean-American-owned businesses. Now, we will partner with the ‘Silicon Valley’ of South Korea to grow our local economy.”