Ugandan officials and startups were among the participants at the recent annual ComeUp global startup festival in Seoul, organised by the Korea Startup Forum, Korea’s Ministry of SMEs and Startups and the Korea Institute of Startups and Entrepreneurship Development. The festival was held in Seoul from 8 to 10 November 2023.
Boniface Okot, a member of parliament, led the Ugandan group, which included officials, International Trade Centre staff, and 10 outstanding graduates of the Youth Startup Academy Uganda.
ITC launched the academy in 2022 with the aim of empowering 1,000 young entrepreneurs through its incubator programme, which is funded by the Republic of Korea.
During a two-hour pitching session on 9 November, the 10 Ugandan startups got the opportunity to work with Korean investors. They were also able to meet investors at a special seminar.
The Ugandan entrepreneurs were also able to pitch at the Korea-Uganda Startup Meet-up Day, held in partnership with the Korea-Africa Foundation on 13 November.
YSAU works to promote a supportive policy environment for startups in Uganda. To this end, the Ugandan delegation visited the Ministry of SMEs and Startups, the Korea SMEs and Startups Agency, the Korea Advanced Institute of Science & Technology and the Gyeonggi Creative Economy Innovation Centre to learn about their policies and programmes to support startups.
Hive-Colab, as the implementing agency of YSAU, entered into a partnership agreement with the Korea-Africa Foundation and the Gyeonggi Creative Economy Innovation Centre to facilitate and strengthen innovation and entrepreneurship networking between the two countries.
Barbara Mutabazi, co-founder of Hive-Colab, has been supporting Ugandan start-ups and young entrepreneurs. She said the trip to Korea had a lot to teach Ugandan entrepreneurs and policymakers.
Ms Mutabazi said they are grateful for the collaboration with Korea and will use their policy experience and venture capital expertise to accelerate the growth of Uganda’s startups.
Sumin Park, Director of the International Cooperation Division at the Ministry of SMEs and Startups, said that they expect Korea’s policy experience in startup development and venture capital will benefit Uganda’s startup law and policies.
