New AWS Program Helps Korean Startups Grow in E-commerce, Fintech, Logistics, and AI
AWS has launched a new program for startups in the e-commerce, fintech, logistics, and artificial intelligence (AI) sectors in collaboration with the Ministry of SMEs and Startups (MSS) and the Korea Institute of Startup and Entrepreneurship Development (KISED). Called Jungle, this program aims to nurture a total of 30 startups who are developing innovative technologies to help them grow into the next-generation of Korean unicorns (privately held startup companies valued at over USD $1 billion).
Through the program, startups will be awarded up to 300 million KRW in grants, by MSS and KISED. Additionally, AWS will offer free credits to the selected companies so they can get started building on AWS, the world’s leading cloud with the broadest and deepest set of functionalities. AWS will also provide tech education on cloud skills, big data analysis, and DevOps team operations. The selected companies can attend AWS seminars to gain first-hand experience with advanced technologies. AWS technical experts will also provide consulting services to help the startups develop technological road maps. Moreover, leveraging its local and global venture capital networks, AWS will help the startups engage with global investors to help grow their businesses. In addition, it will help companies’ global market development through cooperation with Amazon.com and AWS Marketplace, an online software store that helps customers find, test, buy, and deploy software that runs on AWS.
MSS and KISED are responsible for the overall management of the program and, will provide the funds to support the startups in developing, advancing, and marketing technologies.
Application and Selection Process
Applications for the program can be submitted on the K-Startup website from July 8 to July 31, 2020. Applicant’s documents and presentations will be evaluated by the beginning of September, after which the final 30 selected companies will be announced in the middle of September. The Jungle Program runs for ten months until June 2021.
Online Info-sharing Session
AWS Korea and KISED held an online info-sharing session on 7/15 to explain in detail about the Jungle Program. 58 people attended the online info-sharing session broadcasted live on Twitch. The twitch recording is posted on the KISED’s Youtube channel for consistent delivery of information to program applicants.
AWS Korea Startup Segment is largely collaborating with governmental bodies, ecosystem partners, and startup key stakeholders in the local environment to realize scalability in reaching out to startup customers. We sincerely contemplate on how to best help startups in all stages of cloud journey by providing necessary support and resources. Whether it is a startup in pre-VC or matured stage, AWS hopes to stand together with our startup customers in various startup-focused events and programs, including the AWS Activate Program.