The World Korean Business Convention, which will be held from October 11th to 14th in Orange County, USA, is drawing attention as it will be the first time it is held overseas. Startup pitching competitions, venture capital investment forums, and 1:1 business meetings are some of the notable programs at the convention.

Chairman Henry Bang of the Korean American Chamber of Commerce in Santa Clara, Silicon Valley, is in charge of the startup pitch competition and venture capital investment forum programs.

The venture capital investment forum serves as a practical roadmap for the entry of Korean small and medium-sized enterprises into the U.S. market. The organizing committee has completed the invitations to first and second-generation Korean-Americans in the United States who are interested in investment, both corporate and individual investors. Additionally, invitations have been extended to current and future investors among the 55,000 members of 78 chambers of commerce under the Korean American Chambers of Commerce in the USA.

Chairman Henry Bang stated, “The 1:1 investment meeting program will be run, allowing us to introduce Korean and American investment companies, individual investors, and others to venture capital firms operating in the United States and to establish a network with them.”

Furthermore, Chairman Bang expects that "the venture capital investment forum will open a path for collaboration between Korean local government entities and investment companies within their jurisdiction with U.S. investment firms," and he is hopeful that "Korean startup companies entering the U.S. market will be able to attract the attention of venture capital and secure opportunities for future investments.”

The startup pitching competition, essentially a startup contest, is a planned event for Korean startups aiming for entry into the U.S. market. Through the competition, new startups with fresh ideas will be discovered and supported. If they can introduce competitive products to the U.S., they will receive help connecting with buyers that can assist with their entry into the U.S. market.

The startup competition operates as a hybrid event, conducted both online and offline. Judges for the competition are individuals who are currently investors in startup companies or who possess related networks. According to Chairman Bang, startups who are not able to visit the U.S. due to budget issues can apply to participate online.

Regarding the expansion of online participation opportunities, Chairman Bang said, “It’s to increase promotional opportunities for major new technologies and new products for companies participating online,” and he expects that "more startup companies will be able to meet buyers and investors through this dual online/offline approach.”

The startup pitching competition is not a one-time event. Chairman Bang said, “Starting from this convention, we plan to establish a business matching system connecting the venture capital and buyer network in the U.S.” and that “through this, we plan to build a network where we can directly communicate with the 78 chapters under the Federation of Korean-American Chambers of Commerce in the USA.”

This signifies that the Federation of Korean-American Chambers of Commerce in the USA is setting up a systematic framework to act as a bridge for Korean startups looking to expand into North America.