Rainmaking Expand: South Korea is a market entry programme for startups and SMEs looking to expand and de-risk entry into the South Korean market. We do this by collaboratively working with your company to strategically validate the best method for your business to enter into South Korea and support the execution by connecting and building commercial opportunities.
Companies in the programme will go through three phases, adapted to your specific needs, readiness and schedule. We do this because we understand that market expansion cannot be timeboxed and can vary between each company. In the programme, you and your team will work closely with an Expand Lead—who will guide your overall development and expansion— as well as a Partnerships Lead—who will connect you to our broader network in-market to generate strong business leads and support your expansion with the goal to achieve commercial success.
Applications for this programme are currently open.
This programme is cohortless, and has regular onboarding. Applications are open throughout the year, allowing startups and SME’s to apply and join the programme at the timing that best suites you.
If you are interested in joining, or considering market expansion please register your interest below to meet our team and discuss your expansion.
If your application passes the initial stages, you’ll be invited to an online call for further review. This is an opportunity for you to learn more about the programme, and for us to better understand how we might support your expansion goals.
Upon completing the interview, our team internally reviews your company and your expansion plans for Seoul and South Korea.
Upon a successful selection for the programme, we work with you to decide the best timing for your entry into the market and enter the agreement process review to align expectations and outcomes for the programme.
The programme is cohortless with regular onboarding. We will be accepting companies like yours into the programme every month, allowing for flexible and dynamic approaches to the South Korean market, which is inline with both your company plans and with the opportunities discovered in-market.
Startups and SMEs who join this programme will go through three phases: Go-To-Market Review, Go-To-Market Execution and Post-Programme Support. The time spent in Phase 1 and Phase 2 will depend on your timeline, market readiness and identified opportunities. After connecting with various commercial leads and making progress towards commercial agreements in Phase 2, companies are able to access 18 months of post-programme support in Phase 3.
This phase focuses on working with your company to identify a clear understanding of the market potential for your business in the United Kingdom and validate your market entry.
The process for this is tailored for every company as we recognise that no two market entry strategies are the same.
Therefore we will adapt the process to your unique situation while also utilising our proven methodology to:
This phase can take 1 – 2 months to complete.
This phase focuses on the execution of the Go-To-Market strategy. During this phase, we focus on connecting with key players within the United Kingdom and developing relationships with potential partners.
You can expect us to collaborate and navigate introductions which can lead to commercial outcomes while aslo:
This phase can take 2 – 6 months to complete.
After completing Phase 1 and 2, your company will move into Phase 3 which focuses on post-programme support. Phase 3 consists of regular check-ins and ad-hoc business introductions when we identify new potential leads in relation to your business needs.
In order to maximise your success in the UK, this post-programme support is tailored to your needs and requirements.
This phase is available for 18 months after the completion of Phase 2.
GIA × Rainmaking Expand: South Korea is a programme supported by Enterprise Singapore as an official partner of the Global Innovation Alliance (GIA).
Singapore-based legal entities can benefit from financial support when joining this programme. If selected for the programme, the majority of participation costs will be subsidised by Enterprise Singapore for Singapore-based legal entities. A small, remaining participation fee will be paid by participating companies.
Programme Cost (After Enterprise Singapore’s Subsidy): S$ 8,736 per Company.
Strong Infrastructure & Dynamic Entrepreneur Community
The UK — and London in particular — boasts a dynamic entrepreneurial community, supportive policy environment and strong infrastructure created by the UK government. Startups and SMEs are able to take advantage and benefit from robust networks, favourable policy incentives and regular opportunities to meet and cooperate with other ecosystem stakeholders.
A Stepping Stone to Europe with a Large Customer Base
As the VC and unicorn capital of Europe, the UK market is the ideal stepping stone for companies that wish to take advantage of opportunities in Europe as well as the UK’s world class capital markets and professional services. In addition to the UK’s large consumer base, companies are able to easily reach the broader European market of over 500 million customers.
Easy to Establish in the UK
Companies can easily establish in the UK, with very few hurdles to clear. Starting or registering a business is easy and is not subject to any visa or residency requirements. Furthermore, the UK makes running a business relatively simple in comparison to other European countries and boasts a diverse and highly educated workforce.
Leading Market in Europe for Funding & Investments
The UK is the leading market in Europe for Venture Capital, and leads in terms of volume of funding provided to startups, with total funding exceeding $19.6 billion in 2022. A variety of UK government policies that incentivise VC investing makes investors eager to explore opportunities to fund companies in the UK.
Opportunities in Multiple Industries
The UK is home to a variety of different industries and constant infrastructure improvements create new opportunities for companies on a regular basis. Almost every sector has clear opportunities, but startups in energy, transportation, waste management, financial services, tourism and telecommunications can benefit from recent growth and a need for improvements.
Variety of Grants, Incentives and Schemes to Support and Grow Businesses
The UK government has established a variety of benefits for companies to utilise in the market, and has created dedicated Enterprise Zones which provide extra support around business expansion and investment. Companies can access incentives and grants related to their industry to subsidise their investments and can also benefit from tax relief.
Rainmaking is one the world’s most prolific corporate innovation and new venture building studios. We are a global team of over 200 that creates, accelerates, and scales new businesses with the world’s leading corporations and entrepreneurs across 13 offices on 4 continents.
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GIA × Rainmaking Expand has been launched with the support of Enterprise Singapore (EnterpriseSG), as one of the programmes under the Global Innovation Alliance (GIA). GIA is a joint initiative between EnterpriseSG and the Singapore Economic Development Board (EDB) which aims to connect Singaporean startups & SMEs to major innovation hubs around the world, so as to support their overseas expansion plans.
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Applications to this programme are open on a rolling basis. If you are interested in joining this programme, please apply using the form below.
If you would like to talk to a team member to understand more about the programme, please book a call here.
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