JCCEI embarked on a trip to Hong Kong to build local partnerships for the operation of Global Open Innovation Matching Day. During the 4-night 6-day trip, they gathered background knowledge to understand the overseas market and support overseas expansion, and confirmed the potential for global expansion of GCCEI nurturing companies and Jeju companies.
June 4th-5th New Connection between Jeju and Hong Kong
#1. FreeD, the main partner for entering Hong Kong
The first schedule of the Hong Kong trip was a meeting with Min-Gyu Lee, a director of FreeD Group, which is an investment company of IMM Investment, JCCEI’s global partner, and a partner company for the Global Open Innovation program. The discussion was about the entry of JCCEI nurturing companies and Jeju companies into Hong Kong based on the network of FreeD Group, which has its headquarters in Hong Kong. In particular, the progress of the Hong Kong entry project was shared, which is being jointly undertaken with Jeju-based company Tamrain (CEO: Deok-hoon Ko).
#2. Cyberport, the IT startup nurturing organization
After the meeting with the FreeD Group, we visited Cyberport, a business park that supports various IT startups in Hong Kong, including artificial intelligence and big data. In the startup business park located in southern Hong Kong, various technology-based startups, such s artificial intelligence and big data, are being fostered. There are over 1,200 venture capital and startup companies, with a total of over 2,000 member companies.
#3. InvestHK, the government investment promotion agency
In the afternoon, we visited InvestHK. It is an official investment promotion agency under the government, actively seeking to attract various global companies by emphasizing its simple tax system and open market. In Particular, Hong Kong’s reliance on food imports (95%) creates a promising F&B market for local startups utilizing Jeju specialty products. It also provides services such as legal advice, visa support, and networking to aid foreign companies sustain their operations in Hong Kong.
#4. LX Pantos, the global logistics company
The schedule for the visit to Hong Kong continued. JCCEI visited LX Pantos, a global logistics company under LX Group, to discuss strategies for securing a global distribution network in Hong Kong.
June 6th Identifying Potential Distribution Partners for Jeju Startups
#1. HKTV Mall, the largest online shopping mall in Hong Kong
The next day, we visited HKTV Mall, the largest online shopping mall in Hong Kong. It is home to over 5,800 sellers and 1.9 million products. It handles 5,5000 orders daily, with daily sales of around 4 billion won and 2.5 million users. It is an essential channel for entering the online market in Hong Kong.
#2. Jump Point, the number one business in cold chain delivery services
JCCEI’s dedication to securing local distribution channels for Jeju startups continued. We visited Jump Point, a distribution startup ranking first in cold chain services and third in overall delivery in Hong Kong. With cold chain, we can extend our reach to include cross-border trade between Jeju, Hong Kong, and China. We anticipate becoming a partner that will discuss entering the Chinese market beyond Hong Kong.
#3. KOTRA, a gateway towards the Chinese market
We visited the Hong Kong Trade Office of KOTRA, a government agency that supports domestic companies with exporting and attracting foreign investment. Considering the Hong Kong Food Expo and others in the second half of the year with various buyers, we discussed options for Jeju startups interested in entering Hong Kong, such as linking them with KOTRA’s projects or offering direct support from the JCCEI.
#4. FreeD & Connexus
In the evening, we visited Connexus, a travel agency that specializes in offering the best business travel management services in Greater China with more than 70 years of experience. As a FreeD Group affiliate, we shared the network status of Jeju company Tamrain and FreeD and considered strategies for entering the Hong Kong on-offline markets.
June 7th-8th Expanding Partnerships to Achieve Global Success
#1. ‘HKSTP’, the public accelerator
HKSTP provides infrastructure for the growth of tech and R&D industries and operates an incubating program. It facilitates the startup’s scaling up with a four-step program: ① ideation ② innovation ③ acceleration and ④ elite. About 600 employees of HKSTP provide support to 1,800 companies and assist in establishing their Hong Kong branches.
#2. TVB Commerce, a Hong Kong live commerce
TVB is a private TV broadcasting company in Hong Kong. TVB Commerce has a strong capacity for planning and transmitting marketing content. It promotes the purchase of goods through the Neigbuy app by displaying QR codes on advertising banners during broadcasts and allows mobile home shopping. If you plan to conduct live commerce on Neighbuy, this can be a good reference when seeking out on-offline partners like MarketPlace, ParknShop, and Wellcome Supermarket. SNS marketing with the help of influencers is also an option.
#3. IMM Investment Hong Kong, a partner for global expansion
The final schedule of the day was a meeting with IMM Investment Hong Kong, a global partner company of the JCCEI. This is a private equity firm with branch offices in major cities around the world, including Seoul, Hong Kong, Tokyo, and Singapore, and is known for investing in unicorn companies. The investment portfolio is going to be shared with JCCEI and the possibility of follow-on investments is expected to be addressed continuously.
#4. New World Mart, the local Korean grocery store
Unexpectedly, on June 8th, a meeting was proposed by New World Mart, the local Korean grocery store. New World Mart is a food distribution company with an online market and eight large and small stores in Hong Kong. We discussed the possibility of collaboration on the overseas expansion of the selected global open innovation companies.
