Illuminating the potential of 123 Factory, a hub for collaboration between Korean and German startup ecosystems

4 Dec 2024
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Illuminating the potential of 123 Factory, a hub for collaboration between Korean and German startup ecosystems

The intersection of innovation in Berlin, 123 Factory

Located in Berlin, Germany, 123 Factory is a key platform that promotes innovative collaboration between Korean and European companies to achieve mutual growth. We actively support Korean companies entering the European market and European companies entering the Korean market through various means such as customized programs, mentoring, investor connections, and market entry strategy development . We connect the startup ecosystems of both countries and serve as a bridge for technology-based companies to expand globally.


German Startup Ecosystem: Freedom, Technology, Global

Berlin is emerging as a center of innovative technology due to its relatively low cost of living within Europe , strong academic and research infrastructure , and liberal immigration policies . Currently, about 33% of German startups are in the information and communication sector, followed by medical and healthcare, food, and consumer goods sectors at similar rates. This is further solidifying the innovation base combined with traditional industries. Of particular note is that about 43% of startup founders are foreigners. Germany is lowering the entry barrier for companies dreaming of global expansion through its tolerant and systematic startup support policies for foreigners.



The Key to Local Settlement: “Building Trust and Relationships”

For companies considering overseas expansion, building trust through short and frequent visits rather than one-time visits is the key to success. In addition, direct interviews with local industry experts enable the establishment of product strategies that fit the characteristics of the market, and competitor analysis allows the positioning of products to be clarified. German consumers tend to use products they have chosen continuously , and they have a strong tendency to rely on recommendations from acquaintances who are knowledgeable in a specific field, based on trust . Therefore , if they successfully enter the market, they can form a long-term and stable sales structure.