Smilegate Start-Up Incubation Program “ORANGE FARM” Enters China
Smilegate Hope Studio announced on the 18th that its start-up incubation program for youth, ORANGE FARM, signed a “memorandum of understanding (MOU) for the discovery, incubation, and global market entry of start-ups in Korea∙China” with Innoz, a local incubation center in China.
The MOU was signed at the Innoz Incubation Center in Beijing, China on the 17th. The ceremony was attended by over 10 executives from both companies, including SangBong Suh, head of the Smilegate ORANGE FARM center, and Liu Yi, vice president of Innoz in the leading space of Zhongguancun.
Under the MOU, both companies plan to operate collaborative programs, etc. to discover superior Korean start-ups, aggressively support incorporation and initial settlement upon entering China, and provide local network connections necessary for businesses in China (start-ups, VC, angel investments, government, etc.).
Both companies also plan to collaboratively organize exchange meetings and demo days, regularly, in order to extend communication between both countries. Superior start-ups in China will also be able to join ORANGE FARM in Korea to receive support under the same standards.
Innoz, who has signed the MOU with ORANGE FARM, is a joint venture between the Ministry of Science and Technology of the People's Republic of China’s state-run firm “Zhongguancun Development Group” and IT firm “iSoftStone” that was founded within Z-park of Zhongguancun last October and specializes in incubation. Innoz currently operates two centers in China and one center in the US and has future plans to establish centers in other regions out side of Beijing.
Head of the ORANGE FARM center SangBong Suh said, “We’ve taken the first step towards implementing the ‘ORANGE FARM Beijing’ program, briefly mentioned at our recent two-year anniversary event. Once ORANGE FARM Beijing begins official operations, we will be unsparing in our support so that Korean start-ups can succeed in China.”
Meanwhile, ORANGE FARM was officially established in April 2014 as a start-up incubation program for youth operated by Smilegate Hope Studio.