Validated in Canada, Heading to North America… TBDC & KOC Host Startup Roadshow in 5 Cities

The first step of overseas expansion is closer to the process of finding actual customers in the market and validating the business model than to establishing a local subsidiary. While domestic companies preparing to enter the North American market often prioritize the United States, Canada is also an option where market potential and product competitiveness can be verified. Securing local customers, investors, and strategic partners in Canada lays the foundation for subsequently expanding the business scope to the North American market, including the United States. The Canadian global business support organization TBDC and the KAIST alumni startup ecosystem group KOC are touring five cities nationwide to introduce these market entry routes to domestic companies.

The Toronto Business Development Centre (TBDC) and the KAIST One Club (KOC) are hosting the "Go Canada, Go Global" nationwide roadshow to support Korean startups and growth companies in entering the Canadian and North American markets. The roadshow begins in Seoul on the morning of September 7, followed by a session in Incheon on the afternoon of the same day. It will then take place in Pangyo, Seongnam and Daejeon on the 8th, and in Busan on the 9th.

The Seoul, Incheon, Gyeonggi, Daejeon, and Busan Creative Economy Innovation Centers are participating as sponsors for the regional events. Key participants include startups and growth companies preparing to expand into Canada and North America, as well as representatives from venture capital firms, investment institutions, and corporate global business managers.

This event was organized to expand the entry routes for domestic startups into North America from a U.S.-centric focus to include Canada. Canada possesses its own consumer market and industrial ecosystem, and is connected to the United States and Mexico through the Canada-United States-Mexico Agreement (CUSMA).

Domestic companies can first verify the marketability of their products and services in Canada and secure local references before identifying customers, investors, and business partners in the North American region. However, since Canada and the United States differ in regulations, certifications, consumer characteristics, and industry-specific transaction structures, market entry strategies must be designed separately for each country.

Nikhil Sharma of TBDC and Asia Strategy Advisor Sonny Cho will participate as speakers at the roadshow. They are scheduled to introduce the characteristics of the Canadian market, local business development methods, regulatory and legal requirements to be checked during the process of entering the North American market, and TBDC's support system.

The 'PIVOT Program' operated by TBDC consists of Scout, Sprint, and Surge stages, depending on the company's entry phase. It is structured to go beyond simply providing information on overseas markets and sequentially support market validation, business development, and investment attraction for each company.

The Scout phase assesses the potential for a product or service to enter the Canadian market. By analyzing target customers, the competitive landscape, and industry structure, it supports companies in verifying their business model and market fit prior to local expansion.

In the Sprint phase, local potential customers, investors, and strategic partners are identified, and market entry strategies are refined. One-on-one meetings with local stakeholders are arranged according to the participating companies' business sectors and growth stages, and follow-up consulting is provided to facilitate business development.

The Surge phase focuses on attracting investment and expanding the business following market entry. Based on the customers and business performance secured in Canada, it connects investors and jointly designs growth strategies and organizational operational plans for the North American region.

The program includes not only market research and customer identification but also regulatory and legal reviews, the formulation of entry strategies, and the securing of local networks. It supports domestic companies in deciding on the next steps after verifying actual customer responses and business feasibility, rather than making decisions about overseas expansion based on short-term visits or one-off consultations.

With the support of the City of Toronto, the Province of Ontario, and the Canadian government, TBDC has been assisting companies and entrepreneurs in entering markets for the past 36 years. To date, it has supported over 10,000 entrepreneurs in more than 70 countries and operates strategic advisory and customer, partner, and investor connection programs tailored to the growth stages of companies.

Established in 2019, KOC is an innovation startup ecosystem group comprised of approximately 1,400 participants, including entrepreneurs, investors, professionals, and officials from startup support organizations, centered around KAIST alumni. It operates 17 industry divisions covering fields such as AI, sustainable green industries, K-defense, and culture and arts, and has KOC Partners, a TIPS operator, and the KOC Consulting Cooperative under its umbrella.

Through this roadshow, KOC and TBDC plan to identify participating companies' demand for expansion into Canada and North America and discuss future support measures for each company. Applications are accepted through event pages established by KOC for each region.

Kwon Jae-joong, Chairman of the Korean Open Market (KOC), stated, “For domestic startups to grow in the global market, they must establish an entry system that connects them with local customers, partners, and investors, along with obtaining information on overseas markets.” He added, “We will support competitive companies so that they can use Canada as a base to enter the North American market and secure new growth opportunities.”

"We will provide practical market entry opportunities so that innovative Korean companies can connect with customers, investors, and strategic partners in the North American market using Canada as a base," said Sony Cho, an Asia Strategy Advisor at TBDC. "We look forward to discovering long-term cooperation opportunities with Korean companies that have growth potential through this roadshow."