A partnership was inked on Thursday between the Korea Tourist Organization (KTO) and Startup Junkie, an American entrepreneurial support group, to promote initiatives aimed at determining the feasibility of concepts, goods, services, and technology in the travel and tourist industry.
Using this collaboration, the emphasis will broaden to encompass particular system needs in the hotel and tourism industries across many nations. Finding and matching Korean businesses with technology capable of meeting these needs is the aim.
Startup Junkie will be essential to testing and assessment procedures, guaranteeing the usefulness of these technologies when integrated into the complex operational procedures of the international travel sector.
The creators of the massive American retailer Walmart, the Sam Walton family, founded Startup Junkie in 2011 to support American businesses and create an atmosphere that encourages their expansion. This has included managing venture capital funds and leading technology and high-growth sector accelerations.
It has recently concentrated on growing alliances with travel agents, hotels, and convention centres around Asia.
Both sides committed to working together to trade information to help tourism businesses expand internationally through the terms of the business agreement. With an eye on global growth and influence, they will actively encourage international showcases of cutting-edge technologies and services offered by local tourism businesses.
A collaborative initiative with an emphasis on environmental, social, and corporate governance (ESG) issues and digital transformation in the global tourism sector is also planned. This project can help solve problems like over-tourism, which occurs when travel locations experience visitor numbers that exceed sustainable levels.
Kim Dong-il, executive vice president of the KTO, stated, “Indonesia will be our inaugural overseas country that will be supported with tourism technologies through this agreement.”
“The KTO will diligently pursue opportunities for business collaboration with government agencies and enterprises within the global tourism sector, aiming to establish a service export blueprint for our domestic tourism companies.”
With the help of its support offices in Singapore and Tokyo as well as the Tourism Global Challenge Program, the KTO has assisted over 110 businesses in expanding internationally since 2020. Its efforts paid off last year as it established 80 outstanding accomplishments, including partnerships, investments, and international subsidiaries.
