The Korea SMEs and Startups Agency (KOSME) is dedicated to expanding the global presence of Korean-founded businesses. In 2021, KOSME partnered with MATTER to launch the U.S. Market Expansion Program, focusing on deploying five Korean healthcare companies into the U.S. market. Since the program’s inception, MATTER has supported a total of 22 Korean companies, providing them with essential resources, mentorship and programming to enhance their product development, sales and fundraising within the U.S. healthcare ecosystem. Over the past four years, KOSME’s partnership with MATTER has consistently yielded consistently positive results, driven by innovative challenges and collaborative efforts.
The 2024 U.S. Market Expansion Program, a six-month initiative, supported eight Korean small and medium enterprises (SMEs) and startups striving to establish an impactful presence in the U.S. market. A distinguished opportunity offered in this program was the chance for select SMEs and startups to participate in a four- to six-week validation study with health system partners. This opportunity allowed entrepreneurs to validate their solutions in U.S. hospitals and receive feedback from clinicians for refinement. In 2024, the program saw an increase in participating partners, with Advocate Aurora joining UChicago Medicine.
Throughout the U.S. Market Expansion Program, the SMEs accessed 59 educational workshops to help them navigate the complexities of the U.S. healthcare industry and grow their businesses, 318 mentoring sessions with a diverse group of healthcare stakeholders and 133 introductory meetings to potential customers and investors. MATTER also produced 7 separate showcase events to facilitate SME exposure. The companies will continue to benefit with a one-year MATTER membership.
