Press

Underdogs, a social innovation startup platform and Asia's leading practical entrepreneurship platform, announced that it has signed an MOU with KITE Accelerator to foster social innovation entrepreneurs in Mongolia and expand exchanges between Korean and Mongolian startup ecosystems. KITE Accelerator is a leading startup support institution in Mongolia that operates an accelerating program in collaboration with Asian Development Bank Ventures and the United Nations Development Organization to nurture entrepreneurs who solve social problems in Mongolia through innovative businesses. Underdogs and KITE Accelerator previously conducted training for six prospective startup coaches in Mongolia in December 2020 through the 'Underdogs Global Partner Coach Training Program,' which transferred Underdogs' entrepreneurship methodology and coaching expertise for youth entrepreneurship education in Mongolia. Through this training, Underdogs stated that both institutions built trust in mutual capabilities and cooperation points, and planned this MOU signing. Through this agreement, Underdogs and KITE Accelerator have committed to close cooperation in a wide range of areas, including joint participation in discovering, incubating, and supporting social innovation startups, jointly planning and operating startup coach development programs, and conducting mutual exchange activities for sharing information and resources to promote social entrepreneurial spirit. The Executive Director of Underdogs' Global Business Division stated, 'Mongolia is a young country showing high economic growth rates recently, and together with KITE Accelerator, we plan to enhance social impact within Asia by fostering social innovation entrepreneurs and supporting Korean entrepreneurs' market entry into Mongolia, which is a market with great growth potential,' expressing expectations for various cooperation points in the future. Meanwhile, starting with this MOU signing, Underdogs plans to strengthen its role as a bridge between Korean-Mongolian social innovation and startup ecosystems through MOU signings with WEMC, a specialized mentoring organization for nurturing female entrepreneurs in Mongolia. Reporter Jin Eop-yu