00:02you're listening to AI prism from Seoul economic daily if you are building in Korea three funding
00:08doors moved this week pause public agencies are buying startup robots before the technology is
00:15proven a fintech is raising bonds on its own credit instead of bank loans and the cost of
00:21moving an engineer into the United States just jumped by a factor of 50 it's Wednesday August
00:2626th let's look at what this means for startups and entrepreneurs in Korea Korea's small business
00:34ministry is using public procurement as a proving ground for AI robotics later stage startups are
00:40testing the domestic bond market as an alternative funding channel and Washington is repricing the
00:46visa that Korean technology firms depend on here's what the numbers show the Korea Heritage Service
00:52began field testing an autonomous patrol robot from LK robotics over a 2.6 kilometer route at the
00:58Siorong royal tombs with each patrol taking about 50 minutes and the trial running to late November
01:04the machine clears steps up to 20 centimeters high and handles slopes of about 30 degrees under a
01:11ministry program that buys startup robots first and validates them in service matter of fact Viva
01:18Republica the operator of toss issued 33 billion won of five-year private bonds at a 6.06 percent coupon
01:25that lifts its private placements this year to 220 billion won roughly 158 million dollars and cumulative
01:34market debt to 270 billion won since December with last month's 187 billion won issued unguaranteed on its
01:42zero rating the Department of Homeland Security published a rule charging one hundred three thousand two
01:49hundred sixty five dollars per h1b petition up from roughly two thousand to five thousand dollars
01:55with a 30-day comment period and a final rule due by year end Korea ranked fifth among h1b approval
02:02countries at one percent in fiscal 2024 behind India at 71 percent and China at 11.7 percent so what
02:11does this
02:11mean for founders building in Korea earlier we said three funding doors moved short pause here's what
02:19that actually means for you a public procurement contract now functions as validation capital for hardware
02:25startups and a rated balance sheet buys five-year money near six percent instead of equity dilution the visa fee
02:33pushes the other way adding a six-figure line item for every engineer you place in the United States which
02:39strengthens the
02:40case for keeping technical teams in Korea and hiring locally in America watch the heritage service purchase
02:46decision after the robot trial closes in late November watch the comment period on the h1b rule in the final
02:54version due by year-end watch the gyeongbok AI and metaverse film festival from September 3rd where entries
03:01jumped to 3 403 from 97 countries and 20 overseas buyers meet Korean studios that's today's AI prism founders this
03:12episode was produced with AI assistance based on Seoul Economic
03:16Daily reporting and reviewed by a human editor AI prism is a wanifra award-winning series we'll be back tomorrow
03:24you've been listening to AI prism from Seoul Economic Daily
03:27you
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