Report: North Korea officials learning about technology start-ups in Singapore

SINGAPORE, Nov. 23 (UPI) -- North Korean officials are learning about technology start-ups and entrepreneurship in Singapore, according to local authorities.

An official with Infocomm Investments, the state-run venture investment arm, told South Korean newspaper JoongAng Ilbo that North Koreans have been receiving start-up training in Singapore since September 2015.

The North Koreans come in groups of 4 and stay for 4 months, according to the official.

The visitors from Pyongyang were affiliated with the National Academy of Sciences and appeared to be educating themselves in preparation for North Korea's special economic zones, the Singaporean official said.

The official added while the North Koreans had outstanding learning abilities in the area of technology, they struggled with a language barrier owing to their limited grasp of English.

The visitors also lacked knowledge of the market economy, of what they need in a free market setting and how to use them as tools, the official said, adding that during their stay their experience of Singapore's consumer culture could have an impact in North Korea's economic future.

The North Koreans were trained at a Singapore-backed business incubator called BASH, an acronym for "Build Amazing Startups Here."

Entrepreneurs typically spend at least 3 months at the incubator, while receiving mentorship.

Alex Lin, the head of Infocomm, said the incubator began applying a new strategy: figuring out the demands of the market first then using the data to build a start-up.

The strategy began to be employed after BASH experienced problems, including a low 2-8 percent success rate among early-stage companies.

Two years later 190 out of 300 business ventures incubated at BASH are in a good position to grow, Lin said.

The North Koreans learned about the life cycle of the a startup, including how to support promising businesses, according to the report.