Martial Arts, Open Innovation Support... Startups Also Achieve Global Success

[Asia Economy Reporter Hwang Yoon-joo] The open innovation support project for domestic startups conducted by the Korea International Trade Association (KITA) is leading to tangible results such as contracts with global companies and attracting overseas investments.

Han Jin-hyun, Vice Chairman of KITA, presented successful cases of the "Open Innovation Support Project," which KITA has been actively promoting since 2018, at the "2nd Public-Private Council for Innovative Growth" held on the 6th at the Bankers Hall in Jung-gu.

Vice Chairman Han stated, "In the 4th Industrial Revolution era, where rapid changes through new technology convergence have become commonplace, support organizations must also be equipped with an innovative mindset," adding, "We plan to operate startup support programs from various angles and collaborate with overseas institutions to increase successful cases."

Last year, KITA held the "Fortune 500 Connect" 21 times, inviting overseas global companies to match with domestic startups. Representatives in charge of open innovation from 23 world-renowned companies such as BMW, Chanel, Dyson, and Lego visited the Startup Branch at COEX in Samseong-dong and met with a total of 206 domestic startups. As a result, some startups achieved outcomes such as attracting investments, technology sales, signing supply contracts, selection for accelerator (AC) programs, and partnership agreements.

Domestic beauty startup Likeul was selected for the "Bayerisdorf AC Program" after its first meeting with Bayerisdorf, the German company famous for Nivea, at COEX in January last year, and received a 25% equity investment in December. Waywearable, a startup specializing in skin diagnostic devices, signed a letter of intent for technology introduction with BASF, the world's largest chemical company headquartered in Germany, securing technology royalty income and participating in new product development for both companies.

KITA plans to invite about 10 global major companies such as L'Or?al and Amazon in the first half of this year and expand cooperation to overseas small and medium-sized enterprises and mid-sized companies, including the EU's hidden champions.

The "COEX Startup Testbed" is the first private project providing domestic startups with various opportunities to apply ideas and technologies for service innovation in the shopping mall, exhibition hall, parking lot, and urban airport terminal within the Trade Center in Samseong-dong. Since the testbed project announcement last September, 10 startups have been selected and are conducting consultations to apply specific business ideas by sector, with a pilot test scheduled to be conducted for about three months starting in February.

Twiny, a company specializing in autonomous driving robots, is testing autonomous transport carts within COEX. These carts automatically follow customers shopping without the need for them to push or pull, even distinguishing between twins. Interbreed, a special film advertising company, proposed ideas and technologies to utilize idle glass windows as advertising panels. Considering the many glass windows characteristic of multi-complex facilities, advertising panels will be installed at busy pedestrian areas.

KITA plans to expand the project within this year into an "overseas version testbed" linked with famous overseas complex shopping malls in Europe and Southeast Asia (Indonesia), involving our startups.

This content was produced with the assistance of AI translation services.