Iljin Group to Foster 5 Startups in Materials, Parts, and Equipment Sector

Supporting Growth through Win-Win Strategies such as Joint R&D, Business Model Integration, and Investment

Scene of the letter of intent delivery ceremony, second from the right is Won Yong-cheol, Head of Future Business Team at Iljin Group, second from the left is Yang Seong-gwang, Chairman of the Research and Development Special Zone Promotion Foundation.
[Photo by Iljin Group]

[Asia Economy Reporter Kim Jong-hwa] Iljin Group announced on the 13th that it selected five promising small and medium-sized enterprises (SMEs) in the materials, parts, and equipment sectors together with the Research Institute of Industrial Science & Technology Promotion Foundation and delivered Letters of Intent (LOI) for investment.

Iljin Group and the Foundation held the 'Unicorn Project' contest last October to discover and nurture startups in the K-materials, parts, and equipment sectors. The 'Unicorn Project' is a startup discovery initiative that transfers Iljin Group's expertise in materials, parts, and equipment to help startups grow into unicorn companies.

About 40 startups participated in this contest, and five companies were selected through document screening and in-depth interviews. The five selected companies possess technologies highly related to Iljin Group affiliates' businesses, including eco-friendly new materials, power big data, electric vehicle used battery recycling, high-frequency medical devices, and microneedle patches.

Iljin Group plans to support these five companies to grow into unicorn companies by establishing win-win strategies such as joint research and development, business model linkage, and investment.

Won Yong-chul, head of Iljin Group's Future Business Team, said, "We plan to expand new business areas with promising startups in materials and parts," adding, "Starting with these five companies, we will actively promote continuous startup support projects."

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