Incheon Startup Park and 4 Universities Collaborate... Contract Signing and Market Expansion Achievements

Incheon National University, Inha University, Yonsei University, and Sejong University Participate
Completion of the First Year of the 'Scale-Up Challenge Lab' Project

Startup company Kaimiga Co., Ltd. developed an AI diagnostic-based tumor detection clip and sensor for laparoscopic surgery through consulting support from Inha University and Inha University Hospital.
[Photo by Incheon Economic Promotion Agency]

[Asia Economy Reporter Park Hyesook] Collaboration between universities with specialized infrastructures in smart cities and bio sectors and startups in the Incheon area is showing results.

According to the Incheon Free Economic Zone Authority on the 14th, the first-year project of the 'Scale-up Challenge Lab' operated by Incheon Startup Park and others was completed at the end of last year. This program supports startups in the Incheon area through collaboration between Incheon Startup Park, the first open innovation startup hub in Korea, and four universities with infrastructure: Incheon National University, Inha University, Sejong University, and Yonsei University.

Since June last year, these universities have selected and supported 15 startups out of 39 applicants through announcements in the fields of smart city, bio, big data & artificial intelligence, and global expansion.

Incheon National University supported the demonstration, commercialization, patent application, and market expansion of products and services of startups in the smart city sector using on-campus infrastructure. Doit Co., Ltd. filed a patent, and ParkingGo Co., Ltd. demonstrated a parking management system linked with facial recognition and body temperature data of vehicle drivers, and is scheduled to sign a contract worth about 100 million KRW with a domestic general hospital next month.

Inha University provided support for preclinical (animal) experiments and consulting for obtaining KGMP (Korea Good Manufacturing Practice) in cooperation with Inha University Hospital.

Four startups, including Kaimi Co., Ltd., which developed AI diagnostic-based laparoscopic surgery tumor detection clips and sensors, were able to verify the efficacy of their developed products through the Gastroenterology Efficacy Evaluation Center at Inha University Hospital.

The AI Convergence Research Center at Sejong University focused on consulting to strengthen the commercialization technology and product development capabilities of startups in the big data and AI fields. As a result, Mondrian AI Co., Ltd. succeeded in developing an AI-based fire detection model with 96% accuracy, and CoreSite Co., Ltd. improved the accuracy of new user analysis and churn prediction models by 12% and enhanced speed.

Yonsei University supported overseas surveys targeting locals, expert in-depth interviews, usability evaluations for local potential customers, and entry into global B2C open markets for startups requiring global expansion at the on-campus 'DFK (Design Factory Korea)'.

Through this, six companies including The Joeun Undongro Co., Ltd. were able to derive concrete strategies for entering the US, Europe, China, and Southeast Asian markets.

The country's first open innovation startup hub, 'Incheon Startup Park,' opened its doors in Songdo International City last December.
[Photo by Incheon Free Economic Zone Authority]

Lee Wonjae, head of the Incheon Free Economic Zone Authority, said, "Through the Scale-up Challenge Lab program, startups based on 4th Industrial Revolution technologies with products and services in the Incheon area were able to take a step forward," adding, "Based on the successful support in the first year, we plan to further expand the scale of industry-academia cooperation this year to support demonstration and early commercialization."

Meanwhile, Incheon Startup Park, selected as Korea's first startup park by the Ministry of SMEs and Startups, opened in early December last year in Songdo International City. The resident companies are mainly startups dealing with 4th Industrial Revolution technologies such as artificial intelligence and bio convergence technologies, consisting of 37 privately-led nurturing companies and 40 publicly-led nurturing companies.

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