Matching 11 Magok Companies Including LG, Kolon, and S-Oil with Promising Startups... Recruiting 10 Companies Until the 23rd

[Asia Economy Reporter Lim Cheol-young] The Seoul Metropolitan Government and the Seoul Business Agency (SBA) announced on the 7th that they are recruiting 10 startups to participate in the '2021 Weconomy Startup Challenge' until the 23rd. Eleven large and medium-sized companies located in the Magok Industrial Complex, including LG Science Park, LG Household & Health Care, Lotte Chemical, Kolon Industries, S-Oil, Daewoong Pharmaceutical, Nexen Tire, Toray Advanced Materials, Lapas, and Beomhan Industry, will participate in large numbers.

The Weconomy Startup Challenge is a project that supports collaboration matching between excellent large and medium-sized company resources accumulated in the Magok Industrial Complex and the technological capabilities of promising startups, which started last year. The Magok Industrial Complex is a testbed for 4th industrial technology and an advanced convergence R&D industrial hub, with a total of 165 companies and about 38,000 R&D personnel concentrated there. Active research and demonstration of innovative technologies such as AI, big data, IoT, and bio are being conducted, emerging as a future innovation hub.

This year's challenge will be conducted on an expanded scale, with more than twice the number of participating companies compared to last year (5 companies → 11 companies) and twice the number of final selected startups (5 → 10 selected).

The recruitment fields cover a total of 12 innovative growth sectors: AI/big data, bio, hydrogen, including eco-friendly/energy, materials/components/equipment, health/beauty care, IoT/robotics, display, semiconductors, batteries, mobility/autonomous driving, and platforms. Any startup possessing the relevant technology can participate.

Through last year's first Weconomy Startup Challenge, startups in IoT, AI, and bio fields demonstrated growth potential by achieving results such as joint research with large companies and attracting investment. Representative examples include 'iSynapse,' which possesses precise location recognition Connects Car Commerce solution technology using unnamed ultrasonic waves; 'Soynet,' which has artificial intelligence inference engine (Inference-Only Framework) technology; and 'BioBit,' which holds human-safe antibacterial protein technology.

Kim Sang-han, Head of the Regional Development Headquarters of Seoul City, said, “We will effectively support startups with excellent R&D capabilities so that innovation outcomes can begin in Magok through cooperative research and exchange with large and medium-sized companies located in Magok.” He added, “We will continue to support startups with outstanding technology to freely research and grow at the 'Seoul M Plus Center,' scheduled to open in November.”

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