Discovering Digital Innovation Models in the Martial Arts and Trade Center Area... "Recruiting Innovative Startups"

[Asia Economy Reporter Jeong Hyunjin] The Korea International Trade Association (KITA) announced on the 5th that it is seeking innovative startups to collaboratively design digital innovation around the Trade Center area in Samseong-dong, Seoul. Selected startups will utilize the Trade Center infrastructure to discover new technologies and business models, receiving support of up to 10 million KRW for testbed costs.

KITA explained that this testbed demonstration project was established to discover domestic and international startups that will showcase innovative products, new technologies, and digital-based new business models targeting tenants and visitors by leveraging the Trade Center’s multi-complex facilities and data.

This project is being conducted in collaboration with the COEX MICE Cluster Committee (CMC), a fusion body of MICE (Meetings, Incentives, Conventions, and Exhibitions) related organizations within the Trade Center. Startups wishing to participate can apply through the open innovation platform InnovBranch by the 27th of this month.

Startups finally selected through document review and the first meetup will have opportunities to demonstrate new products and technologies in cooperation with WTC Seoul, COEX, Korea Urban Airport Asset Management, Korea Urban Airport, Hyundai Department Store Trade Center Branch, and GKL Seven Luck Casino, all members of CMC, following subsequent consultations.

Additionally, according to a business agreement signed among KITA, Gangnam-gu Office, Korea Tourism Organization, AI Yangjae Hub, and other related organizations, startups selected for testbed cost support can receive up to 10 million KRW per company to cover expenses related to new product and technology demonstration.

Park Seon-kyung, Head of the Innovation Ecosystem Office at KITA, stated, "We have joined forces to boldly experiment with digital innovation models at the Trade Center to respond to the rapidly changing business environment due to COVID-19," adding, "This is a great opportunity for innovative startups to test new technologies and business models using the Trade Center infrastructure."

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