KT Joins 'Shinhan Open Innovation 5th Cohort'... Discovering Innovative Startups
KT Alpha, Genie Music, StoryWiz Demand Companies Participate
Top Teams Awarded Total Prize of 180 Million KRW, Joint R&D Support
[Asia Economy Reporter Lim Hye-seon] KT announced on the 7th that it will jointly participate in the ‘Shinhan Open Innovation 5th Batch’ with Shinhan Financial Group to discover innovative startups. This is a joint project following the strategic partnership agreement signed with Shinhan Financial Group in September last year.
Launched in 2020 as the 1st batch, ‘Shinhan Open Innovation’ is a program that connects large and medium-sized enterprises (technology demand companies) seeking fresh ideas and technologies with startups that need a foothold for business expansion, supporting mutual business collaboration.
In this program, three KT affiliates?KT Alpha, Genie Music, and Storywiz?participate as technology demand companies. KT Alpha will conduct contests in new commerce and media services, Genie Music in AI-based music and audio content production solutions, and Storywiz in next-generation webtoon and web novel production fields, aiming to collaborate on new businesses with startups possessing the relevant innovative technologies.
Teams selected as excellent in Shinhan Open Innovation will receive up to 20 million KRW per team, with a total prize pool of 180 million KRW. Additionally, support such as joint research and development (R&D), prototype development, collaboration with technology demand companies, and dedicated consulting and mentoring will be provided.
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Companies wishing to participate in Shinhan Open Innovation can apply through the ‘Shinhan Square Bridge’ website from the 7th of this month until the 7th of next month, for one month. Results will be announced on the 24th of next month. Afterward, through collaboration programs including on-site and written participation, the final excellent teams will be selected in June. Applications are open to corporate businesses established within the last seven years, but teams whose major shareholders are listed companies are not eligible to participate.
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