From Open Innovation to Growth Support... Seoul Business Agency Seeks Promising Startups

LG, Lotte, Kolon Industries, Daewoong Pharmaceutical, S-OIL, Beomhan Industrial, Lapaz, etc. Participate
Comprehensive startup support from 1:1 meet-up opportunities with large corporations to residency at Seoul Startup Hub M+

[Asia Economy Reporter Lim Cheol-young] The Seoul Business Agency, a startup support organization leading Seoul's innovative startup ecosystem, is looking for startups that will lead innovation together with Magok's large, medium, and small enterprises through the '2022 Weconomy Startup Challenge' at Seoul Startup Hub M+.

According to the Seoul Business Agency on the 16th, the challenge includes participation from 'Daewoong Pharmaceutical, Lapas, Lotte Chemical, Beomhan Industry, S-OIL, LG Science Park, and Kolon Industries,' who are seeking collaborative partners to create new possibilities.

Startups participating in the challenge will have opportunities to collaborate with Magok's large, medium, and small enterprises, and the final selected companies will receive various SBA support benefits such as residency at 'Seoul Startup Hub M+,' connections to global VCs, and investment attraction support.

This program targets 12 promising future industries including AI and bio, and any startup nationwide with capabilities in these fields can participate. Online applications are open until the 27th through Seoul Startup Hub M+ or the Weconomy Startup Challenge platform.

Seoul Startup Hub M+, where this program is held, is a space created to produce open innovation outcomes under the broader concept of corporate venturing. Since its opening in the second half of last year, starting with this Weconomy Startup Challenge program, it plans to showcase various open innovation programs such as joint research and business cooperation with 186 companies located in the Magok Industrial Complex, supporting promising startups.

Lee Jae-hoon, Head of the Industrial Base Division, said, "Amid the global trend of 'open innovation,' large and small enterprises are supplementing growth engines through cooperation with startups, and startups are securing fast market entry and growth opportunities through collaborations such as PoC. Based on Magok's unique spatial characteristics, the Weconomy Startup Challenge, which is creating a new future for Seoul, will further expand its value as an opportunity for 'corporate innovation' rather than just 'corporate support'."

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