Recruitment of Startups for Public-Private Partnership Open Innovation Program
Utilization of Open Innovation Platforms by 5 Major Corporations
[Asia Economy Reporter Kim Cheol-hyun] The Ministry of SMEs and Startups (Minister Lee Young, hereinafter referred to as the Ministry) announced on the 17th that it is recruiting startups to participate in the 'Public-Private Cooperation Open Innovation Program.' This program diversifies the large-corporation-centered problem-solving operation method of the 'Large-Startup Solver Platform' by linking it with startup incubation programs operated in the private sector.
Specifically, startups can freely propose business model (BM) collaboration proposals based on their core technologies, and large corporations as demand companies will strategically utilize them for future market business diversification. The collaboration program consists of five types: ▲ SK Telecom 'True Innovation' ▲ SK Ecoplant 'Tech Open Collaboration' ▲ Lotte Ventures 'Future Diet' ▲ Samsung Seoul Hospital 'Deep Saver Program' ▲ Hyosung TNS 'Hyosung×Korea International Trade Association Open Innovation.'
Startups wishing to participate can apply online through each program's website. Selected startups for each program will receive support such as up to 100 million KRW in commercialization funds from the Ministry and up to 300 million KRW for research and development (R&D). One-on-one dedicated mentoring from large corporations, joint R&D, business opportunities, investment attraction, and overseas expansion will also be provided as a package.
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Detailed information can be found through the K-Startup website or the business announcement posted on the Corporate Plaza. No Yong-seok, the Ministry's Startup Promotion Policy Officer, said, "With active participation from large corporations in the Public-Private Cooperation Open Innovation Program, we expect great synergy in open win-win cooperation between large corporations and startups," adding, "We will make multifaceted efforts to provide a stepping stone for startups to scale up through domestic and international networks and capital held by large corporations, as well as government policy fund support."
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