Discovering New Growth Engines for Mid-sized Companies Based on Startup Collaboration

Business Agreement Signed on the 10th Between Junggyeonryeon, Seoul Business Agency, and Korea Standards Association

The Korea Federation of Medium-Sized Enterprises (KMFME) announced on the 11th that it will join hands with the Seoul Business Agency and the Korean Standards Association to support the discovery of new growth engines for medium-sized enterprises based on startup collaboration.

On the 10th, KMFME signed a business agreement with the Seoul Business Agency and the Korean Standards Association at the M+ Center of Seoul Startup Hub in Magok, Seoul, titled "Business Agreement for Discovering New Growth Engines for Large and Medium-Sized Enterprises and Activating Open Innovation Based on Startup Matching." The three organizations will closely cooperate to discover and connect large and medium-sized enterprises wishing to enter new businesses with startups possessing innovative technologies in related fields, and to promote open innovation support programs between companies.

Lee Ho-jun, Executive Vice President of the Korea Federation of Medium-sized Enterprises (center), Kim Hyun-woo, CEO of the Seoul Business Agency (left), and Kang Myung-soo, Chairman of the Korea Standards Association, are posing for a commemorative photo.

As part of the eco-friendly vehicle and e-mobility startup hub cluster project commissioned by the Ministry of Trade, Industry and Energy, KMFME will identify new business demand technologies of e-mobility medium-sized enterprises and support matching with excellent startups equipped with innovative technologies. Based on an agreement with the Korea Testing Laboratory, it will also provide discounted services for technology testing and certification fees.

The Seoul Business Agency will discover promising domestic and international startups, support startups' residency at the M+ Center of Seoul Startup Hub, and handle technology verification, investment, and global open innovation linkage worth up to 10 million KRW. The Korean Standards Association will identify demand technologies of large and medium-sized enterprises, connect them with promising startups, and support technology verification and expert consulting.

Lee Ho-jun, Executive Vice Chairman of KMFME, said, "KMFME has been striving for open innovation between medium-sized enterprises and startups to discover new growth engines for medium-sized enterprises through various programs." He added, "Based on close cooperation with the Seoul Business Agency, which has startup infrastructure, and the Korean Standards Association, which has technical consulting know-how, we will actively identify the demands of medium-sized enterprises wishing to enter new businesses in the era of the Fourth Industrial Revolution and do our best to produce successful cases of cooperation between medium-sized enterprises and startups."

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