GS Opens Startup Recruitment with Seoul National University Technology Holdings... Focus on AI and Climate Technology Fields

THE GS CHALLENGE poster. Photo by GS

GS announced on the 23rd that it is recruiting startups to participate in the open innovation program 'The GS Challenge with SNU' with Seoul National University Technology Holdings until the 3rd of next month.

This event is the first open innovation program planned by GS and Seoul National University Technology Holdings as part of industry-academia cooperation. Startups or prospective entrepreneurs that meet at least one of the following two conditions will be selected: those with less than 5 years of operation, in the pre-Series A investment stage, and having at least one member who is a current student, graduate, or professor from Seoul National University; or startups or prospective entrepreneurs collaborating with Seoul National University or utilizing technologies owned by Seoul National University in their business.

GS and Seoul National University Technology Holdings will jointly select startups that include Seoul National University members or are collaborating with Seoul National University. The recruitment fields cover five areas that GS is seeking as new business domains: ▲AI (Artificial Intelligence) & Robotics ▲Climate-Tech ▲Industrial Bio & Synthetic Biology ▲Well Aging & Healthcare ▲Circular Economy, and about six companies will be selected.

Selected companies will receive direct investments totaling over 500 million KRW, mentoring opportunities from GS industry experts related to their startup items, and professors from Seoul National University. Applications will be accepted until the 3rd of next month, with final evaluations completed within this year. Follow-up support through connections with GS affiliates is also planned after selection.

GS and Seoul National University Technology Holdings planned this program aiming to build an industry-academia cooperation venture ecosystem connecting schools, startups, and large corporations.

Seoul National University Technology Holdings is a specialized company that commercializes technology by investing patents and other technologies owned by Seoul National University through establishing independent new companies, joint ventures with external companies, or equity investments in excellent companies. It operates 11 funds with total assets under management of about 100 billion KRW. Representative portfolio companies include Rebellion, Travelwallet, and LucentBlock.

Since Chairman Heo Tae-soo took office, the GS Group has been actively investing in ventures. In 2020, GS declared 'Future Growth with Startup Ventures' as its new business strategy. In the past year alone, GS has continuously invested over 150 billion KRW in 33 startups and 7 venture funds.

Seok Seung-hwan, CEO of Seoul National University Technology Holdings, said, "Open innovation is one of the new ways for large corporations and startups to coexist," adding, "We thought GS was the most suitable partner, and we plan to make direct investments through this program."

A GS official said, "We hope to expand a sustainable growth ecosystem together with schools and research institutions, which are cradles of technological development, as well as companies," and added, "We expect this event with Seoul National University Technology Holdings to be the starting point."

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