Ministry of SMEs and Startups Shares Open Innovation Achievements: "A Pillar of Co-Growth"

Part 1 Opening Ceremony and Startup Stakeholder Awards
Part 2 Presentation of Outstanding Collaboration Cases

The Ministry of SMEs and Startups announced that on the 7th, it held the ‘2023 Public-Private Partnership Open Innovation Performance Sharing Event’ at the JW Marriott Dongdaemun Square in Seoul to promote the spread of open innovation achievements.

Last year's 'Public-Private Cooperation Open Innovation Support Performance Sharing Meeting' held by the Ministry of SMEs and Startups
[Photo by Ministry of SMEs and Startups]

Public-private partnership open innovation is a win-win cooperation project aimed at discovering and connecting collaboration demands between large corporations and startups, and activating open innovation among companies through follow-up government support. This year, it is supporting 87 collaborative startups with a budget of 9.6 billion KRW.

The event consisted of Part 1: opening ceremony and awards for startup representatives, and Part 2: presentations of excellent collaboration cases.

At the opening ceremony attended by key government and private sector officials, commendations and certificates from the Minister of SMEs and Startups were awarded to 37 outstanding collaborative startups and large corporations, along with a ceremony symbolizing open innovation through public-private cooperation. The Ministry plans to support selected startups with up to 100 million KRW in collaboration commercialization funds, mentoring, and follow-up linkage to technology development projects (R&D).

An awards ceremony was also held for companies selected in the ‘Super-gap Startup Open Innovation Challenge,’ which discovers startups with excellent growth potential through open innovation in new industry sectors.

In Part 2, there was an introduction to the open innovation platform to be piloted from next year, presentations of excellent collaboration cases such as ‘Hotel Lotte Lotte World - May I’ and ‘Moorim P&P - Yoo Seung-in Nature,’ as well as lectures and panel talks by large corporations and startup incubators (accelerators).

Im Jeong-wook, Director of the Startup Venture Innovation Office at the Ministry of SMEs and Startups, who participated in the performance sharing event, said, “Open innovation has now established itself as a key axis for co-growth between large corporations and startups,” and added, “The Ministry will continue to actively support the creation of a win-win cooperation ecosystem where large corporations and startups can grow together as one team.”

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