Incheon Free Economic Zone Authority Supports On-Site Demonstration for 50 Startups... Expected to Attract Investment and Expand Globally

Incheon Free Economic Zone Authority and Incheon Startup Park announced on the 4th that they supported on-site verification for 50 startups last year. On-site verification involves directly implementing and validating products, technologies, and services in the field to reduce technological uncertainty and enhance stability.

The verification support program is divided into ▲a commercialization verification program utilizing resources from public institutions such as platforms, infrastructure, and experts ▲a verification bridge program connecting demand technologies of private companies with innovative technologies of startups ▲and an IoT (Internet of Things) test field creation project operated with support from the Ministry of Science and ICT and the National IT Industry Promotion Agency.

Incheon Startup Park Panorama [Photo by Incheon Economic Promotion Agency]

First, the commercialization verification program involved seven public institutions including Incheon International Airport Corporation, Incheon Port Authority, Incheon Urban Corporation, and Incheon Environmental Corporation, supporting 20 startups.

Key achievements include the verification of the 'water filter-type eco-friendly wet odor treatment device (Watervation)' installed at the Environmental Corporation's sewage treatment plant, which confirmed odor treatment effectiveness in the actual field. The 'IoT unmanned sharing service (Share Lounge)' verified with direct participation from residents at Incheon Asiad Apartments by Incheon Urban Corporation was recognized for its excellent performance and is expected to contribute to resource circulation by providing 24-hour sharing economy services even after verification.

Additionally, the AI-based content streaming solution using displays (Bitgleem) verified at Harbor Park Hotel by Incheon Tourism Organization, and the video leaflet production tool (Shoot Button) verified in connection with exhibitions at Songdo Convensia, which replaces paper leaflets for fairs, showed excellent results, leading to operational contracts with hotels and early commercialization achievements.

Moreover, eight major companies including GS Caltex, POSCO International, and Celltrion collaborated in the verification bridge program to assist on-site verification. Among them, the 'customized next-generation carbon emission DX solution (Carbon Neutrality Research Institute)' verified based on actual data within the Magok LG Science Park complex was validated for effectiveness and is planned to be expanded to the entire complex in the future.

The 'energy diagnosis and management solution based on power data (Nine Watt)' verified at LS Electric’s affiliated factory in the Namdong National Industrial Complex in Incheon was recognized for its excellent technology, including actual power cost reduction, and direct investment by LS Electric is currently under discussion.

Furthermore, the 'pharmacy medicine logistics optimization delivery system (WeMeet Mobility)' verified using Taejeon Group’s pharmaceutical distribution network and the 'personalized health functional food recommendation algorithm (Cox Space)' verified using a data analysis engine were recognized for their excellent verification results, and discussions for introducing the verified products are underway.

An official from the Incheon Free Economic Zone Authority stated, "On-site verification not only facilitates early commercialization of startups but also helps attract investment and expand globally based on this. We will continue to do our best to make the Incheon Free Economic Zone a verification hub through continuous budget support and securing verification cooperation institutions."

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