Jungjingong Partners with Seoul Bio Hub to Foster Bio Unicorns
Business Agreement Signed to Foster Bioindustry Startups
The Small and Medium Business Corporation announced on the 19th that it has signed a "Business Agreement for Fostering Biotech and Securing Global Competitiveness" with Seoul Bio Hub. Located in the Hongneung Small and Medium Research and Development Special Zone, the first regional special zone in Seoul, Seoul Bio Hub supports the globalization of 279 pharmaceutical, bio, and medical venture companies and serves as an open research and development platform.
This agreement was promoted to accelerate the growth of the bioindustry, a future growth industry of Seoul, and to support the nurturing of promising startups in the bio sector and their global expansion. Through this agreement, both organizations will establish a cooperative system for the development of the bioindustry and lay the foundation for bio startups to grow into unicorn companies.
Specifically, they plan to actively cooperate in ▲joint discovery of promising biotech companies ▲financial support such as policy funds and investment attraction ▲support for global expansion including technology export and vouchers ▲provision of research and development infrastructure and open innovation programs ▲joint promotion of on-site meetings for partner guidance and sharing achievements. In particular, the Small and Medium Business Corporation will promote the ‘Bio IR Mart’ to provide investment attraction opportunities for the scale-up of innovative biotech companies with excellent technology.
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Ban Jeong-sik, Director of Regional Innovation at the Small and Medium Business Corporation, said, “Through this agreement, we will spare no support to nurture unicorn companies in the bio sector based on the capabilities of both organizations,” and added, “We expect it to contribute to creating a bio startup ecosystem and supporting the globalization of promising startups.”
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