Sandangong Holds Kick-off Ceremony for Industrial Complex Open Innovation

8 Demand Companies and 40 Startups Drive Innovation in Industrial Complexes

The Korea Industrial Complex Corporation announced on the 29th that it held the ‘2024 Industrial Complex Open Innovation (KICXUP) Launch Ceremony’ in collaboration with the Korea Credit Guarantee Fund. This event was organized to introduce startups selected for the Industrial Complex Open Innovation program and to strengthen networking between 8 demand companies and 40 startups.

A total of 8 demand companies leading innovation in the industrial complex were selected: Bando Construction, VNTG, Chosun Hotel & Resort, CJ ENM, EcoPro Partners, Polaris Office, Hite Jinro, and Korea & Company. The innovative startups collaborating with these demand companies number 5 per company, totaling 40 startups. After document and presentation evaluations, they were selected from 134 startups from Korea, Germany, Singapore, Spain, and other countries, overcoming a competition ratio of 3.4 to 1.

Yoon Chang-bae, Executive Director of the Korea Industrial Complex Corporation, is delivering a welcome speech at the 2024 Industrial Complex Open Innovation Launch Ceremony.

Participating companies will actively carry out collaborative projects in technology fields such as artificial intelligence (AI), big data, eco-friendly energy, biohealthcare, smart mobility, and robotics. They plan to lead the forefront of revitalizing the industrial complex open innovation ecosystem by creating successful open innovation cases, driving industrial complex innovation, and establishing startup hubs.

Now in its third year, the Industrial Complex Open Innovation project saw participation from a total of 30 demand companies and startups last year, achieving ▲10 new investment acquisitions ▲6 financial supports ▲and 10 technology verification contracts.

Yoon Chang-bae, Executive Director of the Korea Industrial Complex Corporation, stated, “The startups participating this time were selected through global-level competition, confirming their excellent technological capabilities,” and added, “We will generously support not only the innovation of companies residing in the industrial complex but also to create new business opportunities for startups.”

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