On Friday, August 22, the Daejeon Creative Economy Innovation Center (CEO Daehee Park, hereinafter referred to as 'Daejeon Changgyeong') signed a business agreement (MOU) with Petbox (CEO Hyunseok Lee) at the Daejeon Startup Park headquarters to discover pet tech startups and expand the global open innovation ecosystem.
This agreement aims to systematically support domestic pet tech startups aiming to enter the global pet market, which is expected to grow at an average annual rate of over 7% worldwide and is estimated to be worth approximately KRW 450 trillion by 2025. By leveraging Daejeon Changgyeong's startup support infrastructure and Petbox's industry expertise and global expansion experience, the agreement aims to strengthen the global competitiveness of domestic pet tech startups. It is particularly significant in that it establishes a foundation for diverse startups in high-value-added pet tech sectors such as pet care, healthcare, digital services, and K-Pet Food to enter the global market.
Through this agreement, the two organizations will pursue various initiatives, including: jointly discovering and tailoring the development of promising pet tech startups; conducting feasibility studies and developing collaboration models; operating programs to strengthen global expansion capabilities and providing localization strategy consulting; and supporting participation in overseas exhibitions and buyer matching. The goal is to develop this platform into a public-private partnership that goes beyond simple support for startups and provides practical business collaboration and market entry opportunities.
Daejeon Creative Economy Innovation Center Director Park Dae-hee said, “The pet industry is still a blue ocean market with high growth expected, and I hope that this agreement will lay the foundation for promising pet tech startups to leap onto the global stage more quickly.” He added, “Daejeon Creative Economy Innovation Center will continue to expand the innovative startup ecosystem through close cooperation with private companies and create tangible results that startups can feel.”
Petbox CEO Lee Hyeon-seok said, “In order to strengthen the global competitiveness of the domestic pet tech industry ecosystem, we will actively share the AI-based pet data product development and overseas export experience and network that we have accumulated.” He also said, “Together with Daejeon Changkyung, we will cooperate in various aspects such as mentoring, technology cooperation, and market development so that startups with innovative ideas and technological prowess can succeed in the domestic and global markets.”
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