The Ministry of SMEs and Startups announced that it will recruit startups to participate in the public-private partnership open innovation strategic task solution program from February 20 to March 19.
With open innovation with startups expected to expand both domestically and internationally, the venture client strategy, where companies leverage startup technologies and solutions, is expected to continue this year. Indeed, the number of companies applying for open innovation demand projects this year increased by 32.4%, from 68 to 90, and the number of projects submitted also increased by 39.4%, from 94 to 126.
Beginning in late December of last year, a process of receiving and evaluating applications for projects began. Thirty projects from various companies and organizations, including Kakao Mobility, LIG Nex1, and the Korea Water Resources Corporation, were selected as candidates. This call for proposals will ultimately select approximately 30 startups to collaborate on these projects.
Selected startups will receive up to 140 million won in funding, an increase of 20 million won from the previous year, as well as consulting and specialized training necessary for collaboration. Furthermore, the demand company can provide verification infrastructure, data, and specialized personnel. Excellent collaborative startups will also receive follow-up support, including startup growth and procurement-linked R&D and development technology commercialization funds.
Startups wishing to participate can check the recruitment notice on the K-Startup website and apply.
Meanwhile, the Ministry of SMEs and Startups has selected 30 open innovation support programs, in addition to those focused on strategic task resolution. Major corporations, including Hyundai Motor Company's Zero One and Samsung Electronics' C-Lab Outside, will participate, and startups selected through their own programs will be recommended for support. A mutually self-exploratory program utilizing an open innovation brokerage platform will also begin recruiting participants in February, with a meetup scheduled for March.
The Ministry of SMEs and Startups stated that it expects that through open innovation, large corporations will be able to adopt innovative technologies early, and startups will be able to expand their markets by supplementing their data and infrastructure.
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