Seoul Biohub , a bio-medical startup support platform, and the Korea Innovative Medicine Consortium (KIMCo, CEO Heo Kyung-hwa) announced that they signed a business agreement (MOU) to promote open innovation of domestic bio startups. Through this agreement, the two organizations plan to fully engage in the discovery and nurturing of promising bio startups.
The purpose of this agreement is to discover startups with technological competitiveness through organic linkage of support projects operated by each organization and to strengthen the open innovation ecosystem within the bio industry.
In particular, the two organizations plan to actively promote joint research and technology transfer between startups and large and medium-sized pharmaceutical companies through joint operation of the 'Bio Open Innovation Chain' this year. The project aims to link the technology of bio startups with industrial sites and establish a collaborative system that takes into account technological advancement and the possibility of global technology transfer.
Seoul Bio Hub announced the launch of this project through the 'Hongneung Forum' last June, and as of now, many mid-sized pharmaceutical and bio companies such as Dong-A ST, ABL Bio, Olix, Genome & Company, and major venture capitals such as Daekyo Investment, Shinhan Venture Investment, and Aju IB Investment have confirmed their participation. Starting in August, they plan to recruit startups that meet the technology needs of these companies.
The selected companies will undergo a written evaluation and face-to-face partnering to evaluate the possibility of technology transfer or joint research, and will then be provided with various follow-up support such as joint research consultation, technology consulting, and investment linkage.
Kim Hyun-woo, head of Seoul Bio Hub, said, “This agreement is the starting point for creating tangible results by directly connecting promising biotechnology with industrial sites,” and added, “We will continue to work with KIMCo to strengthen the technological competitiveness of startups.”
KIMCo CEO Kyung-Hwa Heo said, “This collaboration will serve as the foundation for bio start-ups’ technologies to move from joint research and technology transfer to global commercialization,” and added, “We will continue to expand our collaboration with Seoul Bio Hub to help the domestic bio ecosystem secure international competitiveness.”
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