The Seoul Innovation Challenge is a pre-research and development (Pre-R&D) program that supports technology-based startups leading the Fourth Industrial Revolution to grow into globally competitive corporations.
This initiative, operated by the Seoul Metropolitan Government and the Seoul Business Agency (SBA) since 2017, seeks to discover early-stage tech teams with innovative technologies in key industries of the Fourth Industrial Revolution, such as artificial intelligence (AI), big data, robotics, the Internet of Things (IoT), and healthcare, and systematically support them in successfully commercializing their technologies.
The initial 1st to 7th Seoul Innovation Challenges encompassed all stages from prospective founders to corporations, providing support for prototype development and R&D through preliminary and final rounds over approximately two years. Starting from the 8th round in 2024, the program focuses on supporting early-stage technology corporations and prototype production to prevent overlapping support with other R&D programs and provide more concentrated assistance.
In particular, the Seoul Innovation Challenge is characterized by its support for not just prototype production but also professional consulting and mentoring, investment linkage, and the establishment of industry networks to promote practical market entry and growth.
◇ Mobility Tech, Hueyino... Early R&D helps promising startups
First, it supports technology-based startups in turning ideas into actual products and verifying the effectiveness of their technologies through prototype production. This creates an environment in which the marketability and competitiveness of technologies can be validated, while also laying the groundwork for the technology readiness and sustainable growth of corporations.
Instead of limiting it to prototype production support, it connects initial to follow-up investments in collaboration with venture capital (VC), corporate venture capital (CVC), and accelerators. To facilitate this, opportunities for investment attraction such as investor relations (IR) pitching and demo days are offered to help corporations effectively present their technological capabilities and business models.
It also provides opportunities to enhance the corporations’ technology and brand recognition by holding meet-up days and performance-sharing meetings with investors and industry stakeholders to create new business opportunities.
A representative success story is 'Mobility Tech.' Mobility Tech possesses precision 3D space information collection and analysis technology that utilizes LiDAR and camera fusion sensor technology. Based on this, it has quickly grown by attracting over 20 billion won in cumulative investments from companies such as Naver, Hyundai Motor, Korea Investment & Securities, and CJ. It is currently aiming for a KOSDAQ listing in 2026.
It has been noted that through the early support of prototype production and R&D from the Seoul Innovation Challenge, this company accelerated its technology development and was able to successfully enter the market by promptly progressing to technology validation.
In addition, 'Hueyino,' a company specializing in AI-based wearable medical devices, is also achieving success by offering services for patients with chronic heart diseases.
Designated as the first project of the Ministry of Science and ICT's information and communication technology (ICT) regulatory sandbox, it is smoothly sailing after attracting over 20 billion won in Series B investment from Yuhan Corporation, Smilegate Investment, and the Korea Development Bank.
The Seoul Innovation Challenge plans to continuously expand its market entry support for technology-based startups, allowing them to rapidly commercialize their technologies and secure competitiveness in the global market.
To enable corporations to generate actual sales, it is pursuing open innovation projects with large corporations and plans to activate overseas expansion programs for technology companies through support consulting for establishing overseas entities and connecting with private partnerships.
◇ Prioritizing support for AI converging with different industries
The 9th Seoul Innovation Challenge in 2025 will strengthen support for deep tech (technology focused on fundamental technological innovations beyond simple application development and service creation) centered on AI-based future technologies, aiming to create innovative value through 'AI+X' (convergence of various industries with AI).
To this end, it plans to provide prototype production support funds of around 100 million won to accelerate technology validation and commercialization, continuously promoting the diffusion of AI technology and the activation of convergence industries.
An official from the SBA emphasized, 'The Seoul Innovation Challenge is establishing a starting point for jumping to a sustainable R&D ecosystem through supporting the growth of innovative technology corporations and aims to develop Seoul into a hub of innovative technology, nurturing technology companies with global competitiveness.'