The Ministry of SMEs and Startups announced on the 15th that it will recruit startups to participate in the 'Open Innovation Challenge for Mid-sized Companies and Startups' from May 16 to June 11.
So far, mid-sized companies have faced difficulties in promoting collaboration with startups for new business ventures and digital transformation due to a lack of information and capabilities regarding startups. In response, the Ministry of SMEs and Startups plans to promote mutual growth between mid-sized companies and startups through the 'Open Innovation Challenge for Mid-sized Companies and Startups.'
This project initiative was selected through collaboration with the Korea Mid-sized Companies Association after a recruitment and evaluation process that began in April. Fifteen project candidates from various fields, including SOCAR (service platform), Daewoong Pharmaceutical (biotechnology), and Kolmar Korea (beauty), have been chosen. In the future, approximately 10 projects will be selected for support based on startup matching, meetups, and presentation evaluations.
Selected startups will receive customized support, including up to 120 million won in demonstration funds, collaboration consulting, specialized training, and networking. Mid-sized companies will provide the necessary demonstration infrastructure, personnel, and know-how for project execution. Outstanding startups will also be given opportunities for follow-up research and development.