The Korea Institute of Science and Technology (KIST) launched a technology commercialization specialized company, KIST Innovation.
KIST stated that on the 11th, it held the vision declaration ceremony and the appointment ceremony for the CEO of the company KIST Innovation, with Minister of Science and ICT Yoo Sang-im in attendance at the Johnson Auditorium in the KIST Main Building in Seongbuk-gu, Seoul.
KIST Innovation was officially established in June, aligning with the Ministry of Science and ICT's strategy for nurturing technology commercialization specialized companies. Its goal is to pursue unique and differentiated technology commercialization specific to KIST.
KIST established the Korea Technology Advancement Corporation (K-TAC), the first specialized technology commercialization company among government-funded research institutions, in 1974. KIST Innovation plans to expand its roles beyond the investment-focused existing technology holding companies to include technology commercialization (strategic IP management and expansion of local entry based on overseas bases), startup and corporate support (deep tech startups and customized support for different types of corporations), and investment and recovery (focused investment in planned startups and diversification of recovery channels).
Kwak Byeong-seong, the CEO of KIST Innovation, has accumulated experience spanning both the private and public sectors as the head of SK Life Science, head of global technology at SK Innovation, and president of the Korea Institute of Energy Research (KIER).
KIST President Oh Sang-rok noted that "KIST Innovation is a new public-private partnership model that combines the expertise and resources of the private sector with public technology, representing a bold challenge that surpasses the limitations of existing Technology Licensing Offices (TLO)." He added, "I expect KIST Innovation's bold investments and execution to add new vitality to Korea's technology startup ecosystem, enhancing KIST's outstanding research achievements."