LG, Hyundai Engineering and Construction, and POSCO Holdings to Meet... 114 Venture Companies Apply for Meetups

[Financial News] The Korea Venture Business Association announced on the 16th that it held the 'DIP-Spot Open Innovation with KOVA' Meetup Day together with the Seoul Business Agency.
'DIP-Spot Open Innovation' is an open innovation program for high-gap startups operated by the Seoul Business Agency. It connects demand companies, such as large and mid-sized enterprises, with venture companies to support the identification of collaborative projects, proof of concept (PoC), commercialization, and global expansion.
A total of 114 meetup applications were received from innovative venture companies with technological capabilities. The event was conducted by directly matching, on a one-to-one basis, the business and technology challenges proposed in advance by demand companies with the specialized technologies of venture companies.
A total of 15 companies participated as demand companies. Domestic participants included LG Electronics, Hyundai Engineering and Construction, POSCO Holdings Inc., Korea Electric Power Corporation (KEPCO), SOLUM CO., LTD., Kakao Mobility Corp., Oracle Systems Korea, Hoban Group, HD Hyundai Samho Co., Ltd., and iT dongA. From Japan, five companies attended: FineToday Co., Ltd., Inbound Platform, Kewpie Corporation, Vision, and Sing.
The Korea Venture Business Association plans to initially select 10 companies and then choose the final six after an in-depth evaluation of the specificity and marketability of their projects. Each company selected in the final round will receive up to 50 million won in commercialization support funds.
In November, the companies will participate in a local program in Japan to verify the applicability of their technologies, establish local partnerships, and receive support for follow-up commercialization demonstrations.
An official from the Korea Venture Business Association stated, "The 114 meetup applications demonstrate the strong on-site demand from venture companies seeking practical collaboration with large corporations," adding, "We will use the validation of domestic collaboration as a stepping stone to support local PoCs in Japan and connect them with commercialization funding, thereby helping create tangible global business results."

[email protected] Lee Ju-mi Reporter