• KITA’s Supports for Open Innovation Lead Startup’s Global Achievements
    2020-02-07 hit 1324

    KITA’s Supports for Open Innovation Lead Startup’s Global Achievements


    - KITA made 16 tech startups sign contracts by matching them with 21 ‘Fortune 500 Companies’ such as BMW, Chanel, etc. -  

    - First private COEX Startup Test Bed program 10 startups are testing their technologies to commercialize -


    The open innovation support projects for Korean domestic startups, which is being conducted by the Korea International Trade Association (Chairman: Kim Young-Ju), has resulted in solid achievements such as signing contracts with global companies and attracting foreign investment.


    At the “The 2nd Innovation Public-Private Council'' held at the KFB Building in Jung-gu on February 6th, Han Jin-hyun, vice chairman of the Korea International Trade Association (KITA), made a presentation on the success cases of the Open Innovation Support Project that KITA has actively promoted since 2018. Vice Chairman Han said, “In the 4th industrial era where rapid changes are becoming commonplace with the convergence of new technologies, supporting organizations need to be equipped with innovative mindsets, and added, We plan to increase the number of success cases by operating startup supporting programs from various angles and collaborating with overseas organizations.


    Last year, the Korea International Trade Association held 21 Fortune 500 Connect events that match Korean startups with invited overseas global companies. The officials who are in charge of open innovation at the headquarters of 23 open world leading companies such as BMW, Chanel, Dyson, and Lego visited the Startup Branch at COEX in Samseong-dong and met with a total of 206 domestic startups. As a result, some startups have been successful in attracting investment, selling technology, signing supply contracts, selecting accelerator (AC) programs, and signing partnerships.


    A beauty startup LYCL had the first meeting with Germanys Beiersdorf, which is famous for Nivea, in January last year and was selected into the Beiersdorf AC Program and received 25 percent equity investment in December. WayWearable, a skin analyzing device startup, signed a letter of intent to introduce technology with Germanys BASF, the world's largest chemical producer, and secured technology royalty revenue and now is participating in the development of new products together.


    In the first half of this year, the Korea International Trade Association plans to invite some 10 global conglomerates including L'Oreal and Amazon and expand its cooperation with overseas small and medium-sized companies such as the hidden champions in the European Union.


    COEX Startup Test Bed is the first private business that provides opportunities for Korean startups to test ideas and technologies with a view to innovate services at the shopping mall, exhibition halls, Korean City Air Terminal, etc. in the Trade Center in Samseong-dong. After the announcement of the test bed project last September, 10 startups have been selected and they are discussing how to apply the ideas to businesses in detail. There will be a pilot test for 3 months from February.


    Twinny Robotics Lab, autonomous mobile robot specialist, is testing a self-driving cart for transportation in COEX. The cart automatically follows the customer. The customer does not need to physically push or pull the cart as it can distinguish even twins. Interbrid is an advertising company utilizing special film. The company proposed ideas and technologies to utilize idle windows as advertising panels. Due to the nature of the multi-purpose building, there are many glass windows and the company is planning to place advertizing panels on the streets with many floating populations.


    The Korea International Trade Association plans to expand it to Overseas Test Bed project in collaboration with famous overseas shopping malls in Europe and Southeast Asia (Indonesia) this year and attract Korean startups to participate.


    Lee Dong-ki, director of Innovative Growth Director, said, For Korean startups, open innovation cooperation with global multinational companies is very important in attracting investment and securing overseas sales channels. He stressed, Startups that lead technological innovation with new ideas will be the biggest driving force of the Korean economy in the Fourth Industrial Revolution.


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