“Last year, we focused on supporting the fundraising efforts of Seoul National University (SNU) corporations. This year, we plan to actively boost deep-tech startups.”
Director General Kang Geon-wook met with ChosunBiz on the 17th at the SNU Gwanak Campus and said this.
He, a professor in the nuclear medicine department at SNU’s College of Medicine, was appointed as the director of the startup support division in May of last year. He has been running a network called 'Bio Salon' connecting SNU corporations and investors in the bio sector since 2017 and co-founded the bio startup 'ClearChemBio' in 2022.
The SNU Startup Support Division supports the growth of startups not only from SNU students but also from alumni entrepreneurs and those located in the venture town 'Gwanak S Valley' developed near the university.
What Director General Kang focused on after taking office was strengthening the network between SNU corporations and investors.
In November of last year, SNU launched the 'SNU IR Club.' This is a tailored IR that notifies SNU corporations about the key investment areas of investors, such as artificial intelligence (AI), allowing appropriate startups to hold IR presentations.
Director General Kang described the characteristics of SNU corporations by saying, “As a university with many diverse talents, alumni gather to form technology-based startups.” He cited 'SooA Lab,' founded by SNU graduate Song Gi-young and alumni AI researchers, as an example that the SNU Startup Support Division has assisted.
SooA Lab was recognized for its AI and machine vision technology and was sold for approximately 230 billion won to Cognex, a U.S. Nasdaq-listed company, in 2019. This was the highest price paid for a domestic technology startup sold to an overseas company.
Director General Kang plans to actively nurture deep-tech startups this year, focusing on AI and bio.
He noted, “The university's strength lies in its talent and research and development capabilities,” adding that SNU, as the country’s leading research-focused university, will actively utilize these strengths to launch the 'SNU Big Scale-Up Program' to support deep-tech startups starting in May.
He further emphasized, “Corporations grow when outstanding technology and entrepreneurial spirit are combined,” stating that active university startups are essential for regional and national economic growth. The following is a Q&A with Director General Kang.
―University startups struggle to attract initial investments. How is the SNU Startup Support Division aiding in this?
“In a typical IR for startups looking for investment, a corporation presents, and various investors come to listen. This type of IR makes it difficult to connect for investments. So, we thought in reverse. We introduced the focus investment areas, interest stages, philosophies, and strengths of investors to SNU corporations first, allowing suitable startups to conduct IR. This is the 'SNU IR Club' launched in November of last year. It's a so-called tailored IR.”
We have also strengthened the 'SNU Alumni Entrepreneur Network.' Many SNU alumni are entrepreneurs or manage investment firms. This connects them with startups from SNU, enabling them to learn entrepreneurial and management know-how from senior alumni who have already entered the startup ecosystem.”
―What are the specific plans for nurturing deep-tech startups?
“SNU is the top research-oriented university in the country. Leveraging these strengths, we will begin the 'SNU Big Scale-Up Program' in May, selecting 20 representative SNU corporations for focused growth over six months. This program offers one-stop support for practical startup training, one-on-one mentoring, IR, and actual investment attraction. It encompasses all the capacities of the SNU Startup Support Division.”
―Are there any startups achieving success with the support of the SNU Startup Support Division?
“Notable examples include SooA Lab (AI), PR&D Company (used car sales platform), Sweet Balance (subscription-based online commerce for salads), StarsTech (marine waste recycling), Go I Funeral Research Institute (funeral services), and Banff (smart tire solutions), all of which won awards at the SNU representative startup competition.
This competition is not just an ordinary contest but supports the enhancement of startup products, fundraising, and market entry. The mentioned startups are receiving investments and experiencing rapid growth. Notably, Banff has been selected as one of the top 20 at the 'TechCrunch Disrupt Battlefield 2024,' the largest technology conference in North America, marking a significant achievement that goes beyond merely securing investments.”
―Seoul City and Gwanak District, among others, are operating the venture town 'Gwanak S Valley' near SNU.
“Young talents are gathering in Gwanak S Valley, the venture town established near SNU. Centered around SNU Campus Town, 'Startup Hero (HERE-RO),' we are providing office spaces, education, technology consulting, investor connections, and support for overseas expansion with Seoul City, Gwanak District, and private companies for these talents.
From 2020 to November of last year, SNU Campus Town has nurtured over 150 corporations, achieving cumulative sales of 52.5 billion won, attracting investments of 152.8 billion won, and employing 2,101 individuals. Plans are in place to further develop Gwanak S Valley by leveraging the university's abundant network.”