The Ministry of SMEs and Startups said on the 25th it will support open innovation between mid-sized companies and startups. The goal is to help them find growth drivers in areas such as eco-friendly technologies, bio, artificial intelligence (AI), and robots.
The Ministry of SMEs and Startups (MSS) is recruiting startups to participate in the "mid-sized companies–startups open innovation" program through the 15th of next month. The program links mid-sized companies with startups to carry out collaborative projects. The scale of support expanded from 10 companies last year to 24 this year.
Mid-sized companies are seeking growth opportunities in new industries. To that end, the need to collaborate with startups that can quickly validate technologies and business models is growing. The Ministry of SMEs and Startups (MSS) will provide up to 140 million won in collaboration funds for technology verification and prototype production.
Details are available on the K-Startup website (www.k-startup.go.kr). Cho Kyung-won, director-general for startup policy at the Ministry of SMEs and Startups (MSS), said, "Mid-sized companies can speed up innovation and startups can gain opportunities for validation and market access," adding, "We will create a flow of innovation in the industrial ecosystem."