Gyeonggi Province, South Korea, is spearheading an initiative to bridge the gap between burgeoning startups and established large and mid-sized enterprises through its 'Private-Led Open Innovation Support' program. The Gyeonggi Center for Creative Economy & Innovation announced on March 24th that it is now accepting applications from Gyeonggi-based startups to participate in this groundbreaking program, with the deadline set for April 10th.   

This program aims to foster a symbiotic relationship between established corporations and innovative startups by matching the infrastructure of the former with the cutting-edge technologies of the latter. Participants will receive support for technology verification (Proof of Concept) and commercialization funding.

A total of 21 prominent companies, including Hyundai Engineering & Construction, Kakao Mobility, KB Kookmin Card, and KT, have joined the program, expressing their commitment to open innovation. The program targets technology-driven startups that have been in operation for less than seven years and can collaborate with the specific needs of these major corporations. Following a rigorous document evaluation and one-on-one matching process, 40 startups will be selected to participate.   

Successful applicants will have the opportunity to collaborate closely with these established companies to validate their technologies. Additionally, they will receive up to 10 million won in funding to support research and development, prototype creation, and intellectual property acquisition.

Interested startups can find more information and apply through the Gyeonggi Center for Creative Economy & Innovation Open Innovation website (www.openbridge.kr/ggoi25) before the April 10th deadline. This initiative is expected to significantly boost the growth of promising startups while providing major corporations with access to innovative solutions, fostering a culture of mutual growth and innovation.

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