Recruitment of Startups for Mid-Sized Enterprises-Startup Open Innovation by the Ministry of SMEs and Startups
Funding of 140 million KRW for 24 Companies
The Ministry of SMEs and Startups has announced it will recruit startups from May 26th to June 15th to participate in the “Mid-Sized Enterprises-Startup Open Innovation.” Open innovation support programs, which utilize external technologies and resources to develop new products and services, will continue this year.
The “Mid-Sized Enterprises-Startup Open Innovation” initiative, launched last year, aims to identify collaboration demands such as AI transition, digital transformation, and new business entry of mid-sized enterprises, linking them with suitable startups. This year, with the additional budget, the support will be more than doubled compared to last year’s 10 companies, targeting 24 companies to enhance practical collaboration outcomes between mid-sized enterprises and startups.
Mid-sized enterprises are pivotal in connecting different sectors of the economy and industry. In response to the rapidly changing industrial environment, they increasingly value collaboration with external innovative technologies for new business entry, digital transformation, and technology advancement. According to 2024 data for mid-sized enterprises, they are seeking new growth drivers in areas such as eco-friendliness, biotechnology, artificial intelligence, and robotics. Thus, open innovation with startups to rapidly validate technologies and business models is emphasized.
Through this recruitment, startups that will collaboratively address the innovation needs of mid-sized enterprises in new industrial sectors will be selected. Additionally, collaboration funds of up to 140 million KRW will be provided for technology verification (PoC) and prototype development.
Cho Kyung-won, the startup policy officer of the Ministry of SMEs and Startups, stated, “Open innovation is an effective collaboration method that accelerates the innovation speed of mid-sized enterprises in a rapidly changing industrial environment, providing startups with validation, market access, and further growth opportunities. We will actively support expanding open innovation to bridge growth for both mid-sized enterprises and startups, creating a new flow of innovation in our industrial ecosystem.”