Seoul City and Johnson & Johnson Discover Innovative Companies to Lead 'K-Bio' in the New Normal Era

Two Innovative Technology Companies Selected... Customized Consulting and Commercialization Mentoring Support Provided

[Asia Economy Reporter Jo In-kyung] The Seoul Metropolitan Government announced on the 1st that it will jointly host the 'Seoul Innovation QuickFire Challenge,' open to startups worldwide, together with Johnson & Johnson Innovation, Korea Janssen, and the Korea Health Industry Development Institute.

The event, named to signify the rapid nurturing of innovative ideas like a machine gun, is a bio-sector innovation technology competition held by JLABS under Johnson & Johnson Innovation since 2015. So far, a total of 45 competitions have been held in the US and Asia, selecting 85 companies.

The Seoul Innovation QuickFire Challenge has been co-hosted by the Seoul Metropolitan Government and Johnson & Johnson for four years, targeting global bio healthcare companies. Startups less than five years old with innovative technologies can participate, and a total of five Korean companies and one American company have won.

This year's theme, 'Healthcare in the New Normal,' aims to discover and support healthcare innovation technology companies that can address vulnerabilities in medical services revealed during the COVID-19 pandemic and improve the quality of life for individuals and communities in the ongoing 'new normal' era that will continuously impact our daily lives.

The two final selected winning companies will be eligible to reside for up to four years at bio-medical startup support facilities such as Seoul Bio Hub located in Hongneung, and will receive various benefits including Seoul Bio Hub’s business growth support programs such as consulting for corporate growth and support for overseas market entry, as well as Johnson & Johnson’s technology development and commercialization mentoring.

Company selection will be based on criteria including ▲the potential impact of the technology ▲originality and market competitiveness ▲quality and feasibility of the technology ▲applicant’s reliability and execution capability ▲clarity of the research plan for the next 12 months. All domestic and international applicants must present plans for linkage to activate Seoul’s bio-industry and research plans in Seoul. Detailed information can be found on the JLABS and Seoul Bio Hub websites.

Applications are accepted through the Johnson & Johnson Innovation-JLABS website (http://jlabs.buzz/seoul-innovation) until August 31.

Kim Ui-seung, Director of the Seoul Metropolitan Government’s Economic Policy Office, stated, "In the situation where the K-bio industry is gaining attention as a new export-driven industry after COVID-19, this will be a great opportunity for bio-medical startups with innovative technologies to strengthen their global market competitiveness through collaboration with global companies."