KAIST-Yozma Group Collaborate to Advance Korean Technology Commercialization and Talent Development

MOU Signing on the 8th

[Asia Economy Reporter Kim Bong-su] The Korea Advanced Institute of Science and Technology (KAIST) announced on the 12th that it signed a strategic business agreement (MOU) with the global venture investment company Yozma Group on the 8th to jointly commercialize technology and expand talent.

With this MOU, Yozma Group's investment and accelerating activities toward KAIST-related companies?including startups by KAIST faculty and students, venture capital and research institute companies, and alumni companies?are expected to be actively promoted. "Yozma" means "creativity" and "innovation" in Hebrew.

KAIST has proposed installing a branch office of Yozma Group on campus for organic cooperation, and discussions are currently underway.

Yozma Group Chairman Igal Erlich expressed a positive view, saying, "If we operate an office on the KAIST campus, the mecca of Korean science and technology, we will be able to recruit excellent talent and discover technologies more efficiently."

Through this MOU, technology commercialization cooperation between KAIST and the Weizmann Institute, a world-renowned basic science research institution in Israel, is also becoming visible. Yozma Group plans to actively collaborate to discover businesses that need technologies from both institutions by utilizing the Korean regional technology transfer rights of the Weizmann Institute.

Last week, Yozma Group established a Korea-Israel mid-sized enterprise growth fund worth $70 million. Through this fund, based on Yozma's global accelerating know-how and a network of over 400 research and development (R&D) centers in Israel, it plans to invest in promising ventures within KAIST to help KAIST's technology ventures enter the global market.

KAIST President Kwang Hyung Lee said, "Technology commercialization, which connects the results of research innovation to social value creation, is the central axis of the new cultural strategy pursued by KAIST," adding, "Through cooperation with Yozma Group, which has excellent global accelerating capabilities, we will rapidly promote the commercialization of outstanding research achievements and actively support startups founded by KAIST to reach the global stage."

Yozma Group originated from the Yozma Fund, established in 1993 jointly by the Israeli government and the private sector to support the globalization of Israeli startup ventures. Using the Yozma Fund as a catalyst, Israel has transformed into a world-leading startup nation, listing 97 technology companies on NASDAQ, ranking third in the world by the number of NASDAQ-listed companies.