FuturePlay and Daewoo E&C Join Hands to 'Activate Open Innovation'

Collaboration to Promote Daewoo E&C Internal Venture Discovery Project
Open Innovation Collaboration Across All Areas Including Startup Partnership and Investment

FuturePlay is conducting the kickoff of an open innovation project together with Daewoo E&C and taking photos. Photo by FuturePlay

[Asia Economy Reporter Kim Heeyoon] Accelerator FuturePlay (CEO Ryu Joonghee) announced on the 8th that it has signed a contract with Daewoo Construction (CEOs Kim Hyung, Jung Hanggi) to embark on open innovation for innovation in the construction sector.

This project is being promoted with the purpose of full-scale fostering and investment in construction sector startups, technological collaboration with startups, and internalizing startup innovation DNA within Daewoo Construction. FuturePlay plans to start by nurturing in-house ventures that can spread startup culture among Daewoo Construction employees.

Daewoo Construction emphasized its recent interest in the rapid growth of startups in the construction sector and announced plans to expand open innovation to all areas of in-house business in the future, starting with the in-house venture project.

Im Panseop, head of Daewoo Construction, said, “We are pleased to welcome FuturePlay as a partner for innovative growth, and we will grow as a leading company in construction sector innovation with this project as the spearhead.”

Lee Wongyu, partner at FuturePlay, stated, “Business innovation is possible when the essence of the industry and customer needs are clearly understood, and Daewoo Construction possesses unique capabilities, know-how, and customer networks in real estate, construction, and space-based lifestyle sectors. We will actively participate in discovering value and innovative business models that Daewoo Construction members can create.”