'Scale-up Challenge Lab'... Sales of 21.7 Billion KRW, 68 Patents, 10 Billion KRW Investment
[Asia Economy Reporter Park Hyesook] Incheon Startup Park, the largest startup (new venture company) support space in South Korea, is achieving notable results with programs that assist startups in demonstration support by utilizing specialized infrastructure from various universities.
On the 20th, the Incheon Free Economic Zone Authority announced that last year's "Scale-Up Challenge Lab" program at Incheon Startup Park, operated jointly with Incheon Technopark, was successfully completed.
The Scale-Up Challenge Lab is a program that supports startups' demonstration by leveraging the infrastructure of research personnel and consultants from six universities: Incheon National University (smart city field), Inha University (bio), Sejong University (big data and artificial intelligence), Yonsei University (global expansion), University of Utah (global bio), and Cheongwoon University (branding and design).
A total of 31 startups participated in the demonstration support program conducted last year, and these companies achieved tangible results including KRW 21.7 billion in sales, KRW 11.3 billion in exports, employment of about 130 people, 68 patents, and KRW 10 billion in investment attraction.
Incheon National University supported the demonstration and advancement of products using on-campus locations and infrastructure from the Incheon Port Authority. Notably, Quring Innos Co., Ltd. received support for the demonstration and advancement of an AI-based personalized tennis training machine for one person, securing KRW 400 million in investment and being selected for TIPS (Tech Incubator Program for Startup). Selection for TIPS allows startups to receive government funding for research and development and commercialization.
Inha University supported preclinical (animal) experiments in collaboration with Inha University Hospital. TMBio Co., Ltd., which developed an early prediction system for precancerous recurrence using a small amount of peripheral blood testing, validated the system's effectiveness through preclinical experiments and filed a patent in October last year based on this.
Additionally, Sejong University’s AI Convergence Research Center provided consulting to enhance startups' technology advancement and product development capabilities. Eight Tech Co., Ltd., which developed an AI-based smart resource recycling robot, received support to improve the recycling identification model and develop counting technology through object tracking, winning the Innovation Startup Grand Prize in the AI Convergence Technology Robot category at the 2021 Innovation Company Awards along with investment attraction.
Yonsei University supported startups requiring global expansion by providing overseas local surveys, expert in-depth interviews, and usability evaluations targeting local potential customers. Dev Unlimit Co., Ltd., a startup that developed a platform converting exercise videos into gamified content automatically, gathered feedback from U.S. locals and improved the platform, leading to KRW 470 million in investment attraction.
The University of Utah supported bio startups preparing for global expansion by assisting with U.S. Food and Drug Administration (FDA) approval strategies and 510(k) document preparation. Daughter Co., Ltd., a startup developing biodegradable stents and fluorescence lifetime imaging optical coherence tomography devices, secured KRW 5 billion in investment and is preparing for FDA certification approval this year.
Meanwhile, Cheongwoon University supported startup branding and product/service design development, as well as the establishment of a virtual reality (VR)-based startup exhibition hall. Taekyung Food, a startup operating a non-face-to-face seasoned laver subscription service, received product design development support, significantly increasing sales and earning a Prime Minister’s Commendation for its achievements. The company plans to establish a seasoned laver production facility locally after securing investment commitments from the Kazakhstan government.
Lee Wonjae, head of the Incheon Free Economic Zone Authority, stated, "Thanks to the active demonstration support from six universities, the Scale-Up Challenge Lab program at Incheon Startup Park is achieving visible results," adding, "We plan to expand the program scale this year to provide demonstration opportunities to more startups."
Opened last year in Songdo International City, Incheon Startup Park is the largest startup support space in South Korea fostering innovation companies based on fourth industrial revolution technologies such as artificial intelligence and bio convergence.
By 2024, it aims to establish itself as the nation's top startup support platform by achieving goals such as global expansion of 400 startups, nurturing 450 innovative companies, and providing business funds to 1,000 companies.
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