SKC Supports Commercialization of 5 Material Startups... "Strengthening the Korean Ecosystem"

Since 2018, Supported Commercialization at 41 Sites
Sales and Workforce Doubled, Investment Raised 15 Times

Providing Tangible and Intangible Infrastructure to Promising Startups and SMEs
in Collaboration with 17 Specialized Institutions

SKC announced on the 14th that it held the 'SKC Startup Plus 5th Award Ceremony' at its headquarters in Jongno-gu, Seoul. The event was attended by Park Won-cheol, President of SKC, representatives of the five selected companies, and key figures from institutions participating in the new material technology-based open platform. (Photo by SKC)

[Asia Economy Reporter Moon Chaeseok] SKC has selected five companies for the 5th batch of the new material technology contest 'SKC Startup Plus' and has begun their activities.

Startup Plus, now in its 5th year, is a program where SKC and 17 specialized institutions participate in the 'New Material Technology-Based Open Platform' to support promising technology companies with tangible and intangible resources to help commercialize their businesses.

On the 15th, SKC announced that it held the Startup Plus 5th batch award ceremony the previous day at its headquarters in Jongno-gu, Seoul, and delivered a total of 100 million KRW in commercialization support funds. The event was attended by representatives of the selected companies and key figures from participating specialized institutions of the open platform, including Ulsan Creative Economy Innovation Center, Sejong Law Firm, Deloitte Anjin Accounting Firm, Ministry of Trade, Industry and Energy R&D Strategy Planning Group, Korea Institute of Science and Technology Information, Ulsan Technopark, and BYN Black Yak.

This year, five companies were selected. They include 'Cuprum Materials,' a next-generation 5G 28GHz communication substrate material company; 'Killington Materials,' which has energy-saving production technology for next-generation anode materials for secondary batteries; 'Terablock,' which manufactures high-purity recycled raw materials using waste plastic depolymerization technology; and 'Chemaltec,' which develops non-phosphoric acid etching materials for 3D NAND flash. These companies specialize in secondary batteries, semiconductors, and eco-friendly material technologies. Additionally, for the first time, '119 Leo,' a preliminary social enterprise specializing in upcycling waste firefighting suits, was selected.

Startup Plus is a program that supports companies with excellent technology but lacking funds to turn their ideas into concrete businesses. These companies receive tangible and intangible infrastructure from 17 specialized institutions participating in the open platform. SKC provides commercialization funds and shares R&D and management know-how. Especially this year, the program plans to expand growth promotion initiatives such as promotional support for selected companies and consulting and cost support for acquiring environmental labels or new technology certifications.

The Ulsan Creative Economy Innovation Center provides business operation education and follow-up projects. The Korea Institute of Science and Technology Information helps upgrade commercialization and research/planning capabilities. The Ministry of Trade, Industry and Energy R&D Strategy Planning Group handles policy education and system improvements, while Deloitte Anjin Accounting Firm provides accounting advice and connections to global investment institutions. A newly participating specialized institution this year, global outdoor company BYN Black Yak, plans to support the commercialization of eco-friendly materials for selected companies by leveraging its know-how as a consumer goods company.

SKC formed the open platform with the Ulsan Creative Economy Innovation Center and others in 2017 and has selected participating companies annually through the Startup Plus contest since 2018. The scope of participating companies has expanded from startups to local communities and small and medium enterprises, and the number of specialized institutions in the open platform has steadily increased to 17. Until last year, the specialized institutions and SKC supported commercialization for 41 selected companies. Some of the selected companies have achieved results such as attracting investment or being selected for the Ministry of SMEs and Startups' TIPS program. Lee Cheolwon, CEO of Chemipoliol, a Startup Plus 4th batch selected company, said, "Through technical cooperation with SKC, we developed eco-friendly polyol raw materials and attracted investments worth 2 billion KRW based on this. We are also preparing for overseas expansion by obtaining overseas bio-material certifications."

An SKC official said, "Marking the 5th year of Startup Plus this year, we are expanding the program's scope by collaborating with eco-friendly consumer goods companies to strengthen commercialization support systems and including social enterprises as eligible companies. We will do our best to establish it as Korea's representative program supporting promising material companies' commercialization and contribute to strengthening the material industry ecosystem."