[Asia Economy Reporter Lee Gwan-joo] Daewoong Pharmaceutical announced on the 2nd that it will hold the 2nd 'InnoBear Contest' to discover and nurture promising domestic bio and healthcare startups interested in technology collaboration.
Co-hosted and organized by Daewoong Pharmaceutical and the Korea Standards Association (KSA), this contest is recruiting prospective entrepreneurs and startups established less than three years as of the submission date with excellent capabilities in five key technology areas: ▲formulation delivery platforms ▲cell gene and antibody development technologies ▲small molecule and mRNA new drugs ▲digital healthcare ▲pet healthcare.
The final selected prospective startup teams will receive SAFE (Simple Agreement for Future Equity) investments worth 100 million KRW and acceleration support. Additional research and development (R&D) funding will be provided if they co-found with Daewoong Pharmaceutical employees. Startups will also have opportunities for TIPS-linked investments, seed rounds, and Series A investment reviews.
Furthermore, the final selected companies will be offered an acceleration program based on a win-win cooperation business model specialized in pharmaceutical bio after signing an agreement following the announcement of the evaluation results. This program includes up to six months of ▲technology verification (PoC) ▲idea value-up programs ▲joint commercialization discussions ▲technology commercialization strategy support ▲patent rookie programs ▲win-win cooperation programs.
Applications for the contest will be accepted until January 31 of next year. After document screening, non-face-to-face evaluation, and face-to-face presentation evaluation, the final results will be announced around the end of February.
Jeon Seung-ho, CEO of Daewoong Pharmaceutical, said, "Daewoong Pharmaceutical is the only pharmaceutical bio-specialized accelerator and TIPS operator among domestic pharmaceutical companies, continuously seeking ways to grow alongside promising researchers at home and abroad." He added, "We hope that researchers will have the opportunity to establish corporations and advance their technologies through this contest."
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