See the Future of Korean-Style Innovation Clusters Centered on Startups and Venture Companies

'K-Global Cluster 2023' Opening

The Ministry of SMEs and Startups (Minister Lee Young) announced on the 8th that it held the opening ceremony of 'K-Global Cluster 2023,' which envisions the future of Korea-style innovation clusters centered on startups and venture companies, at S Factory in Seongsu-dong.

Held over three days starting from the 8th, 'K-Global Cluster 2023' is an event that expands and reorganizes the existing 'Regulatory Free Zone Challenge' to establish regulatory free zones as regional innovation clusters based on challenge, creativity, and global cooperation.

During the event, signing ceremonies for Korea-France cosmetic cooperation and Korea-Japan advanced bio cooperation agreements will take place. In connection with this, a Cosmetic Hall and a Bio Hall have been set up on the first floor of S Factory.

O Gi-ung, Vice Minister of the Ministry of SMEs and Startups (second from the left), is visiting and touring the exhibition booths at the opening ceremony of 'K-Global Cluster 2023' held on the 8th at S Factory in Seongdong-gu, Seoul.

The Cosmetic Hall features 14 companies covering K-Beauty from cosmetics to bio-materials, devices, and digital healthcare, including the L'Or?al Group and Coupang, which are strengthening cooperation with domestic SMEs and startups. In the Bio Hall, 18 bio ventures showcase innovative technologies such as gene therapy, cell therapy, and AI-based biomarkers. The four themed halls?eco-friendly mobility, autonomous driving, biohealth, and future energy?exhibit the core achievements of regulatory free zones over the past four years.

Following the opening ceremony, the award ceremony for L'Or?al Group’s North Asia Open Innovation Program, 'L'Or?al Big Bang Open Innovation,' was held. The Ministry of SMEs and Startups and L'Or?al organized this event to discover and support promising domestic SMEs and startups with innovative digital and beauty tech technologies. Ultimately, overcoming a competition ratio of 17 to 1, Motion Bank, which developed a smart ultraviolet ray blocker measurement device, and Easytem, which possesses AP cosmetic active ingredient absorption promotion technology, were selected as the winning companies.

Samuel Duh, Retail CEO of L'Or?al Korea, said, "Through this L'Or?al Big Bang Open Innovation Program, we were able to glimpse the diverse potential of Korea’s innovation ecosystem, which has been a great inspiration to L'Or?al Korea," adding, "Going forward, L'Or?al Korea will continue to collaborate with various partners in Korea and make great efforts to promote innovation and growth in the beauty industry."

Deputy Minister Oh Ki-woong of the Ministry of SMEs and Startups, who attended the opening ceremony, said, "Fostering startups and venture companies to develop the national economy and give hope to future generations is the mission of the Ministry of SMEs and Startups," and added, "I hope that K-Global Cluster 2023 will be an opportunity for our companies to secure international competitiveness through solidarity and cooperation with global innovation actors, enter the global market, and dramatically develop the regional economy."