"Looking for Startups to Grow Together"... Samhwa Paint Open Innovation Business Agreement

Samwha Paint Industrial announced on the 14th that it has signed a "Business Agreement for Discovering Innovative Startups and Promoting Open Innovation" together with the Gyeonggi Center for Creative Economy and Innovation.

The signing ceremony held at the Gyeonggi Center for Creative Economy and Innovation was attended by key officials including Bae Maengdal, CEO of Samwha Paint, and Kim Wonkyung, Director of the Gyeonggi Center for Creative Economy and Innovation.

Bae Maengdal, CEO of Samhwa Paint (right), and Kim Wonkyung, Director of Gyeonggi Center for Creative Economy and Innovation (left), attending the Open Innovation Business Agreement Ceremony. (Photo by Samhwa Paint Industry)

This agreement was made with the purpose of discovering and nurturing promising startups with technologies and ideas that will innovate the future and promoting future new businesses. The main contents include ▲ joint discovery of innovative startups ▲ collaboration support with Samwha Paint’s operational departments ▲ customized accelerating support from the Gyeonggi Innovation Center ▲ review of strategic investments.

Open innovation is a strategy of sharing resources or technologies with external companies to create new ideas, technologies, products, and more. Samwha Paint participated to support startup growth and discover new business items.

Samwha Paint’s open innovation program, "Unicorn Bridge with Samwha Paint," targets startups related to five fields: secondary batteries, functional coating materials, electronic materials, ESG, and AI. Outstanding startups will be considered for strategic investment.

A representative from Samwha Paint said, “We participated in the open innovation program with the purpose of growing beyond the existing traditional business structure into new markets and businesses,” and added, “We hope many startups will participate to discover good collaboration cases and create new value together.”