‘Collaboration Track (PoC)’, ‘Incubation Track’ Total 6 Fields
Applications Open from 28th This Month to 19th Next Month
Hyundai Engineering & Construction announced on the 28th that it will hold the ‘2024 Hyundai Engineering & Construction x Seoul Startup Open Innovation’ contest in collaboration with the Seoul Economic Promotion Agency, a small and medium business support organization in Seoul, to discover and nurture innovative startups.
Now in its third year, this contest is an open innovation program aimed at creating a co-growth ecosystem within the construction industry. It is divided into two tracks: the ‘Collaboration Track,’ which conducts PoC (Proof of Concept) with Hyundai Engineering & Construction’s operational departments to realize ideas and prove feasibility through verification/demonstration of new technologies in the market, and the ‘Nurturing Track,’ which supports the growth and commercialization of early-stage startups.
The Collaboration Track is recruiting in five areas: ▲Smart Construction Technology ▲Digital Healthcare ▲Future Housing ▲Smart Safety ▲Solving Operational Needs. The Nurturing Track accepts applications in one area: ▲Starting Block (Construction Innovation Technology and ESG Ideas). The application period is from the 28th until the 19th of next month.
Any startup or prospective entrepreneur with innovative ideas, technologies, products, or service capabilities can apply. Detailed information about the contest can be found on the Seoul Economic Promotion Agency’s Startup Plus website.
Fifteen startups selected through document and face-to-face evaluations will receive various benefits including ▲PoC opportunities and commercialization support funds ▲joint product development and new business review ▲investment consideration ▲mentoring and consulting ▲promotion opportunities (participation in demo days and exhibitions), as well as additional benefits such as commercialization support funds from the Seoul Economic Promotion Agency, collaboration spaces between startups and large corporations, and connections to investment attraction.
In particular, Hyundai Engineering & Construction provides follow-up support based on public-private-academic cooperation to selected companies to offer stable growth opportunities for startups and expand the co-growth ecosystem. Hyundai Engineering & Construction has established a cooperative system with startup-focused universities such as Sungkyunkwan University and Hanyang University to discover and nurture startups, and participates in various startup support projects led by the Korea Institute of Startup & Entrepreneurship Development, including public-private cooperation open innovation programs and startup leap package support projects.
Additionally, Hyundai Engineering & Construction plans to continue active collaboration for growth support by building ‘Tech Partners,’ a cooperation with mid-sized companies co-hosted with the Seoul Economic Promotion Agency, providing startups that have achieved results with opportunities to participate in the ‘Seoul-type R&D Project.’
Meanwhile, over the past two years, Hyundai Engineering & Construction has selected more than 20 startups and conducted PoC and nurturing programs. Through this, it made equity investments in SixtyHertz, which developed a ‘Renewable Energy Generation Forecasting and VPP Platform,’ and TenEleven, which developed an ‘AI-based 3D Automated Design Platform for Apartment Complexes.’ It also plans to expand the application of a customized safety and health education solution for on-site workers to all sites through strategic collaboration with Saeim, which developed a ‘Smart Safety/Health Education Solution for Construction Sites.’
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