Woojung Bio announced on the 3rd that it signed a Memorandum of Understanding (MOU) on the 2nd with the Gyeonggi Center for Creative Economy and Innovation and the Chungbuk Center for Creative Economy and Innovation to discover innovative startups in the bio sector and activate open innovation.
Jongtaek Lee, Director of Chungbuk Center for Creative Economy and Innovation, Byungnyeon Cheon, CEO of Woojung Bio, and Wongyeong Kim, Director of Gyeonggi Center for Creative Economy and Innovation (from left), are taking a commemorative photo at the business agreement ceremony. [Photo by Woojung Bio]
Through this MOU, these organizations plan to ▲ jointly discover and recommend promising startups ▲ support Woojung Bio’s commercialization linkage ▲ connect with government support projects such as the private investment-led Technology Incubation Program for Startups (TIPS) ▲ review follow-up investments, aiming to discover startups with innovative capabilities and accelerate performance creation through open innovation, while cooperating their specialized capabilities on a national scale.
Woojung Bio is accelerating the enhancement of the Woojung Bio New Drug Cluster (Wooshin Cluster), an open innovation platform centered on the open laboratory incubation center Lab Cloud. Wooshin Cluster is the first private bio cluster for the growth of bio startups and venture companies, equipped with specialized spaces for bio companies, state-of-the-art animal testing labs, drug analysis centers, efficacy evaluation centers, and safety evaluation centers.
The Gyeonggi Center for Creative Economy and Innovation has been leading open innovation in the domestic startup ecosystem since 2016 by jointly operating open innovation programs with partner companies such as KT, Innoex, KB Kookmin Bank, LG Display, Innocean, and Hansol PNS, achieving a cumulative 229 Proof of Concept (PoC) projects, 19 strategic investments, and 859 meetups.
Cheon Byeong-nyeon, CEO of Woojung Bio, said, "Taking this agreement as an opportunity, we will discover companies with competitiveness to lead the future of the bio market, incubate them, and expand support to enable investment attraction." He added, "We will also consider direct investment and do our best to create a win-win ecosystem that can grow each other's corporate value."
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