Large Enterprises and Startups Join Hands to Pursue Open Innovation Projects

Business Agreement Ceremony for Collaboration between Mid-sized Enterprises and Startups

The Ministry of SMEs and Startups announced on the 24th that it held a business agreement ceremony at C-Square in Seoul to jointly carry out open innovation projects between large and medium-sized enterprises and startups.

The institutions participating in this agreement are 31 demand companies and 63 collaborative startups involved in the '2024 Public-Private Partnership Open Innovation Support Project.' The 'Public-Private Partnership Open Innovation' is a win-win cooperation project aimed at discovering and connecting collaboration demands between large enterprises and startups, and activating open innovation between companies through subsequent government-linked support. In particular, in this agreement, the demand companies promised active cooperation for successful joint collaboration projects, including ▲establishing a win-win cooperation system and ▲additional investment through company-led venture capital (CVC).

Before the business agreement ceremony, the project host institution held a session introducing the direction of the public-private partnership open innovation support and specialized programs, and during the mini talk concert, six demand companies shared their cases of utilizing the open innovation program and operational know-how.

Jo Kyung-won, Startup Policy Officer at the Ministry of SMEs and Startups, said, "Through this agreement ceremony, we hope that the joint collaboration projects between demand companies and startups will proceed more smoothly, and the Ministry of SMEs and Startups plans to focus its policy support capabilities as a connecting link for collaboration to achieve tangible results in open innovation."