"We Will Contribute to Promoting Win-Win Cooperation Between Large and Small Businesses"
S-OIL is strengthening its win-win cooperation with startups. It plans to activate the startup ecosystem by participating as a member of the 'Ulsan Startup Hub' organized by Ulsan City. S-OIL has experience operating a startup collaboration program with Seoul Startup Hub since 2020.
On the 11th, S-OIL attended the opening ceremony of the 'Ulsan Startup Hub' hosted by Ulsan City and announced on the 12th that it will strive to revitalize the startup ecosystem and strengthen cooperation in open innovation (OI). Open innovation refers to efficiently completing new technologies based on a cooperative structure among various institutions or companies. Ulsan Startup is a startup support platform operated by the Ulsan Center for Creative Economy and Innovation, a startup-dedicated institution under the Ministry of SMEs and Startups. It focuses on promoting cooperation among local startups, large corporations, investors, and startup support organizations.
At this opening ceremony, S-OIL signed a Memorandum of Understanding (MOU) to activate open innovation. S-OIL will participate as an open innovation member of the Ulsan Startup Hub. It plans to contribute to building a sustainable startup ecosystem by discovering demand companies, supporting the growth of previously invested companies, and expanding opportunities. When matched with companies possessing demand technologies in the future, S-OIL will review investments and proceed with pilot implementations to collaborate practically.
Since 2021, S-OIL has discovered promising startups through the Ulsan Economic Free Zone (UFEZ) large and small business win-win investment platform contest hosted by the Ulsan Center for Creative Economy and Innovation. Separately, S-OIL signed a partnership MOU with Seoul Startup Hub to build partnerships between startups and large corporations, investing in and supporting the business growth of three companies: Beomjun ENC, Glory Entec, and UCN C.
An S-OIL official said, "With the launch of the Ulsan Startup Hub, we will further contribute to creating an innovative ecosystem in the region and activating win-win cooperation between large and small businesses. We will continue to promote open innovation in the energy innovation field to secure future sustainable growth engines."
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