Expanding Beyond US IT Firms: Embracing Greater Diversity
Four French Companies Join 'Around X'
"Korean Companies' Technological Prowess Stands Out" as Interest Surges
"Global Partners to More Than Double"
The Ministry of SMEs and Startups is revamping its open innovation cooperation program with global companies and is taking concrete steps to strengthen startup collaboration with France. Global corporations are showing strong interest in Korean startups across various sectors, including bio, healthcare, and energy, which is serving as an opportunity to broaden the industrial landscape.
Lim Jungwook, Director General for Startup and Venture Innovation at the Ministry of SMEs and Startups, stated on May 8, "While we have mainly collaborated with IT companies centered in the United States until now, the participation of French companies is significant as it brings diversity in both industry and nationality," adding, "An increasing number of global conglomerates are highly evaluating the technological capabilities of Korean startups."
Oh Youngjoo, Minister of SMEs and Startups, is delivering a greeting at the "K-Startup X France Meetup Day" held on the 8th at the Tipstown Global Startup Center (GSC) in Gangnam-gu, Seoul. Ministry of SMEs and Startups
On this day, the Ministry held the 'K-Startup X France Meetup Day' at Tipstown in Gangnam-gu, Seoul, officially announcing the rebranding of its global corporate collaboration program. This program began in 2019 in partnership with Google Play and currently involves 13 global companies. Among the French companies participating are Dassault Syst?mes, L'Or?al Korea, Air Liquide, and Thales.
The partnership between France and K-Startup began in earnest in 2023, when Korea was invited as the "Country of the Year" at the VivaTech event. Director Lim said, "At that time, I led a startup delegation to visit the headquarters of Dassault Syst?mes, L'Or?al, and Air Liquide, and exchanges have continued with the French Business Confederation and Thales since then." He also noted, "The L'Or?al Group even described Seoul as 'L'Or?al's Silicon Valley,' highly praising the competitiveness of domestic companies."
The sectors that have attracted the attention of French companies go beyond beauty to include healthcare and hydrogen energy. Dassault Syst?mes is collaborating with Korean bio companies using software for new drug candidate discovery, and L'Or?al has decided to work with bio and beauty startups such as BioNT and Simplestick. Air Liquide is seeking collaboration with eco-friendly hydrogen energy startups, while Thales is showing interest in cybersecurity and space technology-based startups and is working to expand its global network connecting Seoul and Singapore.
Minister of SMEs and Startups Youngju Oh is taking a commemorative photo with participants at the 'K-Startup X France Meetup Day' held on the 8th at the Tipstown Global Startup Center (GSC) in Gangnam-gu, Seoul. Ministry of SMEs and Startups
Director Lim said, "Companies participating in the program have achieved tangible results, such as attracting investment and signing global contracts during the agreement period," and added, "French conglomerates are proactive in open innovation and have a deep interest in the Korean market and startup community, making the potential for substantial cooperation very high."
The global corporate collaboration program has been newly rebranded as 'Around X' starting this year. Director Lim said, "Global companies are seeking an entry point to collaborate with Korean startups, so we have rebranded the program with an intuitive and international name," adding, "There is already a line of companies hoping to participate."
In addition, the Ministry is introducing a new 'Phase 2 Program' on a trial basis, which allows for the execution of long-term projects beyond the existing one-year collaboration framework, and is finalizing the selection process. The plan is to advance collaboration by focusing on more in-depth global joint research and development (R&D) and demonstration projects than before.
Minister of SMEs and Startups Oh Youngjoo stated in a congratulatory address on this day, "To further vitalize open innovation between K-Startups and global companies, we plan to increase the number of global partners to 30 and further diversify the areas of cooperation."
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