[Paek Jongmin's Deep Tech] When Researchers Launch Startups, Korea's Economy Accelerates

The Startup Fever Heats Up Among Researchers at Government-Funded Institutes with Stable Jobs
Commercialization of Government-Funded Technologies Expected to Boost Job Creation
Continuous Support Needed to Foster Korean-Style Unicorns

Participants of the Deep Tech Startup Planning Demo Day held on the 9th in Daejeon are taking a commemorative photo.

On September 9, the Deep Tech Startup Planning Demo Day was held at Daejeon TIPS Town, located on the Chungnam National University campus in Daejeon. The main participants in the event were researchers affiliated with government-funded research institutes who aspire to launch deep tech startups based on technology. As a reporter, I initially wondered why individuals with a stable research foundation would choose to compete in a contest that symbolizes challenge and risk. However, after attending the event, I had to change my perspective, convinced by the sincerity of these participants.

On this day, scientists stepping into the new “battlefield” of entrepreneurship, rather than research, wore suits instead of lab coats and held microphones instead of lab equipment as they calmly presented their business plans. In the five minutes allotted for their presentations, the researchers had to prove both the results of years of research and the market potential of their technologies. It was no easy task, and some participants clearly showed their nerves.

The sharp eyes of the judges, who were affiliated with venture capital firms and accelerators that could potentially invest in or support these startups, relentlessly probed for weaknesses in the candidates’ business ideas. “How will you overcome regulatory barriers?” “What alternatives do you have if you run out of investment funds?” Each time a pointed question was asked, the presenters appeared flustered but responded skillfully.

After about four hours of competition, the grand prize went to “Space Axion,” a team formed by PhDs from the Korea Atomic Energy Research Institute and the Korea Institute of Fusion Energy. They introduced an ion propulsion system for microsatellites, explaining, “Our technology is more than 30% ahead of global competitors,” and successfully impressed the judges. Their strong determination to provide the driving force for the birth of a “Korean SpaceX” clearly resonated.

Jung Youngdo, a PhD at the Korea Institute of Science and Technology (KIST) who won an award at last year’s event and is now preparing to launch a startup, laughed as he recalled, “It’s already been a year,” but confessed that he was initially very afraid to make the decision to start a business. He said, “After learning about the Deep Tech Startup Support Program from the National Research Council of Science & Technology (NST) and winning the competition, I was able to fully embark on the path to entrepreneurship.” Dr. Jung redefined the mission of a researcher, saying, “A single paper can open up a student’s career path, but a startup actually creates jobs.”

Jung Do-young, a principal researcher at the Korea Institute of Science and Technology (KIST), who won the grand prize at last year's research institute startup demo day, is sharing his startup experience with Kim Youngmin, also a principal researcher at KIST (left). Researcher Kim is also planning to start a business. Paek Jongmin, Tech Specialist.

What I confirmed at the competition site was the answer to the question: “Why should researchers with stable jobs choose to start a business?” First, it is essential that the numerous technologies developed with national funding do not remain only as papers and reports. When researchers who know the technology best take the lead in founding startups, technologies that might otherwise be shelved are transformed into products and services, becoming seeds for future industries.

Second, startups are a driving force behind national economic growth. Entrepreneurship creates new jobs and serves as a starting point for connecting national strategic technologies to industry. Dr. Jung also said, “I learned that by creating one or two jobs through a startup, you can support the families behind those jobs as well.”

Startups founded by researchers are the most direct way for research achievements supported by the government to lead to industrialization, and they mark the beginning of the challenge toward Korean-style deep tech unicorns. Stepping out of a stable laboratory and onto the unfamiliar stage of entrepreneurship is more than a personal choice; it demonstrates the direction that Korean science and technology should pursue.

Support is also needed to make such challenges possible. In addition to NST, technology holding companies established by each government-funded research institute are also discovering and investing in entrepreneurs. If well-organized support backs what may seem like reckless challenges, they can be transformed into success.

It is important for the government to provide research funding to research institutes, but ongoing support is also needed to ensure that researchers are not “birds trapped in a cage” and can soar freely. After all, challenges grow when they are encouraged.