The Creative Economy Innovation Center (Director Kim Won-kyung, hereinafter ‘Gyeonggi Innovation Center’) and INNOX held a performance sharing session for the ‘2023 INNOX Open Innovation 2nd Term’ at the Gravity Hotel in Pangyo on October 23rd.
The ‘2023 INNOX Open Innovation 2nd Term’ program, a strategic investment open innovation program established jointly by Inox and Gyeonggi Innovation Center, selected companies receive initial investments worth a total of 2 billion won. Additionally, they receive the Value Up accelerating program, which includes in-depth networking through the Gyeonggi Innovation Center, support for participation in global innovation awards, assistance for the CES 2024 exhibition hall, international standard certification support, and technology credit evaluation support.
At this event, more than double the number of companies compared to the previous year applied since the recruitment in March 2023. After a four-month evaluation process, four innovative startups (Dawon Chemical, Watt, Bumyeong, RebuilderAI) were selected in promising industrial fields such as secondary batteries, AI, and advanced IT, overcoming an intense competition ratio of about 68:1.
At this performance-sharing session, the four selected startups presented their business ideas, step-by-step business plans after investment, and impressions on attracting investments. Following this, three startups selected in the first term in 2022 in the secondary battery and metaverse fields (Xerabreed, LuxPM, Hypercloud) participated as senior companies, sharing their post-investment achievements and plans.
In addition, Innox announced plans for the establishment of a startup nurturing space at the Pangyo New Building during this performance-sharing session. The startup nurturing space in the new building is scheduled to be completed in the first half of 2024, and Inox stated that they will actively contribute to the activation of the entrepreneurship and investment ecosystem by recruiting and accommodating promising innovative startups thereafter.
A Gyeonggi Innovation Center official stated, “We are pleased to discover and support innovative startups in collaboration with Inox for the second consecutive year. Moving forward, we will continue to provide concentrated support for innovative startups to make rapid leaps through the Open Innovation Program.”
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