SK Daejeon innovation center greets new start-ups

The Daejeon Creative Economy Innovation Center, jointly established by SK Group and the South Korean government in a bid to nurture local start-ups, officially welcomed a new batch of venture firms to its facilities on Tuesday.

A total of 10 start-ups specializing in a diverse spectrum of businesses -- including the Internet of Things technology, health care, semiconductors, energy, solutions and fintech -- are set to receive tailored business mentorship and support at the center for the next 10 months.

“These new venture firms are expected to reap early success, given their high levels of technology and readiness for commercialization,” said Lim Jong-tae, director of the Daejeon center.

“We will capitalize on our previous experience, and support from Daejeon City, the Korean government and SK Group to propel the country’s drive to build a creative economy,” he said.

SK Group plans to nurture the new firms and boost their existing strengths by connecting each company with related experts from its core affiliates, since most of the focus areas of the start-ups overlap with SK’s ongoing businesses.

The conglomerate will regularly review ongoing progress being made by the new firms, as well as provide them with any necessary industry data and support, including opportunities to partner with investors from China.

In a bid to create synergy with the nation’s 17 regional creative economy innovation centers focused on varying industries, SK has also built up a system to combine the centers’ strengths to boost the Daejeon-based start-ups.

Standard Energy, a start-up which possesses upgraded battery storage technology, is set to network with the carbon fiber-focused Jeongbuk Creative Economy Center led by Hyosung Group to improve its technology.

Active Wi-Fi-camera developer THES, part of the first group of start-ups incubated at the Daejeon Center, is currently working with the Busan Creative Economy Center led by retail giant Lotte Group to commercialize its products.

Located at KAIST, one of Korea’s most prestigious universities focused on science and technology research and development, the Daejeon center opened its doors in October 2014 aiming to help information and communications technology-focused start-ups commercialize their technology and expand their businesses globally.

The center’s first set of venture firms, selected last year, have managed to attract more than 3.20 billion won ($2.7 million) in investments and record around 1.96 billion won in sales, a significant improvement from just 320 million won in sales posted prior to entering the center, according to SK Group.

By Sohn Ji-young (jys@heraldcorp.com)