The Ministry of SMEs and Startups (Minister LEE Young, hereinafter referred to as MSS) held the opening ceremony for K-Global Cluster 2023 at the Seongsu-dong S Factory on November 8. The event explored the future of Korea's innovation clusters, centered on startup companies.
The K-Global Cluster 2023 event, which took place over three days from November 8 to November 10, is an enhanced and restructured version of the "K-Global Cluster Challenge." Its goal is establishing Regulation-Free Special Zones as regional innovation hubs based on challenges, creativity, and global cooperation.
Regulation-Free Special Zones have been driving regional economic development by removing business-hindering regulations, generating KRW 106.9 billion in revenue and creating 3,794 jobs in the region.
During the event, there was a signing ceremony for an MOU regarding cooperation in cosmetics between Korea and France, as well as cooperation in advanced biotech between Korea and Japan. In the S Factory, pavilions for cosmetics and biotech companies were set up on the first floor.
The Cosmetics Pavilion showcased 14 companies featuring K-beauty, cosmetics, biomaterials, devices, and digital healthcare. L'Oréal Group and Coupang were also present as they worked to strengthen cooperation with Korean SMEs. Meanwhile, the Biotech Pavilion had 18 biotech startups displaying their innovative technologies, including gene therapy drugs, cell therapy drugs, and AI-based biomarkers.
On the third floor of S Factory, four pavilions were set up to showcase the core achievements of the Regulation-Free Special Zones over the past four years. These pavilions focused on eco-friendly mobility, autonomous driving, bio-health, and future energy. Meanwhile, the second floor was made for a press room for media coverage and a business lounge for entrepreneurs.
The opening ceremony recognized Gangwon Province and Gyeongsangbuk-do Province as outstanding Regulation-Free Special Zones.
Following the opening ceremony, an award ceremony was held for L'Oréal Group's North Asia open innovation program, "L'Oréal Big Bang Open Innovation," which marked the beginning of a partnership between Korea and France in the cosmetics sector.
"L'Oréal Big Bang Open Innovation" is a startup incubation program that focuses on the "beauty triangle" in North Asia, which includes the three major beauty markets of Korea, China, and Japan.
In Korea, MSS and L'Oréal will identify and support promising Korean SMEs and startups with innovative digital and beauty technologies and promote innovative growth by establishing a collaborative system.
MSS and L'Oréal Group signed an MOU on open innovation to discover and foster Korean startups at Viva Technology in Paris on June 15. Later, in September, they launched the "L'Oréal Big Bang Open Innovation" contest.
In the end, two companies emerged as winners of the competition. Motion Bank developed a smart UV blocking meter, while Easytem came up with a technology to promote the absorption of active ingredients in Arc-Poration (AP) cosmetics. The competition was highly competitive, with a ratio of 17:1.
As winners, the companies will have the opportunity to collaborate with the L'Oréal Group for overseas testing and entry into overseas markets. Additionally, they will receive policy funding from the Korea SMEs and Startups Agency to support their further growth and development.
Samuel du RETAIL, President and Representative Director of L'Oréal Korea, stated, "The L'Oréal's Big Bang Open Innovation program has given us a glimpse of the diverse potential of Korea's innovation ecosystem, which has greatly inspired L'Oréal Korea." He added, "L'Oréal Korea will continue to work with our many partners in Korea to foster innovation and growth in the beauty industry."
Vice Minister OH Kee-woong of SMEs and Startups attended the opening ceremony of K-Global Cluster 2023. He encouraged Korean SMEs, startups, and global companies that participated in the K-Global Cluster 2023. He emphasized, "Fostering startups is an important mission of MSS to strengthen the country's economy and provide hope for future generations."
He added, "We hope that K-Global Cluster 2023 will be an opportunity for Korean companies to secure international competitiveness through solidarity and cooperation with global innovators, enter the global market, and dramatically develop the local economy."
Media Contact:
Rachel Minjo Chun
Spokesperson for Foreign Media
+82-(0)44-204-7104 / rachelmchun@korea.kr