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Conclusion of Hongneung Innopolis Campus GRaND-K Startup School Program; Letters of Intent Secured for 11 Companies (October 24, 2021)
- Date : 2021-12-29
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Conclusion of Hongneung Innopolis Campus GRaND-K Startup School Program; Letters of Intent Secured for 11 Companies
The audition-style GRaND-K Startup School support program, organized by Hongneung Innopolis, the Korea Institute of Science and Technology (KIST; President: Dr. Seok-Jin Yoon), Kyung Hee University, and Korea University, has come to a successful end, with all 11 finalists securing letters of intent from investment institutions. Many distinguished guests were also in attendance, including Mr. Min Seok Kim, Chairman of the Health and Welfare Committee, Mr. Bo Yeon Hwang, Head of the Seoul Office of Economic Policy, Mr. Byung-Sam Kang, President of the Korea Innovation Foundation, Mr. Kyun Tae Hahn, President of Kyung Hee University, and Mr. Jin Taek Chung, President of Korea University.
The program began with 11 domestic investment
institutions offering preliminary investment agreements. 64 teams, selected following
a written evaluation, took part in 6 general training courses for startups on topics
such as startup success stories, investment practices by field, and so on, with
45 teams ultimately being selected for the competition.
In the first round, teams were matched up with dedicated
accelerators and investment institutions, and then took part in an internship
program, followed by an opportunity to experience the investment scene at a venture
company. Three more rounds followed, under the themes of Technology, Markets,
and Renovation, with each team giving it their all throughout each round. In
the final round, which started on the morning of October 21, 11 teams which had
been selected based on their ideas and hard work gathered to take part in a
competition under the theme of "Final Corporate Investment Briefing (IR).”
Following an evaluation by the 15-member evaluation team
and representatives from the 11 investment institutions, ShiftBio was awarded
the grand prize, with Myo-Tec Science winning second prize. ShiftBio, the grand
prize winner, seeks to treat patients who have cancer and other rare diseases
by establishing a new drug development method using its exosome-based platform
technologies.
The winning teams were offered vouchers ranging from 3 to
30 million Korean won. In addition, in terms of securing investment funds, the main
purpose of the program, all 11 finalists received letters of intent from 8
investment institutions, with 5 receiving 2 or more letters of intent, enhancing
the likelihood of success for their startups.
For the winning teams, the next step is to pursue becoming
a unicorn company with support from key technology institutions such as
Hongneung Innopolis, KIST, Kyung Hee University, and Korea University. The teams
that did not make it to the final round will also have the opportunity to apply
for the program again and prepare for new challenges.
The Vice President of ShiftBio, Mr. Ki-hoon Nam, said, “It
was a valuable experience to be able to meet so many investors in person and hear
lectures from established members in our industrial fields. ShiftBio will strive
to live up to our vision and become a company that can provide a second chance to
many patients by creating innovative new drugs.”
Dr. Yoon, President of KIST, commented, "The GRaND-K Startup School started off as a concept on a single piece of paper, and now that it is ending, the seeds of creation for a startup ecosystem in Hongneung Innopolis have been sown with more interest and passion than expected. The next Startup School will establish itself as a specialized program based on new challenges and endeavors, so that the Hongneung area can become a haven for startups.”