Hongneung Investment Institutions Council, Hongneung R&D Special Zone Expand Role of Bio Investment Priming (August 18)
- Date : 2023-10-11
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International Cooperation Team
Hongneung Investment Institutions Council, Hongneung R&D Special Zone Expand Role of Bio Investment Priming
On August 17, the Hongneung Gangso R&D Special Zone, under which KIST (President: Seok-Jin Yoon), Kyunghee University (President: Kyun Tae Han) and Korea University (President: Dong-one Kim) are key technology institutions, held a meeting for the “Hongneung Investment Institutions Council,” comprised of 29 investment institutions, at KIST’s headquarters in Seongbuk-gu, Seoul.
With bio ventures and startups experiencing an investment cold spell in recent years, the 18 investment institutions in attendance at the August 17 meeting discussed ways to boost the investment needed for Hongneung to be able to make the leap to become a global bio innovation cluster like Boston. In particular, the government will expand initial investment in GRaND-K Startup School participants that have won the grand or second prize in the last two years* at the R&D special zone national competition, as well as expand investment targets to include startups that move into the Hongneung Gangso R&D Special Zone in Seoul.
*2021 Grand Prize: ShiftBio; Second Prize: EndoRobotics / 2022 Grand Prize: Cureverse; Second Prize: Neocannbio
In addition, the Hongneung Investment Institutions Council proposed specific support measures in addition to investment, such as having investment experts from council institution members establish startup management strategies and IR mentoring, and holding regular networking events between investment institutions and startups.
Cho Nam-hoon, the head of the Hongneung Investment Institutions Council, stated, "Focusing on the council, we plan to expand investment in startups in the Hongneung Gangso R&D Special Zone. In particular, in order for Seoul to become a global startup city, active commercialization of intellectual property is needed, and Hongneung Fund No. 2, operated by K-Ground, will further expand investment in these startups."
In his welcoming remarks, Seok-Jin Yoon, President of KIST, commented, "The Hongneung Investment Institutions Council is expanding its role as an investment priming agent by boldly investing resources and capabilities not only into the GRaND-K Startup School, but also startups in the Hongneung Special Zone. By actively fostering national strategic industries in the bio sector, Hongneung can continue to attract interest and support and achieve its goal of becoming the second "Miracle on the Han River."