The Ministry of SMEs and Startups (MSS) recently conducted the ‘Deep Tech Value-Up Joint Meetup Day’ on March 12, gathering over 130 attendees from startups, large corporations, and support organizations. This event was part of the ongoing ‘Deep Tech Value-Up Program,’ an initiative designed to promote open innovation by pairing top-tier startups with global industry leaders.

The program was initiated in August 2024 during discussions with executives from major corporations like Samsung Electronics and Hyundai Motor Company. Hyundai has actively engaged with this initiative, initiating pilot projects with startups and selecting six companies for collaboration during its ZER01NE Day in October.

The startups selected for collaboration with Hyundai are: Deep In Sight, Inchems, Rowain, Tesollo, Plaif, and Floatic. Deep In Sight, one of the participants, not only benefited from the program but also secured a significant investment of KRW 10 billion in 2024 and won an Innovation Award at CES 2025.

In 2025, the program is expanding its reach, including more giants like Samsung Electronics, SK hynix, LG Science Park, POSCO Holdings, HD Hyundai Heavy Industries, and KT. A January demand survey led to 26 startups, recommended by regional Centers for Creative Economy and Innovation (CCEI), participating in this latest meetup.

This year, MSS plans to support approximately 50 startups through the program, with large corporations selecting potential collaborators from the meetup based on rigorous evaluations. Selected startups will have the opportunity to receive up to KRW 200 million in funding for technology optimization and efforts aimed at global market expansion.

The joint meetup also marked a significant participation shift from previous years, with high-level executives such as Hyundai Motor Company’s Vice President Kim Dong-wook and Samsung Electronics’ Vice President Jeon Pil-gyu attending, enhancing the strategic dialogue beyond the operational level.

During the event, VP Kim highlighted the ongoing Proof of Concept (PoC) projects with last year’s selected startups, aiming to validate their technologies for real-world application. He expressed plans for Hyundai to engage at a group level this year, deepening its commitment to fostering startup collaborations.

Furthermore, a Memorandum of Understanding (MOU) on technology protection was signed between the CCEIs and the Korea Foundation for Cooperation of Large & Small Business, Rural Affairs (KOFCA). This agreement aims to protect startups from technology leakage amid the increasing open innovation activities, providing legal support for NDAs and other contracts.

Minister Oh Youngju emphasized the global race in deep tech, highlighting the critical need for South Korean giants to discover new growth engines through collaborations with innovative startups. She pledged robust government support to ensure these private sector-led initiatives succeed, thereby bolstering South Korea’s competitive edge in the global arena.