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Plug and Play will build an innovation platform in Korea based on its relationship with leading corporations, start-ups, and government entities in the country.
Global innovation platform Plug and Play has opened an office in Seoul, South Korea, with a view to helping accelerate the country’s smart city start-ups targeting the global market.
Plug and Play Korea will primarily focus on corporate innovation in the areas of smart cities (mobility and IoT, energy, and real estate and construction) and financial services (fintech, insurtech, and health) and expects to expand to other industries in the future.
In addition to helping start-ups to enter the overseas market and attracting investment, the platform plans to introduce innovators from overseas, helping them grow their businesses in the Korean market and bring greater diversity to the local start-up scene.
Plug and Play Korea’s inaugural accelerator programme is scheduled for summer 2021. By operating accelerator programmes centred around smart cities and financial services, it plans to lead investments and strategic alliances through collaboration with domestic enterprises and venture capitalists in Korea.
Plug and Play will build an innovation platform in Korea based on its relationship with leading corporations, start-ups, and government entities. KB, Shinhan, Posco, LG, Hanwha, Hanjin, CJ, and Samsung Fire & Marine Insurance have established strategic alliances with Plug and Play with an aim of fostering open innovation.
Plug and Play Korea plans to lead investments and strategic alliances through collaboration with domestic enterprises and venture capitalists in Korea
Domestic start-ups with cutting-edge technologies such as Alchera (AI), Mdimune (healthcare), Lunit (healthcare), Swidch (fintech), Aizen (fintech), Deep Search (fintech), and 3i Inc (real estate and construction) have already taken part in the Plug and Play’s accelerator programme. These programmes have been based in Silicon Valley, Munich, Tokyo, Singapore, and other global offices, cooperating with global corporations through technology transfer and investment opportunities.
In addition, Plug and Play has operated a joint programme with government entities such as the Ministry of SMEs and Start-ups and Seoul Metropolitan City to foster growth for AI and fintech startups since 2020.
It said it will continue its involvement in such projects and contribute to the creation of a global open innovation ecosystem with the private and public sector in Korea. It aims to drive innovation across multiple industries and has invested in hundreds of successful companies including Dropbox, Guardant Health, Honey, Lending Club, N26, PayPal, and Rappi.
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