Aalto university has started a new program to help develop South Korean startups working on developing better health technology and focusing on well-being.
It signifies the start of startup cooperation between the two countries. Aalto is in a unique situation and has capitalized on the opportunity to create a program that benefits new development in the health sector.
The program was orchestrated by the Korea Institute of Startup & Entrepreneurship Development (KISED) with Aalto to encourage innovation in the health and well-being sector.
The new program is in its pilot year with repeats in the future. The Korean Startup Center program has a two-year phase where they hope to help Korean companies enter and expand in the Nordic and European health technology markets.
This autumn 18 Korean startups will take part in the week-long first phase. From there, the ten most suitable companies will move on to the 10-week acceleration program.
Now, the program is going to happen in Otaniemi. However, digital infrastructure is in place to hold the program online if the need arises.
When the President of the Republic of Korea Moon Jae-In visited Finland last year, he and the President of the Republic Sauli Niinistö discussed the creation of a Korean startup center.
That comes to fruition with the introduction of this program. What both presidents hope with this program is to create strong ties between Finland’s and Korea’s innovation ecosystems and promote bilateral trade.
According to Paakkala, the commercial aspect of the companies are an important aspect that the program takes into account when selecting a company for the growth program.
When selecting the companies, the program organizers check the quality of the solution developed by the startups. Also, the general maturity to take up its space in the market is assed as well.
The company’s business model is also checked, amongst other things. Park Young-Sun told that the country has been working on a vision to develop Korea into a smart and digital economy and a development partner within Europe in Finland.
Korean venture capital set a record the previous year with a 25% growth. Even though the COVID-19 Pandemic has been ravaging throughout the world, the country still expects growth in the healthcare technology and well-being sector.
In Korea, the remote and ICT services sectors grew by about 20%. Aalto in collaboration with KSC will start working on developing a global scaling of Korean startups.
The Finnish healthcare system is one of the best in the world and is the perfect partner to provide Korean Health Care Technology startups.