Key Takeaways
- Open innovation is driving collaboration between large corporations and startups, particularly in the food and bio industries.
- The ‘Lotte Central Research Institute × Startup Open Innovation Challenge 2026’ is open for applications until August 4, aiming to foster technology verification.
- Participating startups can receive support funds and mentoring, with opportunities for collaborative projects with major companies.
Collaboration for Innovation
Open innovation is becoming a pivotal strategy for uncovering new business opportunities by enabling large corporations and startups to validate emergent technologies together. This trend is particularly evident in the food and bio industries, where partnerships are increasingly formed to enhance product development and innovate services.
The Busan Center for Creative Economy Innovation, in collaboration with Lotte Central Research Institute, is currently recruiting companies for the ‘Lotte Central Research Institute × Startup Open Innovation Challenge 2026’ until August 4. This initiative, now in its seventh year, focuses on identifying promising startups and providing them opportunities to collaborate and validate their technologies in the market.
Lotte Central Research Institute, which is integral to the development of new products, quality enhancement, and foundational and bio research for Lotte Group’s food affiliates, will select one startup with less than seven years of experience. This startup should possess technologies that are directly applicable to the institute’s needs, such as innovations for enhancing food freshness and shelf life, new consumption experiences, health and wellness solutions, agritech, and AI in food.
Following the selection, the chosen startup will engage in technology verification alongside Lotte Central Research Institute’s operational departments. This will be followed by a proof of concept (PoC) executed in both online and offline settings. Selected companies will receive PoC support funds of up to 10 million won, as well as access to various growth support programs, including investment pitching opportunities, participation in open innovation events, connections with industry leaders and investors, and mentoring.
This year’s challenge will see participation from nine major entities, including Lotte Central Research Institute, Lotte World, and Samsung Heavy Industries, with plans to collaborate with a total of 12 startups throughout the program. Startups interested in this unique opportunity can apply until 6 p.m. on August 4, with selections made through both document and presentation evaluations.
An official from the Open Innovation Department at the Busan Center for Creative Economy Innovation expressed optimism for the program, stating that this collaboration with Lotte Central Research Institute is expected to encourage startups with innovative technologies and ideas. The initiative is designed to foster tangible outcomes and collaborative efforts between large corporations and emerging entrepreneurs.
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