[The Cradle of Innovative Startups, Youth Startup Academy – Part 1]
Full-Cycle Startup Package Support for Startup MedInTech
MedInTech office interior. / Photo = KOSME
Flexible endoscopes used in hospitals are utilized more than 20 million times annually in Korea, yet all products are imported, with most originating from Japan. In response, the Korea Electrotechnology Research Institute (KERI) began researching core endoscopy technologies and, based on this work, established the startup MedInTech last year.
MedInTech secured its technology and received early-stage investment from the accelerator FuturePlay, but commercializing the technology and surviving in the market posed a new challenge. Ultimately, Chi-won Lee, CEO of MedInTech, decided to seek support by entering the Guri Campus of the Youth Startup Academy, operated by the Korea SMEs and Startups Agency (KOSME).
The Startup Success Package run by the Youth Startup Academy is a comprehensive startup support program that identifies young CEOs with promising startup ideas and innovative technologies, and provides one-stop support—from early-stage commercialization funding to business education and coaching, space, and equipment—while also offering linked support for post-graduation growth. Eligibility is limited to CEOs aged 39 or younger whose companies were founded within the past three years.
As of last year, the Youth Startup Academy has trained 4,798 young CEOs, achieving cumulative results of KRW 4.8553 trillion in sales and 13,759 jobs created. This year, it is investing KRW 96.8 billion to train 1,065 CEOs, including those from MedInTech. Upon entering the Academy, startups first undergo startup execution training, verify their business plans, and receive support for commercialization. Graduated companies continue to receive linked support such as policy financing, R&D, exports and marketing, and investment attraction.
The survival rate of companies graduating from the Youth Startup Academy is significantly higher than that of general startups. According to KOSME, the five-year survival rate of general startups is 31.2%, while companies participating in startup support programs record 57.1%. In contrast, Youth Startup Academy graduates achieve a five-year survival rate of 73.4%.
MedInTech utilized KRW 100 million in startup support funding from the Youth Startup Academy, in addition to KRW 100 million in youth-exclusive startup financing from KOSME, for product development. Through coaching by a dedicated Academy professor, the company was able to steadily manage commercialization progress, and by matching with relevant experts during prototype development, minimize trial and error.
As a result, MedInTech’s smart endoscope was developed with higher resolution, greater ease of operation, and strong technological innovation compared to competing products. This led to recognition of the innovation and excellence of its startup item, including winning the Excellence Award at the “Challenge K-Startup Grand Championship” hosted by the Ministry of SMEs and Startups, as well as achieving notable results in various startup competitions.
A MedInTech representative stated, “Our product clearly delivers an import substitution effect, and through winning the Pan-Ministry Full-Cycle Medical Device R&D Project, we have demonstrated the acquisition of top-tier domestic technology for reusable flexible endoscope systems.” The representative added, “Next year, after completing medical device regulatory approval, we plan to open a training center to receive feedback on the product from many physicians.”
View the original article
https://news.mt.co.kr/mtview.php?no=2021121415035745380
[The Cradle of Innovative Startups, Youth Startup Academy – Part 1]
Full-Cycle Startup Package Support for Startup MedInTech
MedInTech office interior. / Photo = KOSME
Flexible endoscopes used in hospitals are utilized more than 20 million times annually in Korea, yet all products are imported, with most originating from Japan. In response, the Korea Electrotechnology Research Institute (KERI) began researching core endoscopy technologies and, based on this work, established the startup MedInTech last year.
MedInTech secured its technology and received early-stage investment from the accelerator FuturePlay, but commercializing the technology and surviving in the market posed a new challenge. Ultimately, Chi-won Lee, CEO of MedInTech, decided to seek support by entering the Guri Campus of the Youth Startup Academy, operated by the Korea SMEs and Startups Agency (KOSME).
The Startup Success Package run by the Youth Startup Academy is a comprehensive startup support program that identifies young CEOs with promising startup ideas and innovative technologies, and provides one-stop support—from early-stage commercialization funding to business education and coaching, space, and equipment—while also offering linked support for post-graduation growth. Eligibility is limited to CEOs aged 39 or younger whose companies were founded within the past three years.
As of last year, the Youth Startup Academy has trained 4,798 young CEOs, achieving cumulative results of KRW 4.8553 trillion in sales and 13,759 jobs created. This year, it is investing KRW 96.8 billion to train 1,065 CEOs, including those from MedInTech. Upon entering the Academy, startups first undergo startup execution training, verify their business plans, and receive support for commercialization. Graduated companies continue to receive linked support such as policy financing, R&D, exports and marketing, and investment attraction.
The survival rate of companies graduating from the Youth Startup Academy is significantly higher than that of general startups. According to KOSME, the five-year survival rate of general startups is 31.2%, while companies participating in startup support programs record 57.1%. In contrast, Youth Startup Academy graduates achieve a five-year survival rate of 73.4%.
MedInTech utilized KRW 100 million in startup support funding from the Youth Startup Academy, in addition to KRW 100 million in youth-exclusive startup financing from KOSME, for product development. Through coaching by a dedicated Academy professor, the company was able to steadily manage commercialization progress, and by matching with relevant experts during prototype development, minimize trial and error.
As a result, MedInTech’s smart endoscope was developed with higher resolution, greater ease of operation, and strong technological innovation compared to competing products. This led to recognition of the innovation and excellence of its startup item, including winning the Excellence Award at the “Challenge K-Startup Grand Championship” hosted by the Ministry of SMEs and Startups, as well as achieving notable results in various startup competitions.
A MedInTech representative stated, “Our product clearly delivers an import substitution effect, and through winning the Pan-Ministry Full-Cycle Medical Device R&D Project, we have demonstrated the acquisition of top-tier domestic technology for reusable flexible endoscope systems.” The representative added, “Next year, after completing medical device regulatory approval, we plan to open a training center to receive feedback on the product from many physicians.”
View the original article
https://news.mt.co.kr/mtview.php?no=2021121415035745380