Gyeonggi Province of South Korea and UT's IC2 Institute, Global Commercialization Group (GCG)
UT-Gyeonggi Innovation Center
In June 2008, the UT-Gyeonggi Innovation Center launched a three year innovation program in partnership with the Gyeonggi Small Business Center (GSBC). Through GSBC’s outreach efforts across the province, nearly 100 innovators submitted their applications for an extensive selection and vetting process by a team of United States industry experts in anticipation of being selected to fill one of the 20 openings in the Innovation Program.
“This was one of the most competitive selection processes I have been through with IC2 Institute. We have seen a lot of really good technology with tremendous potential for commercialization,”
Keith Moe, former General Manager and Executive Vice President of
3M Worldwide-Austin and IC2 Institute Fellow
“Many of the Korean technologies were more completely developed--fewer early stage innovations. Most demonstrated a high level of engineering rigor, with a prevalence being resolute in the scientific method. The innovators also were significantly more aware of the competition and how they compared,” said Jim Vance, IC2 Institute's GCG Business Development Manager.
“Additionally, a significant number of those applying to the Korea program held senior and sometimes executive positions with very prominent Korean multinational companies including Hyundai, KIA, Samsung and LG. Although some have had success in their own market, one common agreement among all of the innovators was the difficulty in entering global markets,” Vance added.
On December 15-18, the 20 finalists made formal presentations to a panel of judges consisting of US and Korean technology commercialization experts. The 12 technologies judged to have the highest potential for successful international commercialization were selected to participate in the final phase of the Innovation Program geared to accelerate these ventures and introduce them to the US market. This phase included a two-week trip to Austin, Texas for the 12 innovators where they participated in tours, training events and lectures. Of these 12 innovators, the top achievers were invited to stay in Texas for three to six months for advanced technology incubation and acceleration into the US market.
“During this phase, we were pleased to host these 12 innovators in Austin, Texas where they experienced face-to-face, hands-on training with US industry and market experts,” said Sid Burback, Director of IC2 Institute’s Global Commercialization Group.
A select GCG team continues to work closely with these Korean innovators during this technology incubator and acceleration phase. "This is a very exciting time for the innovators as well as for our team members. Securing a joint venture, licensing deal or technology transfer contract in the US market can make a significant impact on an innovator's commercialization prospects. We are eager to help others achieve success," said Donna Kidwell, Korean Program Manager at IC2 Institute Global Commercialization Group.
In June, 2009, the UT-Gyeonggi Innovation Center will launch Year 2 of the program by making a call for innovators throughout the Gyeonngi Province to submit their applications.
The UT-Gyeonggi Innovation Center, funded by the Gyeonggi Province government and operated in partnership with the IC2 Institute at The University of Texas at Austin and the Gyeonggi Small Business Center, works to enhance and promote South Korean entrepreneurship, identify promising technology start-up companies and introduce them to the United States market.
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