Seoul Business Agency teams up with Germany's Continental to support mobility startups

[Photo provided by Seoul Business Agency]

Seoul Business Agency (SBA) devoted to supporting promising startups and developing the startup ecosystem in Seoul Monday announced the signing of a partnership agreement for open innovation with Continental Korea, a Korean operation of one of the world’s largest automotive suppliers, to discover new startups and promote shared growth.

The business agreement, which was signed during a session at global startup festival Try Everything 2022 last week, is focused on mobility-related fields such as autonomous driving, smart mobility, vehicle safety, UX, fluid systems and solutions, and surface treatment.

SBA has been operating Seoul Startup Hub established by Seoul Metropolitan Government in 2019 and has so far supported open innovation between 42 established companies and 213 startups.

Last year, SBA conducted an open collaboration program with large domestic and foreign companies to discover 170 promising startups, resulting in 74 technology partnership deals, as well as 46.2 billion won ($32.3 million) in investment deals and 67.3 billion won in actual revenue.

Continental Group, a technology-focused company founded in Hanover, Germany in 1871, has been building a startup ecosystem process to create value for both the company and startups by analyzing more than 900 startups together with more than 200 entrepreneurs since 2017.

Continental Group also created startup organization ‘co-pace’ to play an active role in the global startup ecosystem and introduce new technologies and business models.

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