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[100 Companies in Pangyo, the Silicon Valley in Asia] Xinova Asia leads successful open innovation

– Global innovation network composed of experts from business, academia, and institutions

– Joint development of thousands of innovative technologies and businesses with Xinova network

Xinova Asia is a company that helps solve problems in the companies and provides services that help in innovation to prepare for the future. As a part of the global startup development project run by GBSA, it is running Xinova Global Acceleration Program 2020 at Pangyo Techno Valley Startup Campus Global Acceleration Center. Here, it has selected promising startups in various Industry 4.0 sectors such as eco-friendly, IT and AI, and bio-healthcare, and it is providing residence in the center for one year and various support to help enter the global market. Xinova Asia, based in Seoul and Pangyo, provides Product & Technology Innovation Services and Business Model Innovation Services to help startup companies enter the global market.

Xinova is a company that was spun off from a global patent company Intellectual Ventures that was founded in 2000 by the former CTO of Microsoft Nathan Myhrvold and the former CSA of Microsoft Edward Jung. Xinova, the “innovation partner” that defines innovation problems and derives solutions by the global innovation network and supports commercialization/business development was established in 2016. In the global innovation network of Xinova made up of scientists, engineers, inventors, and business experts from top universities and research institutions around the world has a group of 12,000 experts participating.

Xinova Asia is a joint venture of Xinova that is expanding its business to the Asian market by securing large and medium-sized companies in Korea as customers, and it is led by Chairman Kim Yong-seong, who served as the CEO of Doosan Infracore. Chairman Kim heard about the plan to establish Xinova from Edward Jung, his cousin, and thought that Xinova’s business would be helpful in improving the global competitiveness of Korean companies. So, he planned to establish Xinova Asia.

Chairman Kim was the first Korean partner of McKinsey & Company. He then joined Doosan Group and served as the CEO of Neoplux, president of Doosan Group Strategic Planning Headquarters, and the CEO of Doosan Infracore. Chairman Kim’s career experience was seen suitable for consulting to resolve issues the companies have, and this led to the smooth establishment of Xinova Asia, opening up its office in Teheran-ro, Seoul in May 2016.

Xinova Asia aims to achieve and maximize value by placing the four elements of innovation–ideas, talents, capital, and demand–in the right place. It is providing Product & Technology Innovation Services and Business Model Innovation Services. In Product & Technology Innovation Services Level I, the answers to the basic things you want to know about initiating innovation are provided within a short period and at a low cost. In Level II, the project manager of Xinova helps define issues for innovation, and the global innovator network provides outstanding and strong solutions that the customers need. Also, Business Model Innovation Services presents a plan to design and implement a new business model that can lead to the creative disruption in the entire industry with the analysis of the value chain of the industry to which the customer belongs.

Xinova Asia is currently running the Xinova Global Acceleration Program 2020 run by Gyeonggi-do and GBSA as a part of a global startup development project. Xinova Global Acceleration Program 2020 provides workspace and infrastructure, and also provides regular fostering programs and customized programs for each company with local market expert training, global advancement training, and customized local expert advice. CEO Kim suggested that he will first foster 10 companies in Gyeonggi-do and enter them in the international startup competition. He said, “When you enter the contest, you raise the possibility of concluding overseas export contracts, and your technology will be certified on the global stage. We are working hard to create a healthy ecosystem and human network for startups in Korea.”

He added, “Pangyo has very good geopolitical characteristics when it comes to foreign standards, and there are too many company supporting policies that we don’t know where to use them. However, to create an active and dynamic ecosystem like Silicon Valley, we have to reharmonize with a high-quality workforce from large companies and strengthen innovative links that can create a win-win situation among the large companies, SMEs, and startup in the technological workforce and financial aspect.”

He said that many large companies are running in open innovation format to effectively develop R&D when it is hard to predict which specific technology will succeed, and emphasized that SMEs and startups should also raise the R&D competitiveness with IPs or patents. Kim ended his interview by saying, “Xinova Asia’s long-term goal is helping to strengthen the human network of startups and growing a unicorn company on the way.”

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