– Global Innovation Network with Experts from Business, Academia, and Institutions

– Joint Development of Thousands of Innovative Technologies and Business through Xinova’s 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.

Kim who was the first Korean partner at McKinsey & Company joined Doosan Group and served as the CEO of Neoplux, its affiliate venture capital firm, Chief Strategy Officer of Doosan Group, and the CEO of Doosan Infracore. His career and experiences were considered suitable for consulting to resolve issues facing companies, so by him and Xinova together, Xinova Asia opened its office in Teheran-ro, Seoul in June 2017.

Since then, Xinova Asia, aiming to realize and maximize value by placing the four elements of innovation – ideas, talents, capital, and demand – in the right place, has provided many startups, SMEs, and large firms with Product & Technology Innovation Service and Business Model Innovation Service in an open innovation format.

Going a step further, it has also been running 2020 Xinova Global Acceleration Program since 2020 as a part of a global startup fostering project by the Gyeonggi provincial government and GBSA. This program selects 10 promising startups and SMEs every year to provide not only office space and infrastructure support but also local market expert training, global expansion training, and tailored advice from local experts to ensure that more than half of the companies can achieve practical results of stepping into the global market. “The program is to set a specific goal based on each company’s capability and reinforce their global competitiveness for global expansion. To keep this project going continuously and solidly, we are trying our best to build a healthy ecosystem and talent network for startups in Korea,” said Kim.

He also added, “Pangyo has a great location along with so many business-friendly policies that we don’t even know where to use them. However, to create an active and dynamic ecosystem like Silicon Valley, we need to find a link to ensure active interactions between Pangyo and the global ecosystem and more programs to develop new technologies and businesses backed by various experiences from large company careers. Also, the innovative link should be strengthened financially to enable startups, SMEs, and large companies to coexist based on common goals.”

“Many large companies are running in an open innovation format to effectively enhance their R&D because it is hard to predict which technology will turn out a success,” he mentioned emphasizing that “SMEs or startups with lack of resources should also use open innovation format more actively when developing IPs or patents so that they can improve their R&D competitiveness and supplement the lack of human resources.” He shared his vision saying, “I hope Xinova Asia can help bolster a talent network for startups in the long term and grow a unicorn in the process.”