The Seoul Business Agency (SBA) held its Seoul Open Innovation Partners Day at COEX Startup Branch in Samseong-dong, bringing together 12 large corporations to share their open innovation strategies and collaboration plans with the startup community. Organized by Seoul Startup Hub, the event marked the first in a series of five to six Open Innovation Day sessions planned for 2025, designed to expand meaningful business matching opportunities between established companies and early-stage startups.
Building on its experience brokering corporate-startup partnerships since 2020, SBA launched the Partners Day series last year and is expanding both the number of participating companies and program offerings in 2026.
Participating Programs
Shinhan Financial Group (Shinhan Future’s Lab) runs a joint accelerator backed by Shinhan Bank, Card, Securities, Life, and DS affiliates, supporting startups across their full growth cycle. Now in its 12th year, the program has nurtured 521 alumni companies and deployed over 150 billion won in direct investment. Startups can choose between a collaboration track for direct business linkage and a growth track for longer-term development, with a global track providing access to Japan and Vietnam markets.
Hyundai E&C (The Startup Open Innovation) has been running its annual open innovation competition in partnership with SBA since 2022, screening roughly 1,000 companies over four years and selecting 47, with 43 receiving PoC opportunities with internal business units. Around 60 percent have gone on to continued collaboration. This year’s recruitment runs from March 26 to April 19, targeting approximately 10 companies across six areas, with benefits including investment opportunities and joint R&D with a 250-person in-house R&D team.
KB Financial Group (KB Innovation HUB) was the first innovation hub established in the Korean financial sector back in 2015. It has selected 394 companies to date, achieving cumulative investment of 308.9 billion won and 421 partnership deals. Selected startups receive a baseline PoC grant of 10 million won, with an additional 10 million won available for top performers, along with free office space in Gangnam. This year’s program covers 15 collaboration themes across AI, security, and new business areas, with final selections expected in May.
Samsung Financial Networks (C-Lab Outside) is jointly operated by Samsung Life, Samsung Fire & Marine, Samsung Card, Samsung Securities, and Samsung Venture Investment. Its defining feature is that every selected startup is guaranteed a PoC with an internal business unit. Since launching in 2019, over 2,000 companies have applied and 81 have completed PoCs. Selected companies receive a base grant of 30 million won, with additional awards for top performers. Follow-on investment through Samsung Venture Investment’s CVC fund is also available for standout companies.
SK Ecoplant (Tech Open Collaboration) pursues open innovation to drive operational innovation and new business model development as it evolves into an eco-friendly and semiconductor solutions company. Holding two competitions annually since 2020, its standout model goes beyond simple collaboration — it matches startups with universities and research institutes, forms joint ventures, and builds new facilities through direct investment, a model it calls “biz incubating.”
Samsung C&T Construction (FutureScape) launched in 2023 with a focus on construction technology, energy, smart cities, and platforms, and has since collaborated with 21 startups on joint commercialization and R&D. Its key advantage is access to real-world test environments including Raemian residential complexes and active construction sites. This year it offers up to 50 million won in pilot support across six sectors including smart housing, AI companions, and senior solutions, with applications opening in April.
HL Group (Open Innovation Program) is distinguished by having its dedicated investment team directly lead both PoC and investment decisions simultaneously. Since 2018, the group has deployed approximately 500 billion won across mobility, AI, robotics, distribution, and energy. This year, the program shifts its focus toward Phase 2 — deeper operational collaboration with companies directly relevant to group businesses — with PoC demand aggregated a year in advance across five affiliates.
NH NongHyup (NH Open Business Hub) launched in 2019 and has selected 246 companies, backed by a network of roughly 30 affiliates spanning 12 financial subsidiaries and 17 agricultural, manufacturing, and food businesses. Selected startups receive free office space and meals for up to one year, along with up to 20 million won in funding. This year’s recruitment, which ran through March 25, focuses on AI agents applicable to consumer finance and corporate analytics.
Hyundai Home Shopping (HIGH) is a newer program that completed its first cohort last year, pairing startups with internal pain points across Hyundai Home Shopping’s TV, online, live commerce, and offline channels. Key challenges this year include app gamification, AI-powered search enhancement, and compliance automation. Selected startups receive a 10 million won PoC grant, with the possibility of annual service contracts and strategic investment based on results.
Hoban Group (Hoban Innovation Technology Competition) leverages its portfolio of construction, manufacturing, leisure, media, and distribution affiliates. The program runs an annual innovation competition followed by a demo day that feeds directly into investment review through its in-house CVC. The first-half competition, running from March 6 to 22, focuses on construction automation, digital infrastructure, AI, and energy.
Naver Cloud (Greenhouse) takes a different approach, running an always-on program rather than periodic competitions to identify and partner with startups whose goals align with Naver’s. Around 400 teams are supported annually, each receiving up to 100 million won in cloud credits and access to over 250 Naver Cloud and AI products. For market-validated startups, Naver Cloud pursues SI investment, co-GTM strategies, and white-labeling arrangements to drive genuine shared growth.
DB Group (DB Open Innovation) focuses on applying AI agent-based innovation to real industrial settings across its insurance, financial, and manufacturing services portfolio. Rather than technology demonstrations, the program centers on PoC projects developed through hands-on matching with internal business teams. This year’s application period runs from March 16 to April 3, with five months of PoC activity beginning in June.
