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Writer Invest Seoul Day17-09-04 17:46 View85

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Seoul Metropolitan Government and Johnson & Johnson Innovation to Co-host Quickfire Challenge in Search of Innovative Bio-technology

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​※ Publicly recruiting innovative technologies from Aug. 29th (Tue) to Sep. 29th (Fri), open to all nationalities

※ 16 previous contests hosted worldwide in countries such as the US, Canada and Singapore have selected and support 28 winners - to be hosted for the first time in Korea

※ Two final winners to be awarded KRW 150,000,000 and admission to Seoul Bio Hub​

※ SMG hopes Seoul Bio Hub will become the pivot of ‘technology, people, and information’, and a global open innovation space

Quickfire Challenge, a contest that seeks innovative technologies in the global bio·medical fields and gathers promising startups, will be taking place in Hongneung, Seoul. This will be the first time Quickfire Challenge has been held in Korea.  

​Seoul Metropolitan Government announced that the city will co-host Seoul Innovation Quickfire Challenge with Korea Health Industry Development Institute, Johnson & Johnson Innovation, Janssen Korea, and Johnson & Johnson Medical Korea Ltd., and invite the grand prize bio·medical startup to Seoul Bio Hub (Hongneung, Seoul).

This year's Quickfire Challenge will be held under the name 'Seoul Innovation Quickfire Challenge.' and will award winners from worldwide startups creating innovative technologies in the fields of therapeutics, medical devices, and digital health. The Challenge is open to everyone, regardless of their nationality. ​

• Johnson & Johnson innovation JLABS had hosted 16 previous Quickfire Challenges in the US, Canada, Australia, and Singapore, where they had established a joint research institute, in order to seek innovative ideas regarding therapeutics, medical technology, consumers, and medical instruments.

• Quickfire Challenge is a platform that selects entrepreneurs, researchers and startups in order to seek innovative medical technologies. The Challenge has awarded a total of 28 teams, and provided USD 3.4 million (KRW 3.8 billion) in research subsidies, spaces, and mentorships.

Up to two Seoul Quickfire Challenge winners will receive an award of KRW 150,000,000, admission to Seoul Bio Hub (2years), and one-year access to mentorship from Johnson & Johnson innovation and Entrepreneurship Promotion Program of Korea health Industry Development Institute.​

• SMG signed a Strategic MOU for the Development of Bioindustry with Korea Health Industry Development Institute, Johnson & Johnson Innovation, Janssen Korea, and Johnson & Johnson Medical Kroea Ltd. last February, and prrepared to co-host the Seoul Quickfire Challenge. all of the stakeholders expect Seoul Quickfire Challenge to not only promote cooperation between researchers, investors, and enterprises, but also to lead to the development of bioindustry in the entire Asia-Pacific region.

​Applications for the Seoul Innovation Quickfire Challenge can be submitted via the Johnson & Johnson Innovation JLABS website from August 29th to September 29th. The screening process will yake place in October, based on the documents submitted. The evaluation criteria are :

△ Potential impact of the technology; 

 △ Originality and competence in the market; 

 △ Technology’s quality and potential of realization; 

△ Reliability and capability of the applicant; and, 

△ Clarity of the research plan for the next 12 months. 

• All applicants should be able to explain the plan in relation to admission to Seoul Bio Hub, linkage with the Korean biotechnology industry ecosystem, and the research plan using mentorship. Details regarding the challenge and application page can be found in JLABS website (https://jlabs.tv/seoulqfc).

​"The Seoul Innovation Quickfire Challenge will invigorate and stibulate the Korean Bio-entrepreneurship ecosystem by competing with innovative research ideas from around the world," exclaimed Dongrok Seo, Director of the Economic Plannning Headquarters, Seoul Metropolitan Governemnt, who added, "I hope this event will serve as a great opportunity for Seoul Bio Hub to become the pivot of 'technology, people and information' and global open innovation space."

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