Since 2008, the IC² Institute has engaged in multiple programs in the Republic of Korea with over $100 million in combined economic impact, and an estimated $300 million in export revenue.
IC²’s engagement with Korean partners has also led to significant research collaborations with UT Austin faculty and educational experiences in Korea for UT Austin students.
Since 2008 IC² has established five multi-year technology commercialization capacity building programs with multiple partners in South Korea. Each program cycle is broken into three phases, each phase providing training opportunities to both in-country partners and innovators with the goal of enabling them to expand their technologies into the international markets.
The typical cycle begins with IC² applying its proprietary methodologies based on decades of experience to screen and select high-impact technologies/innovations capable of entering new international markets. The second phase is primarily focused on research, training and education for selected participants. Finally, in the third phase, the most promising innovators are selected to receive extensive international business development support led by technology commercialization experts from IC² and business engagement agreements are generally established between Korean innovators/entrepreneurs and international partners.
In 2008, IC² created the Gyeonggi-UT Innovation Program in partnership with the Gyeonggi Small-to-Medium Business Center (GSBC). Over a span of 10 years, the program performed research for over 150 companies and supported 80 companies with international business development and technology transfer agreements, including a Space Act Agreement with NASA and multiple international partnerships with export revenue projected to be over $30M.
Korea Institute for Advancement of Technology (KIAT)
In 2014, IC² partnered with the Korean Automotive Technology Institute (KATECH) to launch an automotive-industry-specific research, training, and education program. At its conclusion, the program had trained over 20 companies and enabled 4 companies to develop business engagement agreements with Tier 1 suppliers, established automakers, and new entrants to the market such as Tesla.
City of Daejeon
In 2010 IC² technology commercialization programs expanded into the city of Daejeon. IC² partners have included the Korea Institute of Science and Technology Information (KISTI), the Korea Advanced Institute of Science and Technology (KAIST), and the KAIST Center for Innovation Initiatives (KCI). To date, the program has performed research for over 70 companies and supported over 30 companies with international business development, resulting in over $3.5M in business deals for Korean innovators.
Since 2014 IC² has assisted the Jeollabuk province to build its capacity to identify and assist promising technology companies and innovators.
City of JeonJu
The municipal program of the city of JeonJu started in 2015 as an extension of provincial program in Jeollabuk and focuses on developing and expanding traditional businesses in the city.
Research and education
IC²’s engagement with innovators and established industrial partners in Korea has led to several fruitful research collaborations in fields as diverse as entrepreneurial communication and the social networks of telecommunications customers. Several Korean researchers, most recently from Pai Chai University and Chungham National University, have spent time in Austin as Visiting Scholars at the IC² Institute.
IC²’s REACH program has given UT Austin students the opportunity to experience Korea’s innovation ecosystem first-hand through internships.
And the Institute’s Global Management Leadership Program with LSIS, a global leader in power transmission and distribution, has brought mid-level managers to Austin for training in English language, business, engineering, and market research. The Chairman and CEO of LSIS, Dr. Ja-Kyun Koo, is a PhD graduate of The University of Texas at Austin and current sits on the University’s International Board of Advisors.
UT Austin students with Prof. Song Lak-Kyoung of KAIST
Photo credit: CC-BY-NC Trey Ratcliff