Since 2008, the IC² Institute has engaged in multiple programs in the Republic of Korea with over $100 million in combined economic impact.
IC²’s engagement with Korean partners has also led to significant research collaborations with UT Austin faculty, Visiting Scholar appointments for Korean researchers to spend time at the IC² Institute, 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 screening 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). After successful completion of two three-year terms of the program, IC² and Gyeonggi Province have extended the program to 2018. The program has performed research for over 150 companies and supported over 80 companies for 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.
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.
The municipal program of the city of JeonJu started in 2015 as an extension of the program of the surrounding province of Jeollabuk.
Korea Institute for Advancement of Technology (KIAT)
In 2014, IC² in partnership with the Korean Automotive Technology Institute (KATECH) launched an automotive industry specific research, training and education program at its conclusion the program had trained over 20 companies and enabled over four companies to business engagements agreements with Tier 1 supplier and established automakers and new entrants to the market such as Tesla.
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 have spent time in Austin as Visiting Scholars at the IC² Institute.
In addition, IC²’s REACH program has given UT Austin students the opportunity to experience Korea’s innovation ecosystem first-hand through internships.
UT Austin students with Prof. Song Lak-Kyoung of KAIST
Photo credit: CC-BY-NC Trey Ratcliff