Korea’s Chemical Research Institute Sees Surge in Successful Startups & Commercialization

South Korea’s Korea Chemical Research Institute (KRI), led by President Lee Young-guk, is reporting significant advancements in the commercialization of its research. These successes include large-scale supply contracts and expansion into international markets from companies founded by KRI researchers.

Innovation Sprouting from Research

One such company is PMI BioTech, founded in 2020 by Park Jung-kyu, who previously dedicated 25 years to research at KRI. PMI BioTech is gaining recognition for its eco-friendly production of high-purity calcium derived from oyster shells, significantly reducing pollutant discharge. In May of last year, the company secured a five-year, 12 billion KRW supply contract with a U.S.-based global distribution company.

JoBio, established in November 2022 and led by CEO Cho Sun-haeng, is also attracting attention with its technology for functional cosmetics designed to alleviate hair loss. The company has successfully commercialized its hair loss treatment ampoule, “ManiSoot,” and is already generating revenue.

WaterTreeNess, founded in 2024 by Kim In-chul, is a specialized environmental water treatment company. Immediately following its launch, the company received the grand prize at the ‘Challenge K-Startup! King of Kings’ competition (Prime Minister’s Award), along with two additional awards. WaterTreeNess is currently pursuing a pilot test of its high-temperature wastewater treatment technology with a Saudi Arabian oil refinery, furthering its international expansion.

Did You Know? Since 1999, a total of 14 companies have been founded by KRI researchers, with a notable surge in recent years – six companies established since 2020.

A Three-Tiered Support System

KRI’s support for these ventures is structured around a three-stage strategy. The first stage involves seeding ideas through annual ‘Startup Forums’ and internal training programs, strengthening both internal and external startup networks. This builds a “startup pool” of individuals with promising concepts.

The second stage provides pre-startup support, including market research and feasibility studies to help aspiring entrepreneurs prepare. Finally, KRI leverages its internal and external collaborative infrastructure to support startups throughout their entire lifecycle.

Expert Insight: The increasing number of researcher-led startups suggests a shift towards actively translating scientific breakthroughs into tangible economic benefits, aligning with government expectations for research institutions.

Lee Young-seok, Director of the Technology Commercialization Center, stated that KRI provides comprehensive support to those seeking to start businesses, utilizing both internal capabilities and external collaborations. While no KRI-founded companies have yet launched an Initial Public Offering (IPO), Lee believes this is a likely next step given the current trajectory.

President Lee Young-guk emphasized that supporting researcher-led startups is a key priority, fulfilling government expectations for research institutes and actively enhancing KRI’s overall performance. He affirmed KRI’s commitment to providing opportunities for its scientists, who possess market insights, to achieve success in the commercial sector.

Frequently Asked Questions

What types of companies are being founded by KRI researchers?

Companies founded by KRI researchers are focused on diverse areas including high-purity calcium production, functional cosmetics for hair loss and specialized environmental water treatment technologies.

How does KRI support its researchers in starting their own companies?

KRI provides a three-stage support system including startup forums and internal training, pre-startup support like market research, and full-lifecycle support through collaborative infrastructure.

What is the recent trend in researcher-led startups at KRI?

The number of researcher-led startups at KRI has significantly increased in recent years, with six companies founded since 2020, compared to a total of 14 since 1999.

As KRI continues to foster innovation and entrepreneurship among its researchers, what role might these startups play in shaping future technological advancements and economic growth?