11 Teams Advance to Final Round of Innovation Ideas in Education, Health, and More
(Seongnam=Yonhap News) Reporter Wang Gil-hwan = A program designed by the Korea International Cooperation Agency (KOICA), the government's grant-funded agency, to help startups expand into developing countries is gaining momentum.
Since last year, KOICA has been operating the Creative Technology Solution (CTS) program, which provides funding to young entrepreneurs by integrating their creative ideas and technologies with official development assistance (ODA). The CTS is also known as the "Innovative Technology-Based Creative Value Creation Program."
This year, a contest was held in July in five sectors: education, health, energy, water, and rural development. A total of 70 companies submitted creative, innovative technology ideas. 17 teams were selected through a first-round written review, and 11 teams were selected through a second-round pitching process.
The final selections are six teams in the health sector: ▲Mandro, which created a low-cost, lightweight electronic prosthetic hand; ▲Viewno Korea, which provides AI-based diagnosis services for sexually transmitted infections; ▲MOOL, which proposed a project to improve drinking water sanitation using advanced water treatment equipment for developing countries; ▲IRM, which came up with an idea for a maternal and child health project targeting three health centers in Morocco; ▲Glory Biotech, a developer of portable AIDS testing devices; and ▲Mtricare, a manufacturer of fever management using smart thermometers. Five companies also made it to the finals: Boundless, a rural smart masterplanning service provider; DO I DO, which developed a paper production project utilizing Cambodian farm waste; Lumir, a thermoelectric lamp developer and distributor; Moadrim, an Arabic language learning materials developer for refugee youth; and GIST Ongdalsam, a water company with an idea for a gravity membrane-based, non-powered water treatment system.
KOICA Chairman Kim In-sik stated on the 10th, "Innovation and collaboration with the private sector are key challenges to achieving the Sustainable Development Goals (SDGs) agreed upon at the UN Summit in September 2015. KOICA aims to achieve innovation with startups created by our youth, leveraging new programs and technologies."
Chairman Kim continued, "Compared to last year, the CTS program is gaining momentum with even more excellent companies participating. I am confident that this program will become a new business opportunity for KOICA in the future."
KOICA plans to hold workshops for the 11 teams, including lectures on startup business management, sharing information on opportunities to enter international innovation and aid markets, and networking opportunities among the teams.
Furthermore, after conducting on-site surveys of the 11 teams, the final evaluation will be conducted in November based on the revised business plans submitted by each team. The final results will be announced in mid-December based on scores from online voting and other factors. Online voting will be available on the Facebook page "KOICA CTS Program" until the 17th.
The startup ideas selected last year, such as mobile Braille textbooks and mobile malaria kits, also garnered significant attention from the Global Challenge, led by USAID and the Gates Foundation.
KOICA Director Jeong Woo-yong said, "KOICA is participating in the joint operation of the 'Global Online Innovation Procurement Market' with partners such as USAID and the Gates Foundation to expand the range of global advancement opportunities for our technology startups participating in the CTS program, enabling closer connections between our young innovators and donor organizations and impact investors around the world." He added, "I hope the CTS program will become a window for spreading the innovative technologies and development cooperation ideas of our young people."
11 Teams Advance to Final Round of Innovation Ideas in Education, Health, and More
(Seongnam=Yonhap News) Reporter Wang Gil-hwan = A program designed by the Korea International Cooperation Agency (KOICA), the government's grant-funded agency, to help startups expand into developing countries is gaining momentum.
Since last year, KOICA has been operating the Creative Technology Solution (CTS) program, which provides funding to young entrepreneurs by integrating their creative ideas and technologies with official development assistance (ODA). The CTS is also known as the "Innovative Technology-Based Creative Value Creation Program."
This year, a contest was held in July in five sectors: education, health, energy, water, and rural development. A total of 70 companies submitted creative, innovative technology ideas. 17 teams were selected through a first-round written review, and 11 teams were selected through a second-round pitching process.
The final selections are six teams in the health sector: ▲Mandro, which created a low-cost, lightweight electronic prosthetic hand; ▲Viewno Korea, which provides AI-based diagnosis services for sexually transmitted infections; ▲MOOL, which proposed a project to improve drinking water sanitation using advanced water treatment equipment for developing countries; ▲IRM, which came up with an idea for a maternal and child health project targeting three health centers in Morocco; ▲Glory Biotech, a developer of portable AIDS testing devices; and ▲Mtricare, a manufacturer of fever management using smart thermometers. Five companies also made it to the finals: Boundless, a rural smart masterplanning service provider; DO I DO, which developed a paper production project utilizing Cambodian farm waste; Lumir, a thermoelectric lamp developer and distributor; Moadrim, an Arabic language learning materials developer for refugee youth; and GIST Ongdalsam, a water company with an idea for a gravity membrane-based, non-powered water treatment system.
KOICA Chairman Kim In-sik stated on the 10th, "Innovation and collaboration with the private sector are key challenges to achieving the Sustainable Development Goals (SDGs) agreed upon at the UN Summit in September 2015. KOICA aims to achieve innovation with startups created by our youth, leveraging new programs and technologies."
Chairman Kim continued, "Compared to last year, the CTS program is gaining momentum with even more excellent companies participating. I am confident that this program will become a new business opportunity for KOICA in the future."
KOICA plans to hold workshops for the 11 teams, including lectures on startup business management, sharing information on opportunities to enter international innovation and aid markets, and networking opportunities among the teams.
Furthermore, after conducting on-site surveys of the 11 teams, the final evaluation will be conducted in November based on the revised business plans submitted by each team. The final results will be announced in mid-December based on scores from online voting and other factors. Online voting will be available on the Facebook page "KOICA CTS Program" until the 17th.
The startup ideas selected last year, such as mobile Braille textbooks and mobile malaria kits, also garnered significant attention from the Global Challenge, led by USAID and the Gates Foundation.
KOICA Director Jeong Woo-yong said, "KOICA is participating in the joint operation of the 'Global Online Innovation Procurement Market' with partners such as USAID and the Gates Foundation to expand the range of global advancement opportunities for our technology startups participating in the CTS program, enabling closer connections between our young innovators and donor organizations and impact investors around the world." He added, "I hope the CTS program will become a window for spreading the innovative technologies and development cooperation ideas of our young people."