POSCO hosts event to boost innovation at startups

Participants in the 2024 POSCO Idea Market Place pose during the firm's startup idea-pitching event in the nation's southeastern industrial city of Pohang, Wednesday. Courtesy of POSCO Group

POSCO Group held a startup pitch event, Wednesday, with a group of promising companies to drive their innovation.

The steelmaker announced on Friday that it hosted the 2024 POSCO Idea Market Place (IMP), Wednesday, where 14 startups showcased their latest technologies and innovative ideas.

About 300 participants from POSCO, the Ministry of SMEs and Startups and venture capital firms also attended the event.

POSCO hosts the IMP to find startups with huge potential and support their sustainable growth. POSCO also has plans to partner with them to find its new group-wide growth engines.

The company invested a total of five billion won ($3.76 million) in the selected 14 startups. They also won a series other benefits, such as support for their overseas sales expansion and product development.

The IMP was launched in 2011, with over 10,000 startups participating in the event. To date, 167 startups have secured investment from POSCO, with their combined value totaling 36.6 billion won.

"We will keep building a co-prosperity ecosystem by partnering with outstanding startups in new growth areas, and POSCO will spare no efforts for their growth, so they become globally-renowned unicorn firms," POSCO Holdings' chief technology officer Kim Ki-soo said.

"Startups' creative ideas and innovate technologies will play a pivotal role in sustainable growth of the group, and they will help create more jobs for young people and balanced growth across the nation," Kim added.

On the same day, the Startup World Cup, organized by Pegasus Tech Ventures, was also held, with seven of the IMP winners joining the competition. POSCO plans to offer education and travel costs for selected startups for the global event.