Meeting Korea’s top biotech startups at Seoul BioHub
When it comes to startups, “biotech” may not sound as cool as AI, mobility, ESG, or even fintech. But this is a rapidly growing market. Even before the Covid-19 pandemic, the global biotech industry was worth $11 trillion. And now, it’s expected to grow to $16.2 trillion by 2026.
The biotech market in South Korea is also on the rise. In fact, Korea’s biohealth industry received the largest increase in VC investment in 2020, increasing at 8.5%. And with increased funds, these startups are looking to expand to new markets overseas.
That’s one reason why Seoul BioHub reached out to PowerPT to carry out an investor pitch mentoring program. So last month, we met 11 startups incubated at Seoul BioHub and spent hours working to perfect each team’s story and investor pitch. And after getting to know these teams working on such innovative biotech solutions, we were curious about the benefits Seoul BioHub provides. Luckily for us, we had a chance to take a tour and find out.
About Seoul BioHub
Located in the heart of Hongneung Valley, an R&D district in Seoul (강소연구개발특구), Seoul BioHub is an innovation hub for biotech and healthcare startups. They support startups with consultations, mentoring, networking events, media coverage, and support for globalization.
Some of the programs they operate include open innovation programs with global corporations such as Johnson & Johnson, clinical trial consultations, and overseas product licensing management.
With such a wide range of support, the startups at Seoul BioHub have raised $150+ million in investment, achieved $13+ million in sales, and have hired 300+ employees since 2020.
Let’s go on a virtual tour!
The hub consists of four buildings: Business Support, Research Experiment, Open Innovation, and Global Cooperation. I’m going to explain the facilities in random order, so keep this in mind!
It is always pleasant entering the Seoul BioHub building, as they have a clean lobby with an eco-friendly vibe. The wide windows and red bricks create a comforting atmosphere.
On the basement floor, there is a conference hall. There’s also a little networking area outside the conference hall. As you can see from the banners behind the table, they used to hold a mini expo in this area before Covid-19.
This uniquely designed hall is a place where they traditionally hold seminars and events. It’s my favorite area because it seems like a nice calming cafe. It also seems like the perfect space to hold Podium Star in the future.
On the 1st floor of the Open Innovation building is a library called Biobrary. It’s such a well-matching name for Seoul BioHub, isn’t it? It was filled with science books of course, but also had other various genres.
As you can tell from the name, the Research Experiment building has a space where you’ll find many different gadgets for experiments. This area is limited to just a few people with permits only, so we had to look from the outside. But by the different labs they have, you can see that Seoul BioHub is well-equipped with facilities for startups to test and develop their products.
You can find the Johnson & Johnson Innovation Partnering Office located near the main entrance. We had a chance to hear about the benefits given to J&J portfolio companies from one of the startups we consulted. The portfolio companies get a chance to talk with J&J experts every month and also get to take advantage of their amazing network. J&J also reviews their products, and they can develop their products together with J&J. Sounds pretty cool, right?
There are also some decent areas for you to get some rest at Seoul BioHub. The terrace and rooftop seemed like a great place to chill for a bit after a long day of hard work. The networking area also had a huge window with an amazing view. By the time our tour was over, the sun was starting to set and it was so beautiful to watch.
Well, this is the end of the Seoul BioHub tour! I hope you enjoyed learning about their interesting facilities. No wonder the hub has such great startups — they provide such a pleasant space for them to work and relax.
Connecting K-startups with the global community
If you’d like to learn more about the Korean startup ecosystem, stay tuned with the latest news about Podium Star, our English-language pitch event featuring the hottest startups in Korea. It’s the perfect chance for you to connect and learn more about Korean startups. Stay updated by subscribing here.
