The collaboration will support South Korean start-ups
UL Solutions, a global leader in applied safety science, and Korea’s Ministry of Small and Medium-sized Enterprises (SMEs) and Start-ups (MSS) signed a memorandum of understanding (MoU) formalizing a collaboration to support market access readiness for promising Korean start-ups in new industries, including new mobility. The MoU was signed by the Minister of SMEs and Start-ups Young Lee and UL Solutions Executive Vice President and President of Testing Inspection and Certification Weifang Zhou on South Korean President Yoon’s state visit to the United States.
The MoU will facilitate cooperation between MSS and UL Solutions to include the development of implementation agreements to guide support for Korean tech start-ups using UL Solutions safety science expertise and a global certification support centre in Korea.
“This MoU is significant as it is the first case where UL Solutions, recognized as a leading quality and safety certification company, provides technical support to foreign start-ups,” said Minister Lee. “Through cooperation between the two organizations, MSS will spare no effort to support promising companies to overcome challenges such as changes in the global economic landscape and to blossom and thrive, and the Ministry will continue to develop cooperative models to solidify the innovative foundation for future generations,” she added.
“Helping innovators address their safety, security and sustainability challenges is at the core of our mission,” said Jennifer Scanlon, president and CEO, UL Solutions. “We are honoured to collaborate with Korea’s Ministry of Small and Medium-sized Enterprises and Start-ups to apply our safety science expertise to help promising companies transform challenges into business opportunities.”
MSS plans immediately to carry out working-level discussions with UL Solutions to finalize plans to utilize UL Solutions’ safety science expertise in the U.S., operate a global certification support centre in Korea and actively identify cooperative projects between Korean start-ups and companies in the U.S. UL Solutions will look for opportunities to support SMEs with services to help them increase market readiness and help enhance product quality and safety, from performance verification to testing and inspection.
“UL Solutions is honoured to be a part of this MoU allowing us to apply our safety, data and technology expertise that will help empower businesses in Korea to innovate with confidence today and fuel future success,” said Zhou. “Working across industries means we know how to adapt our services to novel products, emerging fields and evolving regulations. We look forward to sharing our insight with promising Korean companies and welcoming them to our global innovation community.”