Press releaseJohnson & Johnson Innovation, through the Asia Pacific Innovation Center, announced today the launch of Korea’s first-ever Seoul Innovation QuickFire Challenge in collaboration with Seoul Metropolitan Government, Korea Health Industry Development Institute (KHIDI), Janssen Korea Limited and Johnson & Johnson Medical Korea Limited.
The Seoul Innovation QuickFire Challenge seeks to attract global game-changing, early-stage innovations and solutions in the areas of Therapeutics, Medical Devices and/or Health Technologies for oncology, neuroscience, immunology, cardio-vascular and metabolic disease, infectious disease, and bone and joint disease. The competition will be open globally to entrepreneurs, academics, biotech researchers and start-up companies who are passionate about finding solutions that address the world’s most pressing healthcare needs. Up to two winners will be awarded prizes including a combined grant of up to KRW150 million (approximately US$134,000), residency at Seoul Bio Hub with access to its state-of-the-art facilities for up to two years and mentorship and coaching from Johnson & Johnson Innovation and KHIDI for one year. At least one core member of the winning teams must reside in the Seoul Bio Hub for no less than one year.
Korea is a key innovation hotspot in Asia Pacific with a strong life sciences ecosystem with biotechnology, consumer health and technology capabilities, which Johnson & Johnson Innovation is committed to strengthening through this Challenge. The Challenge is managed by Johnson & Johnson Innovation, JLABS, the global network of open innovation ecosystems, enabling innovators to accelerate the delivery of life-saving, life-enhancing health and wellness solutions to patients around the world. The Asia Pacific Innovation Center, one of four regional Innovation Centers established by Johnson & Johnson Innovation, will also support the Challenge as part of its aim to accelerate early-stage solutions that address the world’s most pressing healthcare needs.
The Seoul Innovation QuickFire Challenge combines Johnson & Johnson Innovation’s unique vision for collaboration in an open innovation model with the Seoul Metropolitan Government’s goals to drive innovation and commercialize its research outcomes; KHIDI’s goals of identifying and solving critical problems within the ecosystem with healthcare research and innovative solutions; and Seoul Bio Hub’s key functions in fostering and accelerating the growth and commercialization of early-stage life-science start-ups.
“We know that innovation can happen anywhere, and through the Seoul Innovation QuickFire Challenge Johnson & Johnson Innovation is here in Korea to identify great ideas and to accelerate game-changing innovation with key ecosystem players. The combined knowledge and skills of Johnson & Johnson Innovation, Seoul Metropolitan Government and KHIDI offer the perfect mix for a partnership that can make a long-lasting impact,” said Dong Wu, Head of Asia Pacific Innovation Center, Johnson & Johnson Innovation.
Additional details about the Seoul Innovation QuickFire Challenge:
• Johnson & Johnson Innovation, through its JLABS and Shanghai-based Asia Pacific Innovation Center, with Janssen Korea and Johnson & Johnson Medical Korea, will team up with Seoul Metropolitan Government and KHIDI to manage the strategic direction of the Challenge and form a Joint Collaboration Committee to manage the co-branded program.
• Applications for this initiative will be reviewed by a Selection Committee with members from Johnson & Johnson Innovation, Janssen Korea, Seoul Metropolitan Government and KHIDI.
• Solutions will be evaluated by a panel of reviewers and judges on their ability to meet the following criteria:
♣ Potential impact
♣ Uniqueness of solution & level of competition in current market
♣ Quality & feasibility of technology
♣ Team credibility & capabilities
♣ Clarity of plan: Milestones for the next 12 months
• All applicants must outline their interest in Seoul, South Korea including plans to work in Seoul, engage with the local ecosystem and how the mentorship can critically support their innovation.
• The QuickFire Challenge welcomes proposal submissions from August 29 to September 29, 2017.
• Finalists give live presentations to judges on November 30, 2017.
• Award results will be announced on December 15, 2017 at Seoul Bio Hub.
For more information about the QuickFire Challenge (including the terms and conditions of entry), please visit: jlabs.tv/seoulqfc.
About Johnson & Johnson Innovation
Johnson & Johnson Innovation LLC focuses on accelerating all stages of innovation worldwide and forming collaborations between entrepreneurs and Johnson & Johnson's global healthcare businesses. Johnson & Johnson Innovation provides scientists, entrepreneurs and emerging companies with one-stop access to science and technology experts who can facilitate collaborations across the pharmaceutical, medical device and consumer companies of Johnson & Johnson. Under the Johnson & Johnson Innovation umbrella of businesses, we connect with innovators through our regional Innovation Centers, JLABS, Johnson & Johnson Innovation - JJDC, Inc. and our Business Development teams to create customized deals and novel collaborations that speed development of innovations to solve unmet needs in patients. For more information please visit www.jnjinnovation.com.
About Johnson & Johnson Innovation, JLABS
Johnson & Johnson Innovation, JLABS (JLABS) is a global network of open innovation ecosystems, enabling and empowering innovators to create and accelerate the delivery of life-saving, life-enhancing health and wellness solutions to patients around the world. JLABS achieves this by providing the optimal environment for emerging companies to catalyze growth and optimize their research and development by opening them to vital industry connections, delivering entrepreneurial programs and providing a capital-efficient, flexible platform where they can transform the scientific discoveries of today into the breakthrough healthcare solutions of tomorrow. At JLABS we value great ideas and are passionate about removing obstacles to success to help innovators unleash the potential of their early scientific discoveries. JLABS is a no-strings-attached model, which means entrepreneurs are free to develop their science while holding on to their intellectual property. JLABS is open to entrepreneurs across a broad healthcare spectrum including pharmaceutical, medical device, consumer and digital health sectors.
JLABS currently has nine locations in innovation hot spots across North America and produces entrepreneurial programs and campaigns to seek out the best science, like the QuickFire Challenges around the globe. The JLABS flagship opened in 2012 in San Diego at Janssen's West Coast Research Center, and since then, has established two locations in San Francisco - one through a collaboration with the California Institute for Quantitative Biosciences (QB3) and a second standalone facility in South San Francisco. JLABS is also located in Boston through a collaboration with LabCentral, in Lowell, Massachusetts through a collaboration with UMass, in Houston through a collaboration with the Texas Medical Center (TMC), in Toronto through a collaboration with the Ontario Government and the University of Toronto and a new JLABS @ NYC (in collaboration with the New York Genome Center -opening in 2018). For more information about JLABS, please visit www.jlabs.jnjinnovation.com.
About Janssen Pharmaceutical Companies
At the Janssen Pharmaceutical Companies of Johnson & Johnson, we are working to create a world without disease. Transforming lives by finding new and better ways to prevent, intercept, treat and cure disease inspires us. We bring together the best minds and pursue the most promising science. We are Janssen. We collaborate with the world for the health of everyone in it. Learn more at www.janssen.com/korea.
About the Johnson & Johnson Medical Devices Companies
The Johnson & Johnson Medical Devices Companies’ purpose is to reach more patients and restore more lives. Having advanced patient care for more than a century, these companies represent an unparalleled breadth of products, services, programs and research and development capabilities in surgical technology, orthopaedics, cardiovascular and specialty solutions with an offering directed at delivering clinical and economic value to health care systems worldwide.