Fostering Progress + Innovation: NEMIC enters into MOU with KITox
Marking a significant milestone toward fostering a symbiotic relationship of expertise and knowledge, NEMIC entered into an exciting partnership with the Korean Institute of Toxicology (KITox) this past September. As part of a Memorandum of Understanding (MOU), both organizations will use their diverse skill sets to facilitate the vital acceleration of research and development, collectively addressing global health challenges and the enhancement of public health and safety.
The NEMIC and KITox partnership ushers in yet another new and exciting opportunity for both Rhode Island’s economy and Life Sciences ecosystem. By establishing a connection with a reputable institution such as KITox, Rhode Island will be positioned to develop commercial opportunities with a key player in the global life sciences sector–moreover, a key player within Korea’s massive Life Science ecosystem that has formidable and substantial backing.
KITox was established in 1980 and is revered for its pioneering efforts in toxicological research and its relentless commitment to improving public health and safety. Funded by the Korean government, the research institute evaluates the safety of medicine, bio-related products, and chemicals such as agricultural pesticides, food additives, and cosmetics.
Together, NEMIC and KITox are well-poised to foster new and exciting innovations from startups seeking to benefit from the 2023 Super Gap Startup 1,000+ Project. Recently announced by the Korean Ministry of SMEs and Startups, the 1000+ project is a public-private partnership that will dedicate 344 billion won ($276.6 million) over the next three years to 270 companies in the global super-gap sector. A super gap refers to a market dominator's wide lead over its competitors. The broader Startup 1000+ Project is an investment strategy aimed at fostering more than a thousand promising startups within high-tech future industries over the next five years, with a total support budget of ₩2 trillion KRW ($1.5 billion USD). The initiative covers ten fields, including system semiconductors, bio-health, future mobility, and robotics.