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- QuickFire Challenge seeks to identify and accelerate game-changing, early-stage health tech innovations from around the world.
- Awardees will receive up to KRW150,000,000 (approximately US $134,000), residence at the Seoul Bio Hub, mentorship and coaching, and access to the Johnson & Johnson Innovation – JLABS (JLABS) global entrepreneurial community.
SEOUL, South Korea, July 18, 2019 /PRNewswire/ -- Janssen Korea Ltd. and Johnson & Johnson Innovation LLC today announced the launch of the Seoul Innovation QuickFire Challenge in Smart Healthcare in collaboration with the Seoul Metropolitan Government and the Korea Health Industry Development Institute (KHIDI). The challenge invites innovators from around the world – including start-ups, entrepreneurs, academics, scientists, and biotech researchers – to submit the best idea, technology, or solution that aims to address a health need for the world's population.
Up to two awardees will receive up to KRW 150,000,000 (approximately US$134,000)1 in grant funding, one year of residency at the Seoul Bio Hub, one year of mentorship and coaching from experts in science, technology and commercialization at the Johnson & Johnson Family of Companies, and access to the JLABS global entrepreneurial community.
"The Asia Pacific region is a health tech powerhouse," said Melinda Richter, Global Head, Johnson & Johnson Innovation – JLABS2. "Korea is an emerging leader in health tech innovation, and there is tremendous potential in the areas of AI, blockchain, and big data among others. The Smart Healthcare QuickFire Challenge is a global call for submissions with the aim to identify great, tech-enabled ideas that can make a long-lasting, positive impact on the health of individuals and communities worldwide."
The QuickFire Challenges, managed by JLABS—the no-strings-attached incubators of Johnson & Johnson Innovation—seek to empower and enable groundbreaking science and health solutions by encouraging students, entrepreneurs, researchers, and start-up companies to apply. The Smart Healthcare QuickFire Challenge focuses on the following technology-enabled innovation areas:
"In collaboration with local leaders, we are working to support the entrepreneurial community and enhance the life science ecosystem by fostering an environment that embraces novel scientific and technological approaches to improving the health and care of patients and consumers," said Jenny Zheng, Area Managing Director, Janssen North Asia3. "We are interested in QuickFire Challenge applicants with ideas that leverage health tech to advance customized approaches to patient care, shared decision making, and efforts to lower barriers and improve access to care."
The QuickFire Challenge aims to advance game-changing, early-stage innovations by combining Johnson & Johnson Innovation's unique vision for collaboration in an open innovation model with the Seoul Metropolitan Government's efforts to drive innovation and commercialize its research outcomes; KHIDI's professional and systems-building support; and the Seoul Bio Hub's ability to accelerate the development and commercialization of potential early-stage, life-science solutions.
This announcement marks the third QuickFire Challenge in Korea, following the launch of the previous Seoul Innovation QuickFire Challenges in August 2017 and August 2018. The deadline to apply is September 15, 2019. For more information about the Smart Healthcare QuickFire Challenge (including the terms and conditions of entry), please visit: http://jlabs.buzz/SmartHealthcare
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; Johnson & Johnson Innovation – 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. JLABS provides the laboratories, expertise, education, tools and resources needed to help life science startups thrive, all with no strings attached. A Johnson & Johnson Innovation Center for Device Innovation at the Texas Medical Center (CDI @ TMC) has been established to accelerate the development of medical devices. For more information about Johnson & Johnson Innovation, 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 across a broad healthcare spectrum including pharmaceutical, medical device, consumer and health tech sectors 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 also produces campaigns to seek out the best science called QuickFire Challenges. For more information, visit http://jlabs.jnjinnovation.com/ or follow @JLABS.
About the Janssen Pharmaceutical Companies of Johnson & Johnson
At Janssen, we're creating a future where disease is a thing of the past. We're the Pharmaceutical Companies of Johnson & Johnson, working tirelessly to make that future a reality for patients everywhere by fighting sickness with science, improving access with ingenuity, and healing hopelessness with heart. We focus on areas of medicine where we can make the biggest difference: Cardiovascular & Metabolism, Immunology, Infectious Diseases & Vaccines, Neuroscience, Oncology, and Pulmonary Hypertension. Learn more at www.janssen.com. Follow us at www.twitter.com/JanssenGlobal. Janssen Korea Ltd. is one of the Janssen Pharmaceutical Companies of Johnson & Johnson.
Cautions Concerning Forward-Looking Statements
This press release contains "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995 related to the launch of the Seoul Innovation QuickFire Challenge in Smart Healthcare. The reader is cautioned not to rely on these forward-looking statements. These statements are based on current expectations of future events. If underlying assumptions prove inaccurate or known or unknown risks or uncertainties materialize, actual results could vary materially from the expectations and projections of Janssen Korea Ltd., any of the other Janssen Pharmaceutical Companies, Johnson & Johnson Innovation LLC and/or Johnson & Johnson. Risks and uncertainties include, but are not limited to: the potential that the expected benefits and opportunities related to the collaboration may not be realized or may take longer to realize than expected; challenges inherent in new product development, including the uncertainty of clinical success and obtaining regulatory approvals; competition, including technological advances, new products and patents attained by competitors; uncertainty of commercial success for new products; the ability of the company to successfully execute strategic plans; impact of business combinations and divestitures; challenges to patents; changes in behavior and spending patterns or financial distress of purchasers of health care products and services; and global health care reforms and trends toward health care cost containment. A further list and descriptions of these risks, uncertainties and other factors can be found in Johnson & Johnson's Annual Report on Form 10-K for the fiscal year ended December 30, 2018, including in the sections captioned "Cautionary Note Regarding Forward-Looking Statements" and "Item 1A. Risk Factors," and in the company's most recently filed Quarterly Report on Form 10-Q, and the company's subsequent filings with the Securities and Exchange Commission. Copies of these filings are available online at www.sec.gov, www.jnj.com or on request from Johnson & Johnson. The Janssen Pharmaceutical Companies, Johnson & Johnson Innovation LLC and Johnson & Johnson do not undertake to update any forward-looking statement as a result of new information or future events or developments.
1 From the KRW 150 million grant, each awardee will receive a KRW 75 million grant including one-year mandatory residency, which must be used toward the rent and utilities at the Seoul Bio Hub for a year.
2 Melinda Richter is employed by Johnson & Johnson Innovation LLC.
3 Jenny Zheng is employed by Janssen Korea Ltd.
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