This success story arises from the following service: Finding Business Partners in Korea
A startup company developed an innovative alternative technology for biodiesel production using enzymes. It aimed to partner with leading biodiesel producers in South Korea to explore replacing their current chemical-based production processes with this new enzymatic method.
TARGET: INTRODUCING AND INTEGRATING THE ALTERNATIVE TECHNOLOGY IN SOUTH KOREA
The startup had been involved primarily in small-scale projects to test its technology's feasibility. South Korea was selected as a strategic market to find a partner for integrating the new biodiesel production technology commercially.
CHALLENGE: INTRODUCING UNPROVEN TECHNOLOGY TO COMMERCIAL SCALE PRODUCTION
The conventional method for biodiesel production, using chemical processes to extract biodiesel from animal fat and vegetable oil, is widely adopted globally. South Korean enterprises, utilizing this established chemical technology, face intense competition with slim margins. Proposing an enzymatic alternative, not yet validated on a commercial scale, poses a significant risk to these companies. Additionally, the shift to enzyme-based production would require dedicated facilities, representing further investment for companies considering this new method.
WORK PROCEDURE: CONDUCTING MARKET STUDIES AND IDENTIFYING PROSPECTS
Given that commercial-scale enzymatic biodiesel production was novel in South Korea, there was a notable gap in local expertise among biodiesel producers. The KOISRA team embarked on a comprehensive study of this emerging field. A presentation was prepared in Korean, detailing the business and technical advantages of the enzymatic technology over traditional methods.
Following the creation of marketing materials in Korean, KOISRA's research team investigated previous attempts to deploy enzyme technology in Korea. This included assessing existing local research, regulatory responses, and any engagement by biodiesel producers in enzymatic methods. The team then focused on identifying leading biodiesel producers in Korea, evaluating their capacity for both domestic and international production.
Companies were selected based on their production volume and the presence of robust R&D departments. This list was presented to the Israeli client, and with KOISRA's business development team, suitable Korean partners were contacted. Initial discussions introduced the companies' R&D teams to the new technology and its potential benefits. Follow-up interactions, including meetings and conference calls with the startup's engineers, addressed technical considerations. Invitations to visit the startup's headquarters to see the technology in action were extended to interested parties.
RESULT: LAUNCHING A GROUNDBREAKING PRODUCTION FACILITY
One of the companies, after visiting the startup's headquarters and conducting subsequent laboratory tests with positive outcomes, decided to collaborate with the startup. This led to the establishment of East Asia's first biodiesel production facility utilizing the innovative enzyme technology, marking a significant milestone in the adoption of cleaner, more efficient production methods in the region.