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UL Solutions and Korea's Ministry of Small and Medium-Sized Enterprises and Startups Kick Off Next Phase of Tech Innovation Collaboration

1. UL Solutions partners with Korea's MSS to assist tech startups. 2. Seven Korean companies will receive guidance for U.S. market entry. 3. The collaboration enhances market access readiness for innovative products. 4. Initiative aims to benefit consumers by ensuring product safety standards.

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Why Bullish?

This collaboration can lead to increased revenue streams for ULS. Previous partnerships have often resulted in enhanced market presence and financial growth.

How important is it?

This partnership represents a strategic advantage in expanding foothold in Asia. Its potential influence on revenue and product growth is significant.

Why Long Term?

As more startups are guided, ULS will strengthen its market position. Similar initiatives in the past have shown lasting benefits in revenue and innovation.

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KOREA: MSSUL Solutions
NORTHBROOK, Ill.--(BUSINESS WIRE)--UL Solutions (NYSE: ULS), a global leader in applied safety science, and Korea’s Ministry of Small and Medium-Sized Enterprises and Startups (MSS) launched the next phase of their collaboration to support expanding industries and advance technological innovation. This collaboration – resulting from the memorandum of understanding (MoU) signed in April 2023 – helps South Korean startups navigate product testing for the United States market. This stage includes the designation of seven Korean companies located in the South Jeolla Province, known as Jeollanam-do, to receive guidance from UL Solutions. The initiative aims to provide market access readiness support to these startups by utilizing both the safety science expertise of UL Solutions and a global certification support center in Jeollanam-do. The agreement was signed in 2023 and is being overseen by the minister of Small and Medium-Sized Enterprises – known as SMEs – and Startups. “We’re thrilled to begin the next chapter of this collaboration to further advance and support these innovative tech startups in Korea,” said Yun Chung, UL Solutions regional managing director for Korea. “As a leader in safety science, there’s no better organization to guide these startups as they navigate testing and help them grow by entering the U.S. market with products that meet safety standards – and ultimately, benefit consumers.” The next group of participating tech startups will be determined in 2025. About UL Solutions A global leader in applied safety science, UL Solutions (NYSE: ULS) transforms safety, security and sustainability challenges into opportunities for customers in more than 110 countries. UL Solutions delivers testing, inspection and certification services, together with software products and advisory offerings, that support our customers’ product innovation and business growth. The UL Mark serves as a recognized symbol of trust in our customers’ products and reflects an unwavering commitment to advancing our safety mission. We help our customers innovate, launch new products and services, navigate global markets and complex supply chains, and grow sustainably and responsibly into the future. Our science is your advantage.

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