The Invention Lab and Heavy Equipment Players Seek Blue

Applications open through Oct. 29 for first open innovation cohort, with support for industrial sales channels and LIPS connections

Early-stage investment firm The Invention Lab has teamed up with industrial field specialist Heavy Equipment Players to launch the first Blue-Collar Lifestyle Open Innovation program. It is accepting applications through Oct. 29 from innovative startups that can receive at least 50 million won in direct investment and support in developing sales channels in the field.

The program goes beyond conventional startup incubation, combining Heavy Equipment Players’ customer relationships and distribution infrastructure in industrial settings with The Invention Lab’s strengths in startup sourcing and investment. Its defining feature is an integrated growth path linking validation of on-the-ground demand, sales channel development, joint commercialization and early-stage investment consideration.

The program is open to startups in five areas: MRO and industrial supplies, on-site consumer goods, rental and subscriptions, used goods and the circular economy, and industrial field solutions. The organizers will consider a broad range of business models that can be put to immediate use in industrial settings, from maintenance and safety supplies to equipment rentals, resale and logistics-efficiency solutions. There are no restrictions on a company’s location or years in operation, but early-stage companies less than three years old will receive priority consideration.

Selected companies will receive support through two main tracks. The first focuses on developing sales channels in industrial settings and joint commercialization. The program will use Heavy Equipment Players’ customer network, which is centered on small and midsize companies, to introduce selected companies’ products and services directly to potential customers, and will explore revenue-sharing structures for various business models, including sales and rentals. The second track combines early-stage investment with connections to the Private Investment-Led Technology Startup Support (LIPS) program. Investments starting at 50 million won will be considered for companies with demonstrated growth potential, with support for follow-on fundraising available to those that meet the requirements.

A The Invention Lab representative said, “Through this program, we will connect actual purchasing demand at industrial sites with innovative services from early-stage companies,” adding, “We will build an industry-focused open innovation model where real sales opportunities and investment consideration happen at the same time.” Applications are being accepted through the official website until 6 p.m. on Oct. 29, 2026. After document and in-person evaluations, final investments are expected to be made in December.