Johnson & Johnson (J&J) Innovation launched its Seoul Innovation QuickFire Challenge Wednesday in collaboration with the Seoul Metropolitan Government as an open competition to foster innovation in various medical fields.

For the competition, J&J will also cooperate with Korea Health Industry Development Institute (KHIDI), Janssen Korea Limited and Johnson & Johnson Medical Korea Limited, the company said.

The Seoul Innovation QuickFire Challenge aims to “attract global innovations and solutions in therapeutics, medical devices and health technologies in the fields of oncology, neuroscience, and immunology, among others,” according to J&J Innovation.

Entrepreneurs, academics, biotech researchers and start-ups from around the world will be able to participate. Two winners will receive a combined grant of $134,000 (150 million won), a residency at Seoul Bio Hub for two years, and mentorship from J&J Innovation and KHIDI for a year.

A panel will evaluate solutions on the potential impact, uniqueness, level of competition in the market, and quality and feasibility of the technology, the company said.

“We know that innovation can happen anywhere, and through the Seoul Innovation QuickFire Challenge, Johnson & Johnson Innovation is in Korea to identify great ideas and to accelerate game-changing innovation with key ecosystem players,” said Dong Wu, Head of Asia Pacific Innovation Center, Johnson & Johnson Innovation.