2 Korean firms win innovation awards

Korea’s steel giant Posco and top MP3-player maker ReignCom Co. were yesterday awarded the first awards from the Edison Preservation Foundation, in recognition of their innovative technologies. The Edison Innovation Award, established in partnership with the Partners for the Future Foundation, a charity arm of the American Chamber of Commerce in Korea, aims to promote the innovative spirit of the late U.S. inventor Thomas Edison, said John Keegan, chairman of the Edison foundation, during a press conference at a central Seoul hotel. “The technological advancement Korea has made over the past 40 years is amazing,” said the former U.S. military officer, who was briefly based in Korea in the 1960s. He said he was particularly interested in countries in the Pacific Rim, including Japan, China and Taiwan. Mr. Keeegan cited Posco’s Finex technology and ReignCom’s iRiver, an MP3 player, as examples of successsful efforts to break into niche markets. The two companies are expected to benefit from using the “Edison Innovation Award” trademark in advertising. The non-profit Edison Preservation Foundation, an organization founded in 1996, donated $100,000 to the Future Foundation for scholarships for engineering students and those from unemployed families. by Seo Ji-eun