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ID KAIST signed a memorandum of understanding (MOU) with Audi Korea to establish a student-led startup program, Audi-KAIST Innovation Lounge, for design and product development on May 19, 2015 at the KAIST Institute of Entrepreneurship on campus. Directed by Professor Sang-Min Bae of the Industrial Design Department (IDD), the Audi-KAIST Innovation Lounge will be operated as a global business incubator where IDD undergraduate and graduate students cultivate their entrepreneurship skills and explore business opportunities to develop commercially applicable product designs. For example, students will receive support from the Lounge to turn their ideas, class assignments, and graduation works into business through a full cycle of product development process such as inquiry, prototype development, and commercialization. The Lounge will also provide students with mentoring service from industry professionals and experts who can aid the students in finding design solutions and building prototypes using 3D printers. For this project, Audi Korea will invest a research fund of USD 250,000 in the Innovation Lounge for the next five years.
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