CJ Group Opens Recruitment for 2nd Batch of Startup Support Open Innovation 'Oventus'

[Asia Economy Reporter Lee Seon-ae] CJ Group is implementing an open innovation program to secure differentiated future innovative technologies and support the growth of startups and the activation of the industrial ecosystem.

CJ announced on the 26th that it will recruit participating companies for the 2nd batch of ‘O!VentUs (Open+Venture+Us)’ until the 29th of next month.

Co-hosted with the Seoul Creative Economy Innovation Center, the 2nd batch of ‘O!VentUs’ is a program that discovers small and medium-sized enterprises, startups, and research institutes with excellent technological capabilities and supports joint technology development and commercialization with CJ CheilJedang, CJ Freshway, CJ Logistics, and CJ ENM. The recruitment target is companies with technologies and business models suitable for each field, and applications can be submitted through O!VentUs.

The application fields are AI/Big Data, Food Tech, Logistics, and Media/Content, with up to 10 companies selected to receive 10 million KRW in commercialization support funds per team. In addition, a dedicated mentoring team composed of field experts and practical experts from each CJ Group affiliate will conduct a two-month scale-up incubating program to lead investment attraction and capacity building. In the future, companies presenting differentiated solutions will build continuous cooperative relationships through joint technology development and investment.

At the ‘Demo Day,’ which introduces business performance and plans, one team recognized for excellence will receive 10 million KRW, and two teams awarded the grand prize will each receive 5 million KRW. Additionally, benefits such as office space at the Seoul Creative Economy Innovation Center, recommendation points for the Korea Credit Guarantee Fund's 'Start-up NEST,' and special IR pitching opportunities at KDB Industrial Bank’s IR Day will be provided.

Last year, CJ Group selected and supported a total of six companies in the first batch of ‘O!VentUs.’ As a result, they achieved about 40 new jobs created and 3.8 billion KRW in investment attraction, increasing the corporate value by four times compared to before participating in ‘O!VentUs.’

A CJ Group Win-Win Innovation Team official said, “CJ is continuously seeking opportunities for mutual growth through an organic cooperation model with startups,” adding, “In the second half of the year, we plan to diversify participating affiliates such as CJ LiveCity and will continue to expand the business in the future.”

This content was produced with the assistance of AI translation services.