Kyowon Group to Foster In-House Ventures... "200 Million KRW Support, Spin-Off Opportunities Provided"

Recruitment for the 1st Batch of 'Deep Change Idea Prize' Open Until June 2

Kyowon Group announced on the 3rd that it has introduced the in-house venture program 'Deep Change Idea Prize' and will actively support its commercialization. Photo by Kyowon Group

[Asia Economy Reporter Kim Heeyoon] Kyowon Group announced on the 3rd that it will introduce the in-house venture program ‘Deep Change Idea Prize’ and actively support its commercialization.

According to Kyowon Group, the ‘Deep Change Idea Prize 1st Contest’ will be held until June 2nd to select the first commercialization candidates.

The contest is open to all employees. It invites original ideas in all fields that can create synergy with existing businesses, including future new businesses such as eco-friendly mobility, changes in household composition such as single-person and senior households, content and platform business, and e-commerce.

First, 10 teams will be selected through the first document screening, and then they will go through a build-up phase for 4 weeks to concretize business plans and business models based on expert coaching. In September, the final two teams will be selected through employee voting and public presentations.

The final selected teams will focus solely on their projects for one year and be engaged in preparing the in-house venture. Kyowon Group plans to actively promote institutional support for successful startup establishment and operation, including a minimum of 200 million KRW in business support funds, independent office space, and autonomous team composition. Depending on the wishes of the in-house venture team, there is also an opportunity to spin off as an independent corporation. Additionally, the company guarantees reemployment even if the startup fails.

A Kyowon Group official said, "We introduced the in-house venture program so that employees with creative talent and passion can challenge entrepreneurship with their own ideas," adding, "We will spare no support so that a culture of challenge without fear of failure and pursuit of innovation expands, and furthermore, the company and employees can dream of the future together."

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