"Fostering Young Entrepreneurs in Busan" … Lotte Duty Free, Recruiting 3rd Batch of 'Starups'

[Asia Economy Reporter Jo In-kyung] Lotte Duty Free announced on the 24th that it will carry out the third phase of its social contribution project 'STARUPS' targeting youth enterprises based in Busan.

STARUPS is Lotte Duty Free's flagship social contribution project aimed at fostering local young entrepreneurs to contribute to job creation and economic revitalization. Starting with the first phase in Busan in 2019, followed by the second phase in Jeju in 2020, the third phase this year once again targets youth enterprises in the Busan area.

In the previous STARUPS phases 1 and 2, Lotte Duty Free supported a total of over 20 youth enterprises with specialized business assistance. Through this, participating companies saw their sales increase by at least 2 to 4 times, and more than 80 new jobs were created. Additionally, the project achieved results in giving back to the local community by revitalizing the old downtown areas of Jeju and Busan, developing experiential tourism products, and improving travel convenience services.

The third phase project will be conducted in collaboration with Busan Metropolitan City, the Korea Productivity Center, Busan Creative Economy Innovation Center, and Lotte Ventures. Selected youth enterprises will receive up to 40 million KRW in business funding, along with one-on-one customized coaching and mentoring as part of an accelerating education program. Furthermore, benefits such as open innovation through connections with Lotte affiliates and linkage to Lotte Ventures' startup incubating program 'L-CAMP' will be provided.

Eligibility for participation includes young entrepreneurs and prospective founders aged 45 or younger based in the Busan area, who are conducting projects that promote mutual growth with the Busan community and regional economic revitalization. Youth enterprises based in other regions can also apply if they plan to expand their existing business to Busan.

Lee Gap, CEO of Lotte Duty Free, stated, "The STARUPS project will help not only startups but also the overall co-growth of the regional tourism ecosystem," and added, "We hope for many applications from young talents who are the pillars and future of our society."

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