Lotte Continues Founder’s Spirit by Supporting Startups... "Helping with Overseas Expansion"

They are taking a commemorative photo at the Busan L-Camp 2nd Demo Day held last October.

[Asia Economy Reporter Lim Chun-han] Lotte Ventures announced on the 12th that it will promote a ‘Global Accelerator’ program, which includes the largest domestic support fund of 500 million KRW, an investment of 2.5 billion KRW, and a Silicon Valley visit program.

This program was planned with the intention of serving as a stepping stone for startups, whose domestic market is limited, to enter the global market ahead of the 100th anniversary of founder Shin Kyuk-ho’s birth.

Through applications from startups wishing to expand overseas by the 27th of this month, Lotte will select a total of 13 companies and award a total prize of 500 million KRW?the largest scale in Korea?at the founder’s youth entrepreneurship commemorative ceremony on the 3rd of next month (3 top companies will receive 100 million KRW each, and 10 companies will receive 20 million KRW each). Lotte Ventures will also separately consider investments of up to 2.5 billion KRW for the selected startups.

In January next year, the 13 selected startups will be given the opportunity to directly experience Silicon Valley in the United States. Through collaboration with '82 startup' (a Korean entrepreneur group) located in Silicon Valley, startups will be able to visit the area in person and have direct exchanges with major venture capitalists (VCs) and famous Korean startup CEOs, receiving investment and know-how. Lotte plans to conduct lectures and Q&A sessions on various topics including global investment, customer acquisition, marketing to improve market share, HR, and startup management.

Jeon Young-min, CEO of Lotte Ventures, said, “This program was planned to honor the pioneering spirit of the founder, who can be called the first generation global young entrepreneur,” and added, “Starting with this program, we plan to actively expand the startup nurturing system, which was limited to Korea, to overseas.”

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