Lotte Duty Free Hosts 3rd Demo Day for Youth Enterprise Development 'LDF Startups'

Lotte Duty Free held a demo day on the 23rd at Front1 in Mapo-gu, Seoul, to share the achievements and experiences of five youth companies from Busan participating in the 'LDF Startups' 3rd project. Attending the demo day were Lee Sang-jin, Head of Marketing at Lotte Duty Free (right in the photo), along with representatives and stakeholders of the youth companies.

Accelerating 5 Busan Youth Companies Over 3 Months
Total Sales of Participating Companies Increased by 147% Year-on-Year... Created Jobs for Over 20 People

[Asia Economy Reporter Yuri Kim] Lotte Duty Free announced on the 24th that it held the 'LDF Startups' 3rd Demo Day at Front1 in Mapo-gu, Seoul on the 23rd.

Started in 2019, 'LDF Startups' is Lotte Duty Free's flagship social contribution project that nurtures youth startups to create local jobs and revitalize the economy. At the 'LDF Startups' Demo Day held that day, representatives of five youth companies from Busan selected for the 3rd batch, along with officials from Lotte Duty Free, Busan Creative Economy Innovation Center, and Lotte Ventures, attended to share the achievements and experiences gained through the approximately three-month accelerating program.

The 'LDF Startups' 3rd project recruited youth companies operating businesses that can coexist with the Busan region last May, and five youth companies were finally selected after overcoming a competition rate of 12 to 1. Lotte Duty Free provided up to 40 million KRW in business expenses per company and enabled participation in the startup incubating program 'L-Camp' operated by Lotte Ventures.

To ensure that Busan youth companies could receive practical support locally, Lotte Duty Free signed a business agreement with Busan City and provided coaching program support from the Busan Creative Economy Innovation Center, as well as opportunities to present for investment attraction at 'Busan Startup Week Bounce 2021,' Busan's representative startup festival. Lotte Duty Free stated, "We actively focused on strengthening the competitiveness of participating companies through a one-on-one customized program," adding, "As a result, the total sales scale of the five participating companies increased by 147% compared to last year, and more than 20 local jobs were created."

Lee Hyo-eun, CEO of 'Yacht People,' which makes upcycled products from discarded yacht sails, said, "Participating as the 3rd batch of LDF Startups gave us an opportunity to objectively evaluate the market competitiveness of our products." Other participants in this 3rd project included ▲ 'TNG,' which produces shoes from used tires ▲ 'Cosmile Corporation,' which makes eco-friendly cosmetics using Busan-specialized raw materials ▲ 'Return Box,' which provides traveler carrier transport services ▲ and 'Mallanghani,' an e-commerce platform for childcare products.

Lee Gap, CEO of Lotte Duty Free, who sent greetings via video that day, said, "It was a meaningful time to join the passion and challenging journey of the youth companies participating in LDF Startups," and added, "Lotte Duty Free will continue to strive to coexist with local communities and grow together as a partner of youth companies."

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