Hyundai Department Store Group Seeks Startups for Collaborative Growth... Launches Partnership Project

Hyundai Department Store New Headquarters Building Exterior.

[Asia Economy Reporter Jeon Jinyoung] Hyundai Department Store Group is set to discover startups and achieve mutual growth and secure future growth engines through collaboration with them.

On the 7th, Hyundai Department Store Group announced that it will carry out the ‘ChangeX’ project to support the founding and growth of startups in partnership with ‘K-Startup,’ a startup accelerator. K-Startup is a specialized company that has discovered and nurtured EdTech unicorn ‘Riiid,’ Korea’s first virtual asset exchange ‘Korbit,’ and beauty MCN ‘Leferi,’ among others.

The ‘ChangeX’ project is an accelerating program created by Hyundai Department Store Group to discover and nurture innovative startups that will strengthen the competitiveness of existing businesses and create new business models. It is scheduled to be held twice a year, in February and August, starting this year. The recruitment fields include ▲collaboration in existing businesses (distribution, fashion, living, food) ▲collaboration in new businesses (beauty, healthcare, bio, eco-friendly, senior-friendly, education, etc.) ▲digital transformation (AI, cloud, blockchain, etc.).

Hyundai Department Store Group is recruiting the first startups to participate in the ChangeX project until the 28th. Startups wishing to participate (startups and prospective founding teams composed of two or more members) can submit an application form through the ChangeX website (www.changex.co.kr), and after evaluating business plans, the final selection will be made by the end of next month.

Selected startups will receive up to 50 million KRW in initial investment funds and will collaborate with field experts from each affiliate within Hyundai Department Store Group. In addition, they will be provided with opportunities to promote projects in cooperation with Hyundai Department Store Group as well as follow-up investment support.

A Hyundai Department Store Group official said, “The ChangeX project is a ‘win-win model’ that discovers startups that can create synergy with our group and create new business models,” adding, “We will continue to strengthen cooperation with startups to achieve mutual growth and simultaneously create business synergy, striving to build a virtuous cycle startup ecosystem.”

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