Lotte Duty Free, Recruiting 4th LDF Startups... "Supporting Jeju Youth Enterprises"

Lotte Duty Free is recruiting the 4th class of 'LDF Startups' to support young entrepreneurs in the Jeju region.

[Asia Economy Reporter Lim Chunhan] Lotte Duty Free announced on the 30th that it is recruiting the 4th batch of ‘LDF Startups’ to support youth enterprises in the Jeju region.

Since 2019, Lotte Duty Free has launched the social contribution project LDF Startups, contributing to job creation and tourism revitalization in the region by fostering young entrepreneurs. The Startups project is a win-win model for the Jeju and Busan areas where Lotte Duty Free operates. Starting with the 1st batch in Busan in 2019, followed by the 2nd batch in Jeju, the 3rd batch in Busan, the upcoming 4th batch will target youth enterprises in Jeju.

The 4th Startups project will collaborate with the Busan Creative Economy Innovation Center and Lotte Ventures to provide up to 40 million KRW in business funding per company and 10 weeks of accelerating programs including 1:1 customized coaching. Additionally, various support programs such as the startup incubating program L-Camp Busan will be linked to strengthen the business capabilities of youth enterprises.

Eligibility includes youth enterprises or prospective entrepreneurs based in Jeju with a win-win business model for the Jeju region. Youth enterprises located outside Jeju can also apply if they plan to expand their existing business into Jeju. The application period is until the 24th of next month, and five teams will be selected through the first document screening and the second presentation screening.

Lotte Duty Free has supported a total of 25 youth enterprises from the 1st to the 3rd batches, with participating companies’ sales increasing up to fourfold. Significant achievements have been made in terms of regional return through job creation in Busan and Jeju, development of region-linked experiential tourism products, and improvement of travel convenience services.

A Lotte Duty Free official said, “We hope the Startups project will be an encouragement to young entrepreneurs who have endured a long difficult period due to COVID-19,” adding, “We will continue to support youth enterprises through Startups and carry out various win-win activities that can also contribute to regional tourism revitalization.”

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