Hyundai Motor "Investing 100 Billion Won Over 5 Years to Nurture Startups"

Chairman Chung Euisun of Hyundai Motor Group

[Asia Economy Reporter Choi Dae-yeol] Hyundai Motor Group has decided to invest 100 billion KRW directly and indirectly over the next five years to nurture domestic startups. This is a move to increase jobs and solve social problems.

Hyundai Motor Group and the Hyundai Motor Chung Mong-Koo Foundation held the H On Dream Opening Impact Day event on the 30th and announced a five-year vision for startup development containing these details. Since 2012, the two organizations have consistently operated projects under the name H On Dream to nurture social enterprises and startups. The company explained that over the past 10 years, they have nurtured 266 startups and created 4,588 jobs.

According to this development plan, from 2023 to 2027, the scale and targets of investment have been significantly expanded. They plan to raise 15 billion KRW through a new fund for direct investment and help attract 85 billion KRW in investment through IR support and investor days. This is a measure to supplement the difficulties early-stage companies face due to funding issues.

Additionally, they aim to nurture 250 startups to broaden the base. A job-specialized track will be newly established for impact startups with excellent employment performance, increasing the number of newly selected startups from 28 per year last year to 50 starting next year.

The target for new job creation is set at 6,000. They will support programs to strengthen the capabilities of selected impact startups in management and human resource management and actively assist in recruitment by holding joint job fairs. In particular, over the next five years, they plan to increase participation of impact startups engaged in environmental projects and strengthen achievements in the environmental sector by providing incentives.

Kwon Oh-gyu, Chairman of the Hyundai Motor Chung Mong-Koo Foundation, said, "We will strive to convey the entrepreneurial spirit and challenging spirit of Honorary Chairman Chung Mong-Koo to young entrepreneurs through this project." Lee Jung-sik, Minister of Employment and Labor, said, "We will discover and support social enterprises in new industries and strengthen the support system centered on social value evaluation."

Gong Young-woon, President of Hyundai Motor Group, said, "We will actively support the birth and growth of more impact startups together with the H On Dream Startup Ground, which is preparing for a new leap," and added, "Let's continue to create brilliant changes that change the world as we do now."

At the event, 25 fellows from the newly selected 10th A and B tracks, who passed screening over the past three months, were introduced. Representatives such as Eun-hye Bang of Life Edit, which improves disability awareness through dark musicals, and Sung-hwan Kim of Juchajang Mandeuneun Saramdeul, which developed a regional parking lot sharing platform, presented their business visions. Earlier, startup cases of major fellows from the 1st to 9th cohorts were also shared.

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