CJ OnStyle Opens Applications for '2022 Challenge Startup' Participating Companies

CJ OnStyle-Seoul Business Agency 'Challenge! Startup'
Discovering Outstanding Startups and Providing Product Development and Market Expansion Coaching
Applications Accepted Until 22nd... Up to 40 Million KRW Support and CJ OnStyle Store Entry Opportunity for Final Selected Companies

[Asia Economy Reporter Yuri Kim] CJ OnStyle announced on the 15th that it is recruiting manufacturing-based startups to participate in its representative win-win program, 'Challenge! Startup,' until the 22nd.

'Challenge! Startup' is a win-win program by CJ OnStyle that supports startups with innovative technology-based new product ideas such as Internet of Things (IoT) and Artificial Intelligence (AI) throughout the entire process, including product development, marketing experience, and actual product sales. In December 2019, CJ OnStyle partnered with Seoul Startup Hub, a startup support center under the Seoul Business Agency, to jointly operate 'Challenge! Startup.' Since then, 16 companies were selected and supported in 2020 and 2021, and this year, the third batch of 10 companies will be selected again.

CJ OnStyle will conduct document screening to select 30 companies in early July for the first round, then hold a demo day within July to select 20 startups with outstanding performance for the second round. The second-round selected companies will receive 12 million KRW for prototype production costs, product development coaching, consulting from CJ OnStyle MDs (Merchandisers), and education and mentoring. Subsequently, the final 10 selected companies will receive direct support from CJ OnStyle for promotional and marketing expenses worth up to 30 million KRW and will be given the opportunity to enter CJ OnStyle’s TV home shopping and live commerce channels without commission fees in the second half of this year (schedules are subject to change).

Jaehong Lim, Head of Strategy Support at CJ OnStyle, stated, "The win-win program 'Challenge! Startup,' designed to nurture excellent startups, will select companies based on the originality of the developed product ideas, the company's growth potential, and business plans." He added, "We plan to discover and fully support manufacturing-based startups that are small in scale but have high growth potential."

Meanwhile, any startup operating a headquarters, branch, factory, or research institute in Seoul can apply for 'Challenge! Startup.' The recruitment targets manufacturing-based startups with high willingness to improve product development capabilities through consulting and to enter the market. Applications must be submitted by 6 PM on June 22 through the Seoul Startup Plus website, Seoul’s online integrated startup platform.

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