Lotte Duty Free, Selected for 'LDF Startups' 4th Cohort... "Fostering Young Entrepreneurs"

Project Funding Support and 1:1 Customized Coaching Program

On the 4th, Sangjin Lee, Head of Marketing Division at Lotte Duty Free (left), and representatives of youth enterprises are taking a commemorative photo at the workshop.

[Asia Economy Reporter Lim Chun-han] Lotte Duty Free announced on the 5th that it has selected five youth enterprises for the 4th LDF Startups and held a launch ceremony and workshop for accelerating their growth.

LDF Startups is a social contribution project conducted annually since 2019 by Lotte Duty Free to nurture young entrepreneurs and contribute to revitalizing local tourism. Targeting youth enterprises operating win-win business models in the Jeju region, recruitment began in May, and after document screening and presentation evaluations, five teams were finally selected.

The selected Jeju youth enterprises will receive various startup support starting with a two-day workshop held from the 4th at Jeju Lotte City Hotel. Lotte Duty Free will provide each youth enterprise with up to 40 million KRW in business support funds and, together with the Busan Creative Economy Innovation Center, will offer customized acceleration over 10 weeks, including company diagnosis and one-on-one mentoring by experts. They will also be given the opportunity to participate in 'L-Camp,' Lotte Ventures' startup incubating program.

The 4th project selected youth enterprises capable of growing in harmony with the region, including ‘Remedy’, ‘Ilowa’, ‘Jeju Clean Industry’, ‘Kakao Family’, and ‘Protein Dwaeji’. Kim Min-hee, CEO of Remedy, said, “Through the Startups project, we expect to receive specialized support for sustainable product development and distribution processes,” adding, “We will strive to grow into a representative Jeju brand that can coexist with the local community.”

A Lotte Duty Free official stated, “We hope the Startups project will help the Jeju local community and youth enterprises grow together,” and added, “We will continue various social contribution activities that promote win-win cooperation in the future.”

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