Lotte Ventures to Recruit Companies for Next Year's Silicon Valley Program

[Asia Economy Reporter Kwangho Lee] Lotte Ventures, together with The Milk, a Silicon Valley specialized media startup, is recruiting Korean promising startups wishing to enter overseas markets to participate in the 'Silicon Valley Training Program' until December 11.

Companies finally selected for this Silicon Valley training program will be provided with benefits including ▲all expenses for the Silicon Valley training such as airfare and local accommodation ▲networking with unicorn founders and investors in the U.S. ▲visits to the headquarters of Silicon Valley unicorn companies.

Especially this year, outstanding startups will be selected through a performance sharing meeting among the participating companies in the Silicon Valley training program, and a total of 150 million KRW worth of commercialization support funds will be awarded. The program will go through recruitment and selection processes until the end of January 2023, and the training will take place in Silicon Valley, USA, for one week from February 12 to February 19, 2023. Lotte Ventures also announced plans to consider follow-up investments for the selected companies.

The 2022 Silicon Valley training program held last February recorded a competition rate of 24 to 1, showing that many startups applied. The 13 startups finally selected were able to achieve meaningful results such as establishing local corporations and branches in the U.S. and attracting follow-up investments through mentoring with unicorn founders and local venture capitalists.

Earlier on the 3rd, Lotte Ventures held the '2022 Lotte Youth Startup Ceremony' at Lotte World Tower. Among startups selected for the '82 Startup Global Accelerator Program,' 10 outstanding startups were selected through a separate screening and awarded a total of 74 million KRW in support funds for U.S. market entry.

The grand prize winners were 'Jiro,' operating 'Dudum,' a high-end video production and transaction brokerage platform, and 'Fridays Lab,' operating 'Momentum Friday,' an AI-based personalized marketing and business analysis tool for customer retention strategies.

Lotte Ventures will grant additional points for selection in the '2023 Silicon Valley Training Program' to these startups and will proceed with follow-up investment reviews considering global competitiveness and growth potential.

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