Lotte Wellfood Finalizes Selection of Promising Startups for 'Open Innovation Challenge'

Lotte Wellfood (formerly Lotte Confectionery) announced on the 18th that it has finally selected three promising startups that will contribute to open innovation through its representative open innovation platform, 'B.Startup Open Innovation Challenge 2023.'

Conducted in collaboration with the Busan Creative Economy Innovation Center, the B.Startup Open Innovation Challenge 2023 is a program designed to discover outstanding regional startups, provide opportunities for collaboration with large corporations and market validation, and ultimately lead to potential business partnerships.

The recruitment process, targeting startups nationwide that have been established for less than seven years, was conducted in three categories: ▲Metaverse platform construction and development ▲Strengthening ESG practices ▲Free topics related to increasing Lotte Wellfood’s sales. A total of about 50 startups applied.

The companies finally selected through document screening and presentation evaluation are three startups: ‘Nutri Industry,’ which has an insect technology-based food waste recycling solution; ‘Bada Platform,’ which provides premium food sales services using food safety information data; and ‘Twin Cosmos,’ which creates corporate promotional halls for brand marketing and product exhibitions using multi-access and 3D technology on the web.

Each company will receive up to 10 million KRW in PoC (Proof of Concept) funding and will undergo PoC processes on-site both online and offline through collaboration with Lotte Wellfood’s operational teams until November. After the PoC support ends, they will also have the opportunity to participate in a pitching stage aimed at successful future investment attraction.

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