Home&Shopping Joins Hands with Kyowon Group to Discover Startups

Joint Memorandum of Understanding between Gyowon and Startup Prize
Cooperation in Program Operation and Selection and Nurturing of Outstanding Startups

[Asia Economy Reporter Kwak Minjae] Home&Shopping announced on the 1st that it will carry out the ‘Startup Prize Program’ to secure differentiated future innovative technologies and support the growth of startups and the revitalization of the SME ecosystem.

On the 31st of last month, Home&Shopping held a business agreement ceremony (MOU) related to the ‘Startup Prize Program’ at the Kyowon Naewoe Building in Myeongdong, Seoul, attended by Lee Wonseop, Head of Management Support Division at Home&Shopping, and Shin Youngwook, Head of Digital Convergence Business Division at Kyowon Group.

The ‘Startup Prize Program’ conducted by Home&Shopping and Kyowon Group is an open innovation platform that discovers and supports startups with excellent technological capabilities and business models. It selects early-stage startups in four industrial sectors: Edutech, ICT, Lifestyle, and Media & Commerce.

The selected startups will receive support for four months and work with Home&Shopping and Kyowon Group to increase their chances of success in the market. Home&Shopping will hold a Demo Day at the World Knowledge Forum in September, select a total of nine outstanding startups, award them, and provide investment and commercialization support.

Lee Wonseop, Head of Management Support Division at Home&Shopping, said, “This project was started with a sense of responsibility for discovering and nurturing new SMEs,” and added, “We will continue to increase support for SMEs by discovering startups with innovation and capabilities.”