CJ ENM’s home shopping division announced on Dec. 18 that it has signed a partnership deal with government-led startup coworking and support program operator Seoul Startup Hub.
As their first project together, they agreed to start operating a program “Challenge! Startup” to support local startups at the beginning of 2020. The program will select six startups, mainly ones based on future technologies such as internet of things and artificial intelligence.
CJ ENM especially pointed out that it will provide funds worth 100 million won ($85,770) to top three startups, so that they can use the investment for their research and development.
“We hope that a lot of startups with great ideas and passion will apply for our program next year,” a CJ ENM home shopping division official said in a statement. “We are aiming to make Challenge! Startup as one of main program of our creating shared value business.”
The company added that any startup that wants to participate in the program has to first submit an application. The shortlisted startups will then have to pitch their businesses.
According to the local entertainment giant, it will also work with Seoul Startup Hub to create a network to provide management know-how, opportunities and technologies.
By Song Seung-hyun (email@example.com)