CJ O Shopping Selects 10 Outstanding SME Partners... Provides Total 300 Million KRW for R&D Support

CJ O Shopping is providing a total of 300 million KRW in R&D funding to 10 small and medium-sized partner companies. Using the R&D support funds, Daekyung INC developed an upgraded new product, the 'Simeo Air Fryer Turn & Go,' which is being introduced through the 'Choi Hwajeong Show.'

CJ O Shopping Supports 10 Small and Medium Partner Companies with a Total of 300 Million KRW in R&D Costs... Implemented Since 2019
Part of the 'Innovation Partnership Project' Signed with the Foundation for Cooperation between Large, Small and Medium Enterprises, and the Korea Productivity Center
"Will Diversify ESG Management by Supporting Small and Medium Partner Companies Beyond the Role of a Distributor"

[Asia Economy Reporter Yuri Kim] CJ O Shopping announced on the 19th that it will select 10 small and medium enterprise (SME) partner companies and support a total of 300 million KRW in research and development (R&D) expenses. This is the third time the program has been implemented since 2019.

CJ O Shopping stated that it selected 10 partner companies under the win-win growth agreement based on business plans and growth potential. This year, Taeseok Optical, Daekyung INC, Korea Miracle People, Boguk Electronics, Only4U, Hurom LS, MHT, Ganuda, Uwell Deco, and Poonglim Electronics were selected. CJ O Shopping will provide each partner company with 30 million KRW in R&D support funds. The supported companies plan to use this amount to develop new products or improve the quality of existing products.

This program is part of the 'Innovation Partnership Project' agreement signed in 2019 with the Foundation for Cooperation between Large, Small and Medium Enterprises and the Korea Productivity Center. CJ O Shopping provides the funding, the Foundation for Cooperation between Large, Small and Medium Enterprises handles agreement signing and fund support, and the Korea Productivity Center conducts management consulting for SMEs. CJ O Shopping has contributed 300 million KRW in R&D support funds this year, totaling 900 million KRW since 2019.

Since the implementation of the R&D cost support program, CJ O Shopping has supported a total of 20 partner companies up to last year. The program has received positive responses as it provides practical help to SME partners who are striving to develop new products but lack investment capacity. Taeseok Optical, a company specializing in sunglasses and eyeglass frames, invested the 30 million KRW support fund in mold production, creating over 140 eyeglass component molds and eyeglass frame samples. The resulting Taeseok Optical brand 'Support Light' became a CJ O Shopping 'hit eyeglass frame.' Daekyung INC released the upgraded product 'Simeo Air Fryer Turn & Go,' an enhancement of the popular 'Simeo Air Fryer,' which is currently well-received on CJ O Shopping's popular program 'Choi Hwajeong Show.' CJ O Shopping explained that it actively supports the sales of new products born through the support program.

Ho-beom Lee, Head of External Cooperation Division at CJ O Shopping, said, "The R&D cost support program enhances product competitiveness, leading to increased sales and ultimately satisfying customers, manufacturers, and distributors together." He added, "We will diversify ESG (Environmental, Social, and Governance) management by expanding support policies that build the fundamental competitiveness of small and medium partner companies beyond sales promotion and market support."