SK Innovation Launches Eco-Friendly Startup Incubation Program 'Egg'

[Asia Economy Reporter Kim Hyewon] SK Innovation announced on the 14th that it held the launch ceremony for the eco-friendly startup nurturing program 'Egg' in collaboration with the Ministry of SMEs and Startups and the Korea Institute of Startup & Entrepreneurship Development.

'Egg' stands for the collaboration between 'E'SK Innovation and 'G'reen Venture, and is part of the 'Startup Leap Package - Large Corporation Collaboration Program' organized by the Ministry of SMEs and Startups and the Korea Institute of Startup & Entrepreneurship Development. Startups selected for Egg receive up to 300 million KRW in commercialization support funds based on the Startup Leap Package from each organization. With this funding, pilot project development with SK Innovation is also possible.

The launch ceremony, held online the day before considering the COVID-19 situation, was attended by 20 eco-friendly startups selected by an external judging panel based on business feasibility, innovation, and collaboration potential with SK Innovation affiliates. The startups' business areas include ▲eco-friendly gas station platforms ▲waste plastic collection and recycling ▲electric vehicle battery materials and recycling ▲low-carbon technologies applied to production facilities, focusing on eco-friendly and low-carbon sectors.

Following the Egg launch ceremony, SK Innovation, the Ministry of SMEs and Startups, and the Korea Institute of Startup & Entrepreneurship Development will conduct open innovation-style education and collaboration programs for the 20 selected startups starting in September.

Among the 20 startups participating in Egg, SK Innovation plans to select 3 to 5 outstanding startups to provide joint commercialization opportunities with SK Innovation’s affiliated subsidiaries and consider co-investment with impact funds that invest for social innovation.

Cho Kyungmok, President of SK Energy and head of SK Innovation’s ESG (Environment, Social, Governance) Design Team, stated, "We hope that Egg will create and spread a startup ecosystem where large corporations and eco-friendly startups coexist and prosper." He added, "Going forward, SK Innovation will continue to expand ESG activities that enhance social sustainability through collaboration with green startups."