GS Retail Launches Youth Startup Support Project... "Practicing ESG Management"

GS Retail, Hamkkeilhaneun Foundation, and Underdogs Sign MOU
Recruiting 5th Cohort for 'Eco Social Impact Project' Starting Next Month
Prototype Production, Business Support Funds, and Market Access Assistance

(From top, clockwise) Kim Wonsik, Executive Director of GS Retail, Cho Sangrae, CEO of Underdogs, and Park Jiyoung, Secretary General of the Together Foundation, are posing for a commemorative photo after signing a business agreement (MOU) for the Eco Social Impact Project.

[Asia Economy Reporter Yuri Kim] GS Retail announced on the 16th that it will support young people in starting social economy enterprises as part of its ESG (Environmental, Social, and Governance) management.

GS Retail stated that it signed a memorandum of understanding (MOU) for the 'Eco Social Impact Project' with the Together Foundation and Underdogs on the same day. The 'Eco Social Impact Project' is a social contribution project started by GS Retail in 2017, supporting prospective entrepreneurs and early-stage startups hoping to launch social economy enterprises in the sustainable environmental manufacturing sector.

The 5th phase of the 'Eco Social Impact Project' will be conducted in collaboration with the Together Foundation, a specialized institution supporting entrepreneurship and growth throughout life cycles, and Underdogs, a startup education institution that discovers and nurtures innovative entrepreneurs domestically and internationally. GS Retail plans to establish a close cooperative system with these two organizations for effective startup support and will provide various customized entrepreneurship programs such as startup education for young people aspiring to launch environment-related businesses, resource linkage, and market development.

Applications for the 5th phase of GS Retail's 'Eco Social Impact Project' will begin on the 22nd of next month, and any young person preparing to start a social innovation environmental manufacturing startup can apply. Selected participants will receive support for prototype production and business funding based on their results. If the business potential is recognized, opportunities for market support will also be provided.

The 'Eco Social Impact Project' has produced a total of 39 startup teams from phases 1 to 4. Following 'Dajeonghan Market,' which made snacks for pets using imperfect agricultural products last year, 'Totu Company,' which planned sanitary pads to solve environmental pollution issues and create jobs for women with career interruptions this year, also expanded its market through GS Shop donation broadcasts.

Won-sik Kim, Executive Director of GS Retail's Management Support Headquarters, said, "As GS Retail practices ESG-centered management principles, we will build a strong cooperative relationship with the two organizations through this MOU and strive to create greater social impact in each of our fields."