"CJ Selects 10 Startups for 2nd 'Seed' Mentoring and Commercialization Support Program"

On the 26th of last month, an orientation was held at Hoeseong Building in Gangnam-gu, Seoul, for 10 companies selected for the second batch of Seeds.

[Asia Economy Reporter Eunmo Koo] CJ announced on the 3rd that it has selected 10 companies to participate in the 2nd phase of the 'Startup Leap Package - CIAT (CIAT) Program' in collaboration with the Ministry of SMEs and Startups, the Korea Institute of Startup & Entrepreneurship Development, and the Busan Design Promotion Agency.

CIAT is an open innovation program in which six major CJ affiliates, including CJ CheilJedang, CJ Logistics, and CJ ENM, select and support startups in the leap phase (3 to 7 years since founding). It focuses on supporting the development and verification of technologies and services conceived by startups through PoC (Proof of Concept).

Through a public contest that began in February, 10 companies were selected across three sectors: Food & Bio, Logistics, and Entertainment & Media. These companies submitted innovative ideas aligned with the business themes proposed by CJ, demonstrated commercialization capabilities, and received high evaluations in terms of future growth potential.

Selected companies will receive commercialization support funds along with approximately eight months of tailored mentoring in stages. CJ will first review the feasibility of technology and business collaboration through PoC over four months. Additionally, seminars on technology and business models necessary for startups will be provided. Afterwards, a 'Demo Day' will be held to introduce each company's business items and attract investment. Through this, CJ plans to conduct follow-up reviews for business linkage with CJ affiliates and support global expansion such as attending CES 2023.

CJ CheilJedang will actively foster startups in the Food & Bio sector. It plans to support four companies?SseSeul Primus, Monet Korea, Fit, and Science Corporation?that proposed ideas related to CJ CheilJedang’s Bio Business Division, CJ Feed & Care, and CJ Wellcare businesses. These companies attracted significant attention by presenting innovative business ideas reflecting recent trends such as smart farms, sustainable management (ESG), and wellness.

In the logistics sector, CJ Logistics will nurture three companies?Mople, Glassdome Korea, and DYPro?that possess digital transformation technologies applicable to logistics centers and carbon reduction business models. In the Entertainment & Media sector, CJ ENM and CJ CGV will take the lead. CJ ENM will support Alpha Circle, which aims to implement non-face-to-face concerts using virtual reality (VR) technology. CJ CGV will support Toy Pudding, which proposed short-form content tailored for the MZ generation (Millennials + Generation Z), and Project Rent, which came up with ideas to increase the utilization of movie theater lobby spaces.

A CJ Group official stated, “We are mobilizing all business capabilities and support in the food, logistics, and media sectors to help companies selected for CIAT leap to become next-generation unicorns,” adding, “We will continue to fulfill our corporate social responsibility and role to foster a healthy startup ecosystem.”