Lotte Launches Startup Discovery, CEO Nam Changhee: "Applying Good Technology to the Field"

Lotte Super, Lotte Ventures, and Busan Creative Economy Innovation Center signed a business agreement on the 1st at the Busan Creative Economy Innovation Center in Busan City for the '2022 B.Startup Open Innovation Challenge.' From the right: Jeon Young-min, CEO of Lotte Ventures; Nam Chang-hee, CEO of Lotte Super; Song Yong-jun, Director of Busan Creative Economy Innovation Center.

[Busan=Asia Economy Reporter Jeon Jinyoung] Lotte Super has decided to support promising startups by signing a business agreement for the ‘2022 B.Startup Open Innovation Challenge’.

On the 1st, Lotte Super held a business agreement ceremony at the Busan Creative Economy Innovation Center and signed a business agreement with Lotte Ventures and the Busan Creative Economy Innovation Center to jointly operate projects and establish a mutual cooperation system. According to the agreement, they will select and support three promising startups that possess retail innovation technologies and services.

Nam Changhee, CEO of Lotte Super, said in his greeting, “No matter how good an idea or technology is, its success or failure depends on how it is applied in the field,” and emphasized, “Lotte Super upgrades the ideas that startups have to be much more feasible through the matching process with the field.” He added, “Busan is like a brother city to Lotte, so today’s event is even more meaningful.”

Jeon Youngmin, CEO of Lotte Ventures, also supported the Busan event by saying, “We are family, Busan is family, Lotte is family.”

Song Yongjun, Director of the Busan Creative Economy Innovation Center, stated, “There are not many young people left in Busan. The solution for Busan startups is to prevent the remaining young people from leaving and to bring back those who have left,” and added, “We hope for cooperation and active support from many people.”

Lotte Super shortlisted the top nine teams with high scores among the startups that applied during the recruitment period from May to early June. On-site presentations and evaluations were held to select the final three teams.

The three selected startups will be matched with Lotte Super’s field departments and collaborate for about six months, receiving opportunities to test their technologies and services both online and offline. They will also receive various infrastructure and support, including commercialization support funds (up to 10 million KRW) from the Busan Creative Economy Innovation Center, opportunities to participate in pitching days, and priority selection opportunities for Lotte Ventures’ startup acceleration program ‘L-Camp.’