Lotte Chilsung Collaborates with Seoul Business Agency to Discover Innovative Technology Startups

[Asia Economy Reporter Eunmo Koo] Lotte Chilsung Beverage announced on the 8th that it is partnering with the Seoul Business Agency to recruit participating companies for the ‘Lotte Chilsung Beverage x Seoul Startup Hub Changdong Open Innovation’ program, aimed at developing plant-based beverages through win-win cooperation between large corporations and startups.

Noting the growing consumer interest in health and the environment as well as the growth of the vegan market, Lotte Chilsung Beverage planned this program in collaboration with Seoul Startup Hub Changdong of the Seoul Business Agency, which promotes open innovation projects to create a corporate ecosystem where large and medium-sized enterprises and startups coexist.

The recruitment fields for this open innovation program include new technologies and material development related to plant-based beverages, as well as innovative technologies and materials related to beverages in general. Lotte Chilsung Beverage plans to recruit startups based in Seoul that possess technologies related to plant-based beverages according to the demand for these technologies, and food tech related to beverages is also eligible for proposals.

Startups wishing to participate can apply for the program by signing up on the Seoul Startup Plus website by 6 p.m. on the 24th of this month. The selected startups will receive collaboration opportunities with Lotte Chilsung Beverage and commercialization support from Seoul Startup Hub Changdong. Lotte Chilsung Beverage will provide collaboration opportunities in R&D, production, distribution, and marketing with the final selected companies, while Seoul Startup Hub Changdong will offer 10 million KRW in commercialization support funds, startup capacity-building programs, residency opportunities at Seoul Startup Hub Changdong, and chances to participate in demo days.

A representative from Lotte Chilsung Beverage said, "We hope for active participation from technologically capable startups that share the vision of Lotte Chilsung Beverage, Korea’s leading beverage company, to develop plant-based beverages that are gaining attention as unique drinks mindful of health and the environment." They added, "We expect that this project will lead to a virtuous cycle of smooth technological cooperation and exchange between startups and large corporations, further activating a win-win ecosystem among companies."