NongHyup Accelerates In-House Venture Development

The National Agricultural Cooperative Federation (NACF) recently held the 'Pan-NACF In-house Venture Kick-off Meeting' and announced on the 25th that it will actively promote the nurturing of in-house ventures to discover future growth engines for agriculture and rural areas. At the meeting, Jeong Yongwang, Head of the Planning and Coordination Headquarters of NACF, along with other in-house venture-related personnel, attended to discuss the progress of in-house ventures, nurturing plans, and support measures for successful in-house venture development.

Last year, through internal competition among Pan-NACF employees to discover new businesses, a total of three in-house venture teams were finally selected, one each in the fields of agricultural economics, livestock economics, and finance. NACF plans to establish a support system this year that includes providing separate external shared offices, offering startup incubation consulting, and deploying professional accelerators to help concretize business ideas over the course of one year.

Head Jeong said, "In these times of rapid change, we must focus organizational capabilities on building a sustainable business system and discovering innovative growth engines in the agricultural sector," adding, "I hope that the activation of the in-house venture system this year will serve as an opportunity for the spirit of challenge to contribute to the spread of a creative organizational culture throughout Pan-NACF."