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KT&G to fund young entrepreneurs

Sept 06,2017
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From left: Lee Sang-hak, chief of KT&G’s sustainability management team, signed a memorandum of understanding on Tuesday at Seoul Innovation Park with Kim Yong-deog, CEO of Social Solidarity Bank, and Kim Jeong-heon, CEO of Underdogs, for its newly launched KT&G SangSang Startup Camp program. [KT&G]
KT&G said Tuesday it will create a 3 billion won ($2.65 million) fund to help young people start their own businesses under the newly launched project name KT&G SangSang Startup Camp.

The fund is the country’s No. 1 tobacco maker’s first response to the new government initiative to resolve the high level of unemployment among young people in Korea.

The startup incubating program will especially focus on supporting ventures that aim to solve diverse social issues.

The company will receive online applicants until Sept. 20 and the selected applicants will participate in the program for 14 weeks starting in October free of charge.

Participants will receive one-on-one coaching sessions from current or former startup founders and participate in mentoring and networking sessions as well.

Those selected as winners at the end of the program will receive a maximum of 30 million won.

“In order to contribute in solving youth unemployment problem in Korea, [KT&G] came up with the practical solution of supporting youth startups,” said Kim Jin-han, head of KT&G’s social contribution office.

“We hope that young people’s creative ideas will get the chance to generate diverse jobs and eventually grow into innovative companies,” he added.


BY JIN EUN-SOO [jin.eunsoo@joongang.co.kr]