- To give additional points to companies in the tourism and environmental sectors; to financially aid up to KRW 40 million and offer acceleration training to the selected companies
Lotte Duty Free (CEO Lee Kap) will once again support young entrepreneurs in Busan.
Lotte Duty Free announced on May 24th their plan to carry out the 3rd LDF Starups" for young entrepreneurs in Busan as part of their major corporate social responsibility (CSR) programs.
Starups is Lotte Duty Free's CSR project that contributes to job creation and revitalization of the local economy by fostering young entrepreneurs in the region. Starting with the 1st batch in Busan (2019) and the 2nd batch in Jeju (2020), it will be recruiting participants for this year's 3rd batch from young entrepreneurs in Busan once again.
Through the 1st and 2nd batches, Lotte Duty Free offered specialized business supports to 20 young entrepreneurs. This has resulted in a sales increase of at least twice to up to four times and creating around 80 new jobs. In addition, Jeju and Busan have made great achievements in terms of returning to the community, including the development of experiential tourism products and the improvement of traveler convenience services in the region.
The third project will be led jointly by the Busan Metropolitan Government, Korea Productivity Center, Busan Center for Creative Economy & Innovation, and Lotte Ventures. The selected young entrepreneurs will receive acceleration training that includes one-on-one coaching and mentoring, along with a financial aid of up to KRW 40 million for business expenses. The program will also offer benefits such as open innovation through connection with Lotte affiliates and Lotte Ventures’ startup incubation program, “L-CAMP.”
To be qualified for the 3rd LDF Starups, the candidates must be a young entrepreneur or a soon-to-be entrepreneur under the age of 45 residing in Busan who carries out projects to promote mutual growth with Busan and revitalize the local economy. Young entrepreneurs in other regions may also apply if they plan to expand their existing business to Busan.
The third batch of Starups will give additional points to companies engaged in not only the tourism but also in the environmental sector and will also select consortium-type companies with two or more young entrepreneurs.
The application period is until June 25th. Lotte Duty Free will conduct the first face-to-face interview and the second presentation screening for companies that have passed the document screening. The finalists will start a ten-week acceleration training starting August.
CEO Lee Kap of Lotte Duty Free said, “We would like to ask all young talents who are the pillar and future of our society to apply for the 3rd batch. We expect that the project will help not only the start-ups but also the entire regional tourism ecosystem to grow together.”
Details on the eligibility for the 3rd LDF Starups are available on Lotte Duty Free's official website.
Meanwhile, Lotte Duty Free launched a committee that pursues environmental, social, and governance (ESG) value for the first time in the industry and declared the ESG management vision in March. On the day of declaration, Lotte Duty Free announced "LDF Impact" as a new CSR slogan. The company carries out diverse CSR activities focusing on "mutual growth" with the local community and small business owners.