GS Group, SNU to run incubator program for startups

South Korean energy-to-retail conglomerate GS Group announced Monday that it is searching for startups and future entrepreneurs to join its incubator program it runs with Seoul National University.

“The GS Challenges with SNU” is a joint program with Seoul Techno Holdings, which supports the commercialization of SNU's in-school technology.

It provides local startups the opportunities to meet diverse actors outside the business for solutions.

Startups with less than five years of experience or in the pre-stage of series A funding, as well as future entrepreneurs can apply for the program. Applicants must have at least one member from Seoul National University or work with the school for their business.

The program will select a total of six startups under the categories of AI/Robotics, Climate-Tech, Industrial Bio, Well Aging and Circular Economy.

The nominated companies will receive investments of more than 500 million won ($369,000), mentoring by experts at GS and SNU and opportunites to connect with GS affiliates.

The application is open until Nov. 3.

With this new program, the two are expected to create a thriving venture ecosystem of college, startups and conglomerates, the company said.

“We hope to expand this ecosystem together with schools and research institutes, the cradle of development,” said the GS Group officials.

Separately, GS Group has invested more than 150 billion won in 33 startups and seven venture capital funds in the past year, amid a downturn in the venture market, the company said.