GS to ramp up ESG efforts with green biotech startups

GS Group kicked off a mentoring camp with biotech startups on Thursday as part of environmental, social and governance efforts, with plans to pursue eco-friendly business projects together.

A total of six startups have been chosen to be part of the camp dubbed the GS Challenge based on their business potential after 85 startups in the biotech field applied for the acceleration program. The South Korean conglomerate known for its energy and retail businesses said it will provide mentoring on technology and the bio industry for the participants.

Some of the potential biotech business models include eco-friendly pesticides for aerial application, meat substitutes made of mushroom mycelium and insect-based food waste recycling.

The company said the projects will be supported through collaborations with GS Group’s subsidiaries in using the research infrastructure and production lines.

The program is designed to provide support to the startups through late August this year, after which they will then pitch their business plans to investors at home and abroad as well as GS Group officials, the company said.

GS Holdings CEO Hong Soon-ky on Thursday said GS will continue its win-win approach with startups and venture capital firms by pursuing “open innovation.”

By Yim Hyun-su (hyunsu@heraldcorp.com)