Lotte chairman meets with start-up chiefs

Lotte Group chairman Shin Dong-bin met with executives of several start-up companies to discuss measures to support them, the firm said Wednesday. 

It is a part of follow-up steps after Lotte announced its plan to set up an investment corporation, named “Lotte Accelerator,” designed to help young people start their own business in October. Shin offered 10 billion won ($8.7 million) from his personal fortune to set up the investment firm. 

According to the company, some 300 people, including 30 start-up firms’ chiefs and Lotte subsidiaries executives in charge of new investment and business, attended the meeting held in Seoul.

“The meeting was organized to seek effective and practical ways to support start-ups by directly hearing their needs,” a Lotte official said.

Lotte said it has raised the number of start-up firms subjected to the support program to 200 from its initial plan of 100.

The group expects that some 3,000 new jobs will be created through Lotte Accelerator by discovering and supporting 200 start-ups. 

(hnpark@heraldcorp.com)