AmorePacific launches program with start-up acceleratorAmorePacific, the nation’s top cosmetics manufacturer, is collaborating with a local start-up accelerator on a six-month program to support entrepreneurs in the health and beauty sector.
Participants of the program, “AmorePacific TechUP+,” will receive industry insight from AmorePacific, while its partner accelerator, FuturePlay, will be in charge of managing the program, from selecting candidates to helping them realize their business plans.
Although there have been numerous start-up support programs overseen directly by conglomerates, AmorePacific and FuturePlay said this kind of direct collaboration between a company and accelerator is the first of its kind in Korea.
The cosmetics giant’s partner, FuturePlay, already provides support in the form of investment and networking opportunities to turn entrepreneurs’ ideas into businesses.
“The project was devised with the hope that our know-how in the start-up scene and AmorePacific’s infrastructure as a cosmetics industry leader will create good synergy in developing new IT start-ups relevant to beauty and health care,” a FuturePlay spokesman said.
AmorePacific and FuturePlay designed a set of criteria to select program candidates based on predictions about future information technology trends in the health and beauty sector.
Registration for AmorePacific TechUP+ began Wednesday on its website (amorepacific-techupplus.com) and will be open until Dec. 18. Candidates will have to submit a written application and deliver two presentations. Five teams will be selected for the program.
The teams will receive seed funding, an office and mentoring sessions for six months before they go through a final evaluation for further investment. AmorePacific and FuturePlay will jointly invest in teams that they deem to have potential.
“The goal is to encourage what we call ‘open innovation’ through which new ideas can be brought to life with the help of AmorePacific’s business insight and stable infrastructure,” said Kim Seung-hwan, director of the cosmetics company’s strategy unit. “We hope the program can help the growth of health and beauty start-ups.”
BY SONG KYOUNG-SON [email@example.com]