GS Holdings launches green biotech start-up accelerator
GS Group’s holding unit GS Holdings kicked off its biotechnology start-up accelerator program, dubbed “The GS Challenge,” with six selected start-ups on Thursday.
In a move to find a future growth engine, GS Group has been focusing on nurturing start-ups in the field of green biotechnology. Its accelerator was open to start-ups developing green materials, technologies to reduce waste and healthcare products and services.
Mycel Project, a start-up focusing on producing alternative meat with mushroom mycelia; Roots Lab, a start-up that aims to develop greener substitutes for microplastic by using stone cells from pears; and Nutri Industry, which aims to reuse food waste using insects, were among the start-ups selected by the GS company. In total, 85 start-ups applied for the program.
The selected start-ups will be mentored by a group of experts in biotechnology as well as mentors from start-up accelerator Bluepoint Partners. GS Holdings said the start-ups will have access to production facilities and research labs at GS affiliates so they can develop their business models and produce prototype products.
In the long-term, these start-ups can also cooperate in developing new businesses with GS affiliates.
“All world-class companies were once start-ups,” said Hong Soon-ky, CEO of GS Holdings, in a statement Thursday. “We're looking for a win-win between GS and start-ups by cooperating with start-ups and venture capitalists.”
In August, the six start-ups will present their progress in developing their business models in front of investors and officials from GS Group.
BY KIM JEE-HEE [firstname.lastname@example.org]