'GS Challenge with SNU' nurtures promising startups

The GS Challenge, jointly hosted by GS Holdings and Seoul Technology Holdings, is looking for new startups to nurture and develop. Applications are open until Nov. 3. [GS]

GS Holdings launched an open innovation program to nurture promising startups in collaboration with Seoul Techno Holdings (STH), a tech-based investment company established by Seoul National University (SNU).

Dubbed “The GS Challenge with SNU,” the program will accept applications until Nov. 3.

The startups that apply must either include members who are SNU graduates or members of the faculty, or use technologies owned by or researched in cooperation with SNU.

The academic and business cooperative program was made in the hopes of improving the entrepreneurial ecosystem, through which the creation and growth of new ventures is supported by a collaborative network of human and institutional actors. Companies have increasingly made research deals with universities, which allow them to stay connected to early-stage research and bright minds, and in turn support product commercialization, according to the Harvard Business Review.

The GS Challenge was first created by GS in 2021. It has since selected and nurtured startups in the bio-tech, future retail, future energy industries and more.

This year’s challenge accepts applications in AI, climate-tech, industrial bio, health care and circular economy sectors. A total of six teams will be selected by December to receive cash rewards, research and business development mentoring, and opportunities for networking and investment. The finalist will receive over 500 million won ($369,209) in venture capital.

“In our company’s pursuit of sustainable growth, we hope to expand the [entrepreneurial] ecosystem not only with companies but also with schools and research institutes that are the cradle of innovation,” said GS in a press release on Monday.

“Seoul Techno Holdings has thought a lot about how startups can grow, and open innovation is one of the new ways in which large companies and startups can coexist. We believe GS to be the most suitable partner [for this program], and we will directly invest in startups from the five sectors based on a comprehensive evaluation of their innovative technologies, marketability, and growth potential,” said Mok Seung-hwan, CEO of STH.

BY KIM JU-YEON [kim.juyeon2@joongang.co.kr]