SOUTH KOREA. Lotte Duty Free yesterday hosted a ceremony to mark the latest step in its successful ‘LDF Starups Youth Enterprise Support’ project.
LDF Starups is a Lotte Duty Free CSR programme which champions and nurtures start-up companies run by young people in the tourism sector.
The project creates social value in the form of 100% donations to start-ups rather than support through equity investment or loans.
In addition to proving operating expenses of up to KRW40 million (US$37,000) per company, LDF Starups provides 1:1 accelerating assistance, for example customised training using Lotte Duty Free’s capabilities and marketing knowhow.
This week’s event delivered a total KRW40 million (KRW2 million per team) of support funds and a message of encouragement to young companies that are struggling due to the COVID-19 pandemic.
Following a successful roll-out in the Busan region last year, the 2020 project was dedicated to young companies involved in the Jeju tourism industry. So far, participants in the first and second programmes have received support that has helped to drive sales increases of between 250% and 400%.
Lotte Duty Free CEO Lee Kap was joined at the ceremony by Dong-hee Kim, Director of Yeoshim, a company that helps Korean small and medium-sized enterprises (SMEs) to enter the key Vietnamese market.
Lee said: “I hope this support fund will offer encouragement so that young entrepreneurs can continue their dreams and passions without being frustrated in the wake of COVID-19.
“We will discover and support young companies connected to the local tourism sector so that they can continue to contribute.”
Lotte Duty Free plans a third edition of the project next year.
