[Edaily Reporter Shin Yeong-bin ] SHINSEGAE INFORMATION & COMMUNICATION Co., Ltd. (#SHINSEGAE I&C Technology Co., Ltd.) is launching an initiative to foster social economy enterprises using artificial intelligence (AI) technology. The company plans to provide commercialization funding primarily to startups and venture companies in the early stages of their business.

Shinsegae I&C Technology Co., Ltd. announced on the 7th that it is accepting applications until the 24th for its “Mini Contest,” a support program for social economy enterprises.

The Mini Contest is a corporate social responsibility program by Shinsegae I&C Technology Co., Ltd. designed to identify social economy enterprises with business models that address ESG-related issues—such as environmental and social challenges—and to support their commercialization and growth. It is hosted by Shinsegae I&C Technology Co., Ltd. and organized by the Korea Social Enterprise Promotion Agency, the Social Economy Revitalization Support Center, and the Foundation for Cooperation between Large, Medium, and Small Enterprises and Agriculture and Fisheries.

From 2015 through last year, Shinsegae Co.,Ltd. identified a total of 46 companies through the Mini Contest. The cumulative amount of commercialization support provided totals approximately 700 million won.

This year, the support system was restructured to focus on fostering innovative companies in their early stages of business development. Previously, any social economy enterprise could apply regardless of its organizational form, but starting this year, the program targets startups or venture companies within the social economy sector.

Bonus points will be awarded to companies with business models utilizing AI technology. This is intended to identify companies that realize both social value and technological innovation, and to support the growth of AI-based innovative companies.

The scale of support has also been expanded. This year, eight companies will be selected to receive a total of 90 million won in commercialization grants. This represents an increase from last year’s program, which supported five companies with a total of 60 million won.

Applications can be submitted via email to the Social Economy Revitalization Support Center by the 24th. Final recipients will be selected following document reviews and presentation evaluations. The evaluation process will comprehensively assess a company’s capacity to practice social value, corporate capabilities, and the suitability and innovativeness of its business model. Bonus points will also be awarded to companies rated “Good” or higher on the Ministry of Employment and Labor’s Social Value Index (SVI).

Choi Ji-soo, CEO of LC Ventures—a company specializing in the reprocessing of waste textiles that was selected as the top company in last year’s Mini Contest—stated, “Thanks to the commercialization support, we were able to successfully complete the process from prototype development to the launch of the finished product, which led to expanded domestic and international partnerships and collaboration opportunities with various industries.” She added, “As this program allows companies to validate their growth potential and enhance their market competitiveness in the early stages of business, I hope many social economy enterprises will actively take advantage of this opportunity.”

A Shinsegae Co.,Ltd. corporate social responsibility (CSR) representative said, “The Mini Contest is Shinsegae I&C Technology Co., Ltd.’s flagship CSR program, through which we have grown alongside social economy enterprises and put the value of shared growth into practice.” The representative added, “We plan to strengthen our support so that companies creating social value based on innovative technologies and ideas can establish a stable foothold and realize their potential.”