In a bid to support start-ups launched by the younger generation, the Lotte Group has decided to establish an investment company. Its Chairman Shin Dong-bin will donate 10 billion won (US$8.83 million) of his personal assets to the company.
The group will set up the tentatively-named Lotte Accelerator, which provides initial capital, infrastructure, and mentoring services to startups, and raise 100 billion won (US$88.3 million) investment funds.
The retail giant plans to expand its support for start-ups, which has been sporadically offered through its subsidiaries, including its department store and duty-free shop, across the group.
In particular, Lotte Chairman Shin Dong-bin will donate 10 billion won (US$8.83 million) of his personal assets to Lotte Accelerator. He said, “We won’t spare active investment in and innovative support for start-ups launched by the younger generation. We will continue studying various options to contribute to creating jobs for the youth and vitalize the creative economy.”