Shinsegae I&C said on the 1st that it selected eight companies through its "Mini Contest" support program for social and solidarity economy enterprises and delivered 90 million won in commercialization funding.
The Mini Contest is a corporate social responsibility program under which Shinsegae I&C identifies social and solidarity economy enterprises working on environmental, social and governance issues and supports their commercialization and growth. This year the company revised eligibility to cover startups, venture firms and certified social ventures, aiming to concentrate on early-stage innovators with high growth potential. The scale of support also expanded to eight companies and 90 million won this year, from five companies and 60 million won a year earlier.
Participating companies this year were Flip, Welfare Plan, Bomb Squared, Synerz, Our Story, MRP, Orot Planet and Teva. Flip, which operates the flower subscription app Flip Flower, was named this year's flagship recipient. Flip runs a flower subscription service that creates jobs for florists with hearing impairments and provides them with professional training. Using artificial intelligence tools built on floriculture distribution data, the company forecasts flower shipment volumes and prices to select blooms suited to seasonal product lineups. Flip drew strong marks for applying AI to its service operations.
Yang Yun-ji, chief executive of Shinsegae I&C, attended the grant ceremony held on the 31st of last month at the company's headquarters in Seoul's Gangnam district. "This year's Mini Contest focused in particular on identifying early-stage companies with high growth potential," the CEO said. "We hope this becomes an opportunity for companies taking on social problems with innovative ideas and technology to establish themselves on a stable footing."
