Lotte said on the 5th it will launch Lotte Unicorn Valley, a groupwide in-house venture program.
Lotte Unicorn Valley is a program that accelerates (nurtures) employees' ideas, meaning a place where ideas that will grow into future unicorn corporations take root.
Through the in-house venture program, Lotte plans to identify ideas that can strengthen the group's new growth engines and fundamental competitiveness and move them to commercialization in a short time.
By the end of this month, it will solicit business ideas from employees on themes such as senior, Robotics, artificial intelligence (AI), and eco-friendly initiatives. After document screening and interviews, it will select ideas for commercialization by the end of the year and begin full-fledged accelerating for commercialization starting next year.
It will provide up to 100 million won in commercialization support funds. After commercialization, it will also consider equity investment by group companies, and to reduce the burden on participating employees, it will offer re-employment opportunities for up to three years after a spin-off.
Lotte enhanced the professionalism of the in-house venture program by combining Lotte Ventures' accelerating know-how with the educational capabilities of the Lotte Human Resources Development Center.
Lotte Ventures provides one-on-one mentoring across all stages and connects external experts suitable for each idea. In the accelerating process, it links infrastructure within the group that can be utilized in areas such as food, retail, chemicals, and IT, and supports legal and financial needs for commercialization.
The Lotte Human Resources Development Center teaches practical skills needed in the commercialization process, from how to write a business plan to pitching training and presentations.
This groupwide in-house venture program aligns with the message delivered by Shin Dong-bin, Lotte chairman, at the VCM (Value Creation Meeting) in Jul. Shin urged constant innovation to overcome uncertainty in the business environment and restore fundamental competitiveness.
A Lotte official said, "We expect innovative ideas from employees related to the group's diverse business areas," and added, "We plan to continue creating a virtuous cycle in which creative ideas are proposed autonomously, nurtured, and commercialized."