GS Group Chairman Huh Tae-soo has partnered with Seoul National University (SNU) to foster startups in South Korea. Huh is a former head of the investment banking (IB) division of LG Investment & Securities Co., currently NH Investment & Securities Co., and is aggressive in strengthening the group’s investment portfolio. GS Group and SNU announced Monday that they are recruiting startups for “The GS Challenge with SNU,” the first of its kind, until November 3.

This is the first open innovation program organized by GS Group and Seoul Techno Holdings, Inc. as part of industry-university collaboration, with SNU affiliates or startups collaborating with SNU eligible to participate.

Around six companies will be selected from the following five areas: artificial intelligence (AI) and robotics, climate tech, bio and synthetic biology, well-aging and healthcare, and circular economy.

The selected companies will receive direct investment totaling more than 500 million won ($370,096.23), as well as the opportunity to be mentored by GS Group experts and SNU faculty. GS Group also plans to provide follow-up support in conjunction with its affiliates.

Seoul Techno Holdings has more than 100 billion won in assets under management (AUM) and manages 11 funds, with its investment portfolio including Rebellions Inc., Travel Wallet, and Lucentblock. At GS Group, Hur Suh-hong, team leader of GS Holdings Corp.’s Future Business Team and SNU graduate, will head the project.

GS Group has been active in venture investment since Huh took office as chairman in 2020. Huh is an investment expert with experience in IB at a brokerage firm and has stated, “future growth with startup ventures” is the group’s new business strategy. In 2023 in date, GS Group has invested more than 150 billion won in 33 startups and seven venture funds.

“We hope to expand the ecosystem for corporate sustainable growth with not only companies but also schools and research institutes,” GS Group said. “We expect this event with Seoul Techno Holdings to be a starting point.”

“We have put a lot of thought into how to help startups grow, and open innovation is one of the new ways for large companies and startups to coexist,” Seoul Techno Holdings chief executive officer Mok Seung-hwan said. “We thought GS Group was the most suitable partner, and we plan to evaluate the innovative technologies, marketability, and growth potential of startups in five sectors through the program and even make direct investments.”

By Chung Seung-hwan and Choi Jieun

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