SK innovation participated in the AVPN Northeast Asia Social Investment Summit on Nov. 11 and held a panel discussion session with the case of the 'EG' program, an eco-friendly startup ecosystem fostering model in which the government, large corporations, and impact funds united for the first time in Korea.
AVPN (Asian Venture Philanthropy Network) is Asia's largest network of impact investors and social innovation institutions, including about 600 global investment institutions and companies, including BlackRock and the Rockefeller Foundation.
A large number of large corporations, foundations, investors, support organizations, and innovative companies interested in creating sustainable investment and social impact participated in this summit held in Seoul from November 10 to 12.
Various topics such as ESG (Environmental, Social and Governance)-linked impact investment, sustainability management, and public-private cooperation were covered.
'EG', which started as a 'Startup Leap Package-based Collaboration Program for Large Enterprises' in collaboration with SK Innovation, the Ministry of SMEs and Startups, and Korea Institute of Startup & Entrepreneurship Development(KISED) Agency, aims to create an eco-friendly startup ecosystem by selecting 20 eco-friendly startups since September and supporting them to grow into green unicorns
Startups selected for the EG will receive up to 300 million won in commercialization support fund based on the Startup Leap Package for each company.
In addition, up to 3-5 excellent start-ups will be selected to provide opportunities for joint commercialization with SK Innovation affiliates, and will review joint investment with the Impact Fund, which invests for social innovation.
In this session, CEO Nam Bo-hyun of HG Initiative, an impact investment company, Director Kim Mi-ae Kim of Korea Institute of Startup & Entrepreneurship Development(KISED), PL Cho Hwan-Sung of SK Innovation ESG Strategy Office attended the discussion on the importance of a coalition model for startup growth.
CEO Lee In of Ecoin Energy said, “SK Innovation is filling in the weak spots of startups such as investment, technical support, and regulatory improvement.”
CEO Shin Min-jeong of Right Route said, “Through cooperation with SKIET, a subsidiary of SK Innovation, we were able to speed up the material development by receiving a sample of the battery waste separator, and we were able to get help through customized education for startups such as IR coaching and ESG certification.”
The eco-friendly startups selected for 'EG' are SOFT BERRY, Ecoin Energy, Boomyung, Evits Company, Green, C&LD, Green Package Solution, J&K, Chemifolio, Right Route, Air Green, The Road, Cyclops, etc.
The panelists who participated in this session acknowledged that creating an eco-friendly ecosystem is a difficult task to achieve within a short period of time, and said that they will continue to expand our eco-friendly impact by developing a model for mutual cooperation.