SHINSEGAE INFORMATION & COMMUNICATION Inc. Provides Business Funding to Eight Social Economy Companies

'Mini Contest' is SHINSEGAE INFORMATION & COMMUNICATION Inc.'s flagship social contribution program. It identifies social economy companies with innovative business models that address ESG-related issues such as the environment and society, and supports their commercialization and growth.

This year, the company revised the eligibility criteria to focus on early-stage innovative firms with strong growth potential, expanding the support pool to startups, venture companies, and certified social ventures. It also increased the scale of support from five companies and 60 million won last year to eight companies and 90 million won this year.

This year's lead supported company was Flip, which operates the flower subscription app 'Flip Flower.' Flip runs a flower subscription service that supports job creation and professional training for deaf florists. It also received high marks for incorporating IT into its operations by using AI tools based on the flower distribution information system to forecast shipment volumes and prices, and to select flowers suited to seasonal product lineups.

Other selected companies include Welfare Plan, which operates a barrier-free marine tourism service using water wheelchairs; BOM Squared, which developed 'California,' a solution that turns the on-site know-how of experienced older workers into AI-based digital knowledge assets; Ciners, which expands sports education opportunities for vulnerable groups through its AI video archery coaching solution 'SpoEdu'; and Our Story, which helps young people from vulnerable groups find jobs through its AI employment support solution 'Ready Job.'

Also selected were MRP, which runs a used-clothing upcycling service using sewing and repair skills from master artisans; Orot Planet, which operates 'UniStep,' a real-time AI multilingual captioning solution for the deaf and hard of hearing; and Teva, which offers 'Sol Pool,' a barrier-free swimming pool for people with disabilities, older adults, and rehabilitation patients, along with an AI-based posture analysis and feedback solution.

Yang Yoon-ji, CEO of SHINSEGAE INFORMATION & COMMUNICATION Inc., said, "Since 2015, SHINSEGAE INFORMATION & COMMUNICATION Inc. has supported social economy companies through Mini Contest so that their ideas can develop into real businesses and build a foundation for sustainable growth." She added, "This year, in particular, we focused on identifying and nurturing early-stage companies with strong growth potential. I hope this becomes an opportunity for companies that are challenging social problems with innovative ideas and technologies to strengthen their commercialization capabilities and establish themselves stably."