GS Holdings launches green biotech start-up accelerator

GS Group's holding unit GS Holdings kicked off its biotechnology start-up accelerator program, dubbed "The GS Challenge," with six selected start-ups on Thursday.

GS Holdings CEO Hong Soon-ky, fourth from left, poses for a photo with the heads of six start-ups selected for the company’s accelerator program targeting green biotechnology start-ups on Thursday at GS Tower in Ganganm District, southern Seoul. [GS HOLDINGS]

GS Group’s holding unit GS Holdings kicked off its biotechnology start-up accelerator program, dubbed “The GS Challenge,” with six selected start-ups on Thursday.

In a move to find a future growth engine, GS Group has been focusing on nurturing start-ups in the field of green biotechnology. Its accelerator was open to start-ups developing green materials, technologies to reduce waste and healthcare products and services.

Mycel Project, a start-up focusing on producing alternative meat with mushroom mycelia; Roots Lab, a start-up that aims to develop greener substitutes for microplastic by using stone cells from pears; and Nutri Industry, which aims to reuse food waste using insects, were among the start-ups selected by the GS company. In total, 85 start-ups applied for the program.

The selected start-ups will be mentored by a group of experts in biotechnology as well as mentors from start-up accelerator Bluepoint Partners. GS Holdings said the start-ups will have access to production facilities and research labs at GS affiliates so they can develop their business models and produce prototype products.

In the long-term, these start-ups can also cooperate in developing new businesses with GS affiliates.

“All world-class companies were once start-ups,” said Hong Soon-ky, CEO of GS Holdings, in a statement Thursday. “We're looking for a win-win between GS and start-ups by cooperating with start-ups and venture capitalists.”

In August, the six start-ups will present their progress in developing their business models in front of investors and officials from GS Group.

BY KIM JEE-HEE [kim.jeehee@joongang.co.kr]