LG Household & Health Care has signed an agreement with the Seoul Business Agency to identify and support startups in beauty and wellness. The company said it will join the Seoul Startup Hub Lifestyle Open Innovation program run by the Seoul city government and SBA, with a focus on joint research and commercialization.
Open Innovation and Market Access
Under the program, LG H&H said it will help selected startups with overseas market entry and will also review investment options. The company added that it wants to work with promising businesses that have global ambitions but still need stronger capabilities in areas such as responding to overseas regulation.
Applications are expected to open next month for startups linked to beauty and wellness, including brands, ingredients, and distribution services. Selected companies will receive KRW 10 million, about $7,000, in support through Seoul Startup Hub.
Corporate Startup Strategy
For the trade, the significance is less the memorandum itself than the surrounding structure. The program combines corporate R&D access, commercialization support, and possible capital, giving K-beauty startups a more formal route into scale-up partnerships.
