GS chairman to support green bio startups

By Kim Jae-heun

GS Group Chairman Huh Tae-soo / Courtesy of GS Group

GS Group Chairman Huh Tae-soo is seeking future growth with eco-friendly bio startups.

Huh said building cooperative relationships with various business partners including startups and exchanging healthy influence can increase sustainability for companies and society.

“GS Group will actively spread innovation methodology introduced by advanced companies in Silicon Valley and the idea of open collaboration with outside firms to our affiliates,” Huh said.

The chairman already started a startup camp called “The GS Challenge” in April. Six startups were selected as winners in the competition against 85 candidates. GS will provide mentoring programs to foster the startups in terms of business management and engineering skills. Moreover, it will provide financial support if necessary.

BluePoint Partners, a tech startup accelerator, shared tips on building successful firms. Twenty people participated in the event including CEOs of six winner startups and GS Holdings President Hong Soon-ky.

“GS sees our partner firms not just as trading partners but as overall business partners with which we seek mutual growth. Based on the spirit of mutual respect and consideration for our partner companies, GS implements win-win business management activities,” Huh said.

GS also established GS Future, a venture investment firm in Silicon Valley, last year, with an aim of discovering future growth engines.

Meanwhile, GS Group's affiliates are working individually to realize the chairman's vision of mutual growth with partner firms.

GS Caltex, the group's oil refiner, is operating various win-win programs such as funding and technical development support. It also provides education and training in the field.

GS Engineering & Construction is pursuing business based on environmental, social and corporate governance (ESG) principles to extend its longevity.

GS Shop is planning to seek mutual growth with small and medium-sized firms in overseas markets. Based on its networks in Malaysia, China, Thailand, Vietnam and Indonesia, GS Shop will help its partner firms expand there.