KT&G (CEO Baek Bok-in) held the awards ceremony for the '2023 Sangsang Square KoCo Challenge (Korea Cosmetics Challenge)' on May 24th at KT&G Sangsang Planet.

The KoCo Challenge is a beauty startup idea competition that KT&G has been conducting for the past three years to support youth entrepreneurship. This year, the competition focused on eco-friendly beauty brands and products using natural ingredients. The call for submissions started in March.

This competition received a total of 401 applicants from 158 teams, resulting in an impressive competition rate of approximately 53 to 1. The evaluation process consisted of three stages: document screening, presentation assessment, mentoring, and final presentation evaluation. The final evaluation was conducted through a combination of expert judging and online voting via social media, adding both expertise and fairness to the process.

This year, in addition to selecting two teams in the beginner category, which proposed beauty startup ideas, an additional selection was made in the challenger category, targeting small businesses within five years of establishment, resulting in a total of three teams being chosen. In the beginner category, 'Mintway,' which proposed a body wash product specifically designed for seniors, and 'TRY ME,' which showcased skincare products utilizing plant-based ingredients, were selected. As for the challenger category, 'Middle Studio Co., Ltd.' was chosen for its proposal of a body lotion inspired by 'Ink' among the Four Treasures of the Study.

The final selected teams will receive a total of 60 million won worth of brand launching expenses and mentoring education. They will also be provided with opportunities to activate their brand through promotion and marketing platforms. KT&G collaborated with the cosmetics company CosmoCos throughout the entire process of the competition. Furthermore, KT&G plans to support the brand development and production process of the winning teams, ensuring that their ideas are realized into actual products even in the future.

A representative from KT&G stated, "Through the previous editions of KoCo Challenge, we have supported the production of seven beauty products for a total of four selected brands. We successfully facilitated the distribution of over 24,000 products. Going forward, we will continue to actively support young entrepreneurs aspiring to start their beauty businesses, based on innovative ideas, and help them grow steadily and stably."

(Photo description) KT&G (CEO Baek Bok-in) held the awards ceremony for the '2023 Sangsangmadang KoCo (Korea Cosmetics) Challenge' competition, which supports young entrepreneurs in the beauty industry, at KT&G Sangsang Planet on May 24th. The photo captures the moment when Lee Sang-hak, the Head of KT&G Sustainable Management Division (fifth from the right), and Kang Joon-ho, the Head of Business Strategy Division at CosmoCos (sixth from the right), attended the ceremony. The winning teams, 'Mintway,' 'TRY ME,' and 'Middle Studio Co., Ltd.,' are seen taking a commemorative photo.