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KT&G, Hosts the Awards Ceremony for the ‘2024 Sangsang Madang KoCo Challenge’ Entrepreneurship Competition 2024.06.05
KT&G (President Kyung-man Bang) held the '2024 Sangsang Madang KoCo Challenge' awards ceremony on the 4th at KT&G Sangsang Planet, a youth entrepreneurship space located in Seongsu-dong, Seoul.

The KoCo Challenge is a beauty startup idea competition operated annually by KT&G since 2021 to promote youth entrepreneurship in the beauty sector.

Under the theme of 'Minimalist Beauty that Reduces Environmental and Skin Burdens,' this year's competition, held from March 18 to April 15, attracted a total of 264 applicants from 94 teams, recording a high competition rate of 31 to 1. The evaluation was conducted fairly through a first-round document review, second-round presentations, expert evaluation, and online voting.

Three teams were selected as finalists, including two teams in the beginner category aspiring to start a business and one team in the challenger category targeting small businesses within five years of establishment. In the beginner category, the 'Claps' team, which presented an eco-friendly sunscreen product that does not contain harmful ingredients to marine ecosystems, and the 'DRIPPER' team, which introduced traditional herbal hair products targeting young consumers, were selected. In the challenger category, the 'Korean Bio-Beauty Industry Cooperative' team, which proposed a pore care product using yulpi fruit, was selected. 

Each winning team will receive support worth 20 million KRW for product development and production, along with an opportunity for brand launch through collaboration with the cosmetics specialist company 'Cosmocos.'

Young Ah Shim, Director of KT&G's ESG Management Office, said, “The KoCo Challenge has contributed to the growth of beauty startups by providing substantial support to the winning teams,” adding, “We will continue to spare no effort in supporting the challenges and growth of young entrepreneurs.”

Meanwhile, KT&G Sangsang Madang supports the creative activities of emerging artists and offers extensive cultural experiences to the public. Since its inception at Sangsang Madang Hongdae in 2007, it has expanded to five locations including Nonsan, Chuncheon, Daechi, and Busan, contributing to the expansion of the cultural base and regional cultural development. Sangsang Madang attracts approximately 3 million visitors annually, hosting over 3,000 cultural and artistic programs each year.

(Photo Description) KT&G (President Kyung-man Bang) held the awards ceremony for the '2024 Sangsang Madang KoCo Challenge,' which supports youth entrepreneurship in the beauty sector, at KT&G Sangsang Planet on the 4th. The photo shows Hoyeon Jang, Director of KT&G's Social Contribution Department (sixth from the right), and Jung-hoon Lee, CEO of Cosmocos (fifth from the right), along with the final winning teams taking a commemorative photo.
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