The Asan Nanum Foundation, established by Hyundai Group in 2011, will support young entrepreneurs that not only devote to innovative ideas but also make a social impact after grooming more than 300 startups in South Korea over the last decade.

Founded on a 600 billion won ($523 million) funding from Hyundai Group companies, the foundation named after late Hyundai founder ‘Asan’ Chung Ju-yung has groomed 350 startup teams with the “Chung Ju-yung Angel Investment Fund” that was formed in February 2012 with 100 billion won.

Chung Mong-joon, former CEO of Hyundai Heavy Industries Co. and the sixth son of the late Hyundai Group founder Chung Ju-yung, is currently serving as the honorary chairman.

It currently operates Maru 180 and Maru 360 where young entrepreneurs test their innovative ideas and have easier access to funding because they share the space with investment institutions that are popular amongst startup founders such as SparkLabs and Capstone Partners. The foundation has created 448.6 billion won in social value over the past decade.

Amid the rapidly changing business environment, the foundation has set a new goal to diversify its investment to help young entrepreneurs make social impacts.

“We plan to invest more funds from the Chung Ju-yung Angel Investment Fund to newly established venture capitals as well as female-centered venture capitals,” said Jang Suk-Whan, the newly appointed chairman of Asan Nanum Foundation, in a recent interview with Maeil Business Newspaper.

He emphasized the importance of investing funds into places that are not receiving as much attention, as well as those that focus more on the environment, social and governance (ESG) issues and social values than maximizing profit.

To meet the goal, the foundation recently launched “Asan Sanghoe”, an inclusive entrepreneurship program that brings together North Korean defectors, who are often alienated from startup opportunities in Korea. Currently six teams are participating in Asan Sanghoe, according to Jang.

The Asan Nanum Foundation also operates educational programs for those who work in NGOs. The “Asan Frontier Academy” is a specialized training program, dubbed “mini-MBA” that helps mid-level nonprofit managers develop leadership, strategic management skills, and an entrepreneurial mindset, all qualities that are important in running an effective NGO.

“Chung Ju-yung was someone who was the embodiment of the business mindset that startup founders need to have and his legacy should inspire many entrepreneurs who are preparing to launch their startups,” said Jang.

By Lee Duk-joo and Susan Lee

[ⓒ Pulse by Maeil Business Newspaper & mk.co.kr, All rights reserved]