Seoul, Korea – MYSC, South Korea’s first impact accelerating and impact investing company who certified as B-corp, Ministry of Culture, Sports and Tourism, and the Korea Tourism Organization, hosted the Program called “EMA Global Tourism Program” in Singapore. The program was co-organized by MYSC and its strategic partner LodestartT, a research-based startup research platform based in Singapore. The carbon footprint from transportation in the tourism industry, including airplanes, ships, and automobiles, currently contributes to 8% of global carbon emissions. Numerous instances of environmental damage caused by irresponsible traveler behavior have been reported. Furthermore, the industry has been significantly impacted by the pandemic. To leverage this crisis for positive change, startups worldwide are actively incorporating ESG practices to address and prevent longstanding issues. In January 2022, South Korea, led by the Korea Tourism Organization, is actively designing sustainable tourism practices. The Korea Tourism Organization, in collaboration with the Korea Tourism Association Central Council and 17 regional tourism associations spanning metropolitan cities and provinces, as well as eight associations representing various tourism sectors, have united to jointly promote ESG (Environmental, Social, Governance) initiatives in the field of Korea tourism. Their collective efforts are aimed at driving sustainable growth in the future tourism industry, fostering collaboration and implementation across the entire sector. Furthermore, there is a proactive program in place to actively discover and accelerate tourism startups, fostering them as key players in shaping the future of the tourism industry.
The EMA (Extra-Mile Acceleration) Program is the proprietary brand of acceleration programs operated by MYSC. It identifies, accelerates, and invests in startups that innovatively and excellently address social and environmental issues in various fields. Over the past few years, MYSC has been running tourism acceleration programs with subsidies from the Korea Tourism Organization for startups to be prepared for the expansion of business globally and locally.
The EMA Global Tourism program is a accelerating initiative for successful global expansion. Selected companies receive not only up to $150,000 in business development support but also access to ESG/impact consulting, global IR consulting for overseas investments, participation in overseas VC demo days, and domestic and international business matching. It supports the financial growth (revenue, employment, investment) and social value creation of tourism startups through business refinement, ESG impact enhancement, and resource coordination.
The visit was organized by MYSC together with local partners LodestartT as a three-day, four-night program, which included participation in ITB Asia (Asia’s largest travel trade fair) business matching program, and a global seminar session on Singapore entry strategies. On the final day of the event, a networking event organized by program participant EVENTS, leveraging its event management services and solutions, provided an opportunity for business networking between Korean and Singaporean tourism companies.
A total of eight start-ups participated in the program. The startups presenting included:
– Eoding, a B2B SaaS Enterprise platform, provides a user-friendly foundation for selling and managing travel products online. Its impact lies in strengthening the local community supply chain by enhancing the capabilities of SME travel agencies, ultimately contributing to the revitalization of the local economy.
– Nature Mobility, a platform generating travel itineraries based on customer preferences, contributes to creating a low-carbon, eco-friendly travel infrastructure. By optimizing routes and saving energy, it plays a role in reducing greenhouse gas emissions.
– Nuvilab, an AI food scanner analyzing meal portions and leftovers, offers customized eating habit solutions, thereby minimizing food waste and reducing both environmental impact and food costs.
– EventUs, an all-in-one event planning and management platform, adopts QR codes for a paperless exhibition, eliminating the need for plastic name tags and contributing to eco-friendly event practices.
– PLATFOS, a mobile voucher platform for tourism, addresses the challenge of advertising channel limitations faced by small and medium-sized businesses, providing a solution to enhance their visibility.
– Media&Art, a creative corporation focusing on exhibitions and spaces, supports artistic independence for artists by presenting various contents and services.
– Umu, offering local pudding and cosmetics from Jeju Island’s specialty ‘Umugasari,’ contributes to the preservation of indigenous Haenyeo(female divers in the South Korean province of Jeju) culture. Additionally, it enhances employment stability for Haenyeo and strengthens local community supply chains, leading to economic activation in the region.
Kim Hye-yeon, Deputy Director of Tourism Enterprise Development Team at the Korea Tourism Organization, stated, “We will continue to collaborate with global partners in the tourism and investment sectors to expand the successful overseas expansion of tourism startups and strengthen localization support through our overseas tourism enterprise support centers in Singapore and Tokyo.”
MYSC’s CEO Jeongtae Kim announced plans for a new Singapore-based entity to expand existing direct investments in Southeast Asia at the Global Impact Chapter event in Singapore with CIIP (Centre for Impact Investing and Practices) who is a non-profit established by the Temasek Trust. This event aimed to foster interaction and collaboration among impact investors and stakeholders interested in Southeast Asia’s venture-building ecosystem. Simultaneously, MYSC is focused on cultivating ‘relationship capital,’ a crucial component for the impact venture-building ecosystem. MYSC has formalized investments in two funds operating in the United Kingdom, India, and Vietnam. The company is set to engage with various LPs and family offices, implementing a co-investment strategy with VC firms to support early-stage teams with impact.
About MYSC
MYSC, certified as B-corp, is the first and leading social innovation cousultancy and impact investor working in Korea, and extending its impact to Vietnam, Indonesia, and other parts of the world, through direct projects or partnerships.
Established in 2011, MYSC aims to address economic inequality, societal divides and the climate crisis through open innovation, blended financing, and collective impact. The company bridges corporations and start-ups/social ventures for a “growth with impact” business model, striving to mainstream impact in capital markets and the business sector. For more information, visit https://mysc-official.oopy.io/.
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