AMOREPACIFIC signed an agreement on Feb. 27 with the Yonsei School of Business to donate 2.5 billion won to the school’s Venture, Innovation & Startup Program (YVIP), which is designed to foster innovation and entrepreneurship and nurture the startups that emerge while simultaneously cultivating a global outlook among all the individuals involved.

Attending the ceremony marking the donation were AmorePacific Group CEO Kyung-Bae Suh (entering class of 1981, Business), AmorePacific President Sang Bae Shim, Yonsei University President Yong Hak Kim, and Dean Yongho Eom of the Yonsei School of Business.

The goal of the YVIP is to aid in sharpening the focus of the YSB on becoming a hub of knowledge research on entrepreneurial innovation and also providing all of the ingredients to foster successful startups and ensure their founders have a solid grasp of the business practices necessary for long-term success.

Based on the donation agreement with AmorePacific, the YSB will be able to undertake the ongoing development of an innovative startup curriculum, ensure the stability of curricula in venture and innovation, conduct startup case competitions, promote and nurture startups by providing “incubator” workspace. The donation toward the YVIP will also enhance global cooperation and collaboration on innovation and entrepreneurship with universities from other countries and aid formation of alumni mentoring groups and expansion of the global alumni network. This will also be a steppingstone for establishing a foundation to aid the continuing funding of the Innovation Research Center

The YVIP reflects the emphasis at YSB, as it embarks on its second century, on business innovation and its efforts to inculcate in its students a mindset that emphasizes innovation and entrepreneurship that leads to the creation of new businesses. As part of this, YSB in 2017 is implementing a curriculum that integrates into one framework both business curricular and noncurricular activities.

In addition, YSB has opened the Design Garage with a 3D printer and set up a space for a Startup club at the “Startup Atrium.” This space will help students realize from the outset the necessity of thinking of business and business enterprises in terms of the global market and bolster such a mindset by holding startup contests.

AmorePacific Group CEO Kyung-Bae Suh said. "Looking back at the history of my alma mater, it has always had a history of pioneering newness,” adding, “In the 21st century, I hope it will become a leading university and transform the world once again based on its pioneering spirit."

YSB Dean Yongho Eom said, "I am deeply thankful to CEO Suh, who gives unwavering support to the development of school and to the training of his juniors." He also noted that “YSB has become a world-class level building through its hardware educational infrastructure. At the time that we need to build a software infrastructure, this donation to support the startup innovation program will be the cornerstone of the vision of YSB development as the global hub of a 21st century enterprise innovation knowledge platform."