The Busan Creative Economy Innovation Center (Director Yongwoo Kim, hereinafter referred to as Busan Changgyeong) announced that food tech startup Laurenchu Company (CEO Chueun Choi), a resident company of B.Cube, a resident space jointly supported by the Busan Metropolitan City, the Ministry of SMEs and Startups, and the Korea Real Estate Board, has been selected for TIPS (Technology Incubator Program for Startups), a technology startup support program of the Ministry of SMEs and Startups.
TIPS is a program that selects and intensively fosters startups with technologies that will lead the global market. The private sector and the government work together to foster startups with excellent technologies. When private operators make initial investments in promising startups, the Ministry of SMEs and Startups will provide support of up to 700 million won in R&D (research and development) funds, etc., and based on this support, we plan to spur technological advancement.
Lauren Chu Company stated, “We will focus more on technological advancement through the selection of TIPS by the Ministry of SMEs and Startups,” and “We will especially accelerate technological innovation in the non-alcoholic liquor market.” While existing non-alcoholic beverages have focused on the alcohol removal process, going forward, we plan to focus on research to recover and restore lost flavors. In the process, we plan to automate the data collection and analysis process to quickly respond to customized recipes for each country for global expansion. We will develop our own dual process and flavor analysis system to conduct flavor component and alcohol analysis according to conditions to optimize the ingredients, and through this, we will be able to recover and restore flavor components that may be lost during the process.
Meanwhile, Lauren Chu Company has proven the excellence of its non-alcoholic wines worldwide by being recognized for its quality at the 2024 World Drink Awards and the 2024 IWSC (International Wine and Spirits Competition). Chupperbubly Peach Sangria won the World Best No. 1 at the World Drink Awards, a bronze award at the IWSC (International Wine and Spirits Competition), and a silver award at the global blind tasting competition The Global Wine Masters, becoming the first domestic non-alcoholic wine company to win three world championships.
Lorenchu Company, which has proven itself as a company with global competitiveness not only in technology but also in quality, has started exporting overseas to Japan, Thailand, and China this year. It aims to solidify its position in the Asian market and is producing significant results in terms of repeat purchase rates, etc. It is currently meeting global beverage and liquor companies directly to understand global trends and technological demands, and plans to focus more on overseas personnel, R&D advancement, and product quality in order to grow into a global company.
Busan Changgyeong PM Kim Seong-woo said, “Lorenchu Company is an innovative startup that has garnered attention from the domestic and international non-alcoholic food tech industry through its selection as a Busan Changgyeong linked project for the 2023 Startup Growth Technology Development Project Stepping Stone, selection as a B.Cube resident company in 2024, winning the Busan Slush New Wave League, winning the World Drink Awards, and attracting investment and being selected for TIPS. We expect its future growth in the global market to be even greater.”
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