Japan-based retailer Marui Group and venture capital firm Samurai Incubate have begun accepting applications for their open innovation pitch event, Marui Co-Creation Pitch 2021.
The event is taking applications until December 13 and the competition will take place on February 4 next year. It will target startups focusing on sustainability, data-infused customer service and inclusive financial service while leveraging Marui’s assets.
Through Marui Co-Creation Pitch 2021, Marui and Samurai Incubate intend to support entrepreneurs to help them start their businesses with agility and speed.
The corporate will potentially invest in the selected participates while Samurai Incubate will provide between ¥20m and ¥30m ($190,000 to $290,000) per company, though acceptance of equity financing is not mandatory.
Marui has been conducting open innovation initiatives since 2016, making investments in startups and VC funds including a limited partner commitment to Samurai Incubate’s Fund VI in May 2019. In addition to retail and financial technology, it plans to add co-creation investments into its core business.
Image courtesy of Marui Co-Creation Pitch 2021.
