GS is launching a startup accelerator program to foster environmentally friendly business startups, the South Korean conglomerate said Sunday.

Initiating “GS Challenge: Growth Through Sustainability,” the group said it is looking for biotech ventures seeking to expand their business with technology in three sectors -- environment-friendly materials, waste recycling and pollution mitigation and disease diagnostics and health care solutions.

GS Group’s program is operated jointly with Bluepoint Partners, a South Korean early stage venture capital fund, GS said.

Participants chosen for the program will get the opportunity for a proof of concept to demonstrate the viability of their business with GS Group specialists, and will also be provided with mentoring opportunities from biotech industry experts, the company said.

The group’s President Huh Tae-soo highlighted the need for efforts to find new businesses in various sectors in his New Year’s remarks delivered on Jan. 4.

“GS pursues environmentally sustainable growth, and hopes to create synergy with startups for innovative technology and business models,” a GS Group official said in a press release.

The application is open until March 7, and the official program will run from April to August.

By Jo He-rim (herim@heraldcorp.com)