7 Corporate Ventures Become Start-Ups
Samsung Electronics is applying innovative culture in Silicon Valley to its corporate ventures. It is strengthening promotion of corporate ventures and is greatly supporting excellent ventures in becoming start-up companies. After 3 corporate ventures became independent in last August, 4 other ventures became independent in end of 2015. People are paying attention because these start-ups’ ideas that are recognized by Samsung Electronics are similar to future businesses that Samsung is focusing on.
According to Samsung Electronics on the 14th, currently 7 start-up companies had become independent through C-Lab, which is a program that promotes corporate ventures.
A reason why Samsung Electronics is supporting corporate ventures and start-up companies is because it wants to create an image of corporate innovation. It wants to avoid rigid group culture and increase its competitiveness by collecting variety of ideas from employees with capabilities. It can also be seen as Samsung Electronics’ attempt to introduce innovative culture in Silicon Valley.
Actually Silicon Valley businesses such as Google, Cisco and others are actively promoting their corporate ventures and helping them become start-up companies because they can utilize creative ideas that have come out of corporate ventures for their competitiveness in markets.
Samsung Electronics has carried out more than 100 tasks from its C-Lab that was introduced in 2012. Part of ideas that were being developed by corporate ventures have been transferred to business department and are currently going under process of commercialization. Ideas that have high chances of being commercialized in foreign countries can lead corporate ventures into becoming start-up companies.
Start-up companies that were first selected in last August are Innomdle Lab, Salted Venture, and Swallaby. Innomdle Lab has developed new-concept user experience (UX) called ‘Tip Talk’ that increase signal by using part of human body. It had recently introduced a technology that uses a finger like an earphone at CES 2016.
Salted Venture has developed Smart Heel Insert and a mobile application called ‘IoFIT’ that monitors and corrects walking posture. Swallaby has developed ‘WalkON’ service that combines walking exercises and mobile coupons.
In last November, 4 other corporate ventures became independent. Pastel Lab and Jameasy have developed small projection device and service solution and solution that helps one to learn instruments easy and fun respectively. Blue Hack is currently developing a new UX app service that connects a function within a mobile device that one wants right away. Sketch-On is currently developing a device and a solution that prints images that one wants on his or her skin.
After Innomdle Lab had participated CES, Salted Venture and part of C-Lab’s corporate ventures are planning to participate ‘MWC 2016’ that will be held in Barcelona in next month.
Details of 7 start-up companies’ items are also receiving attention because their ideas such as UX (2), health, (2), education & entertainment, skin printing and others share similar contexts as areas that Samsung Electronics are currently focusing on.
A reason why these companies are able to break out of Samsung Electronics and set up start-up companies is because Samsung Electronics is providing shocking supports for them. Samsung Electronics consults them, provides know-how in technologies, and supports them so that they can grow. Above all else, it provides opportunities for them to re-enter Samsung Electronics if they want. It is a system that provides courage to employees that cannot make challenges due to insecurities in future.
“As C-Lab has been under operation for couple years, people inside Samsung now recognize C-Lab and there is a sense of atmosphere where people want to make challenges.” said Director Lee Sae-hee of Salted Venture. “As I was managing a corporate venture within C-Lab, I have always wanted to become independent and the fact that Samsung Electronics is providing re-entry back to Samsung Electronics had helped me to get a sense of stability and persuading others.”
Staff Reporter Kwon, Kunho | wingh1@etnews.com
