Samsung Electronics announced that it will support five startups that were created by Samsung employees as part of the company’s C-Lab Inside in-house incubation program.
Started in December 2012, C-Lab Inside nurtures employees’ innovative ideas while instilling a corporate culture in which creativity is at the fore. The program supports the development of ideas from all areas of the business.
Since 2015, Samsung has been supporting successful C-Lab projects that demonstrate great market potential, and facilitating their launch as startups under the C-Lab spin-off policy.
The C-Lab spin-off program provides startups with the investment and business consulting needed to help them grow. Samsung also provides a five-year window during which employees who launch startups can return to their jobs if their endeavors prove unsuccessful, meaning that individuals can embark on their entrepreneurial projects without having to fear that they are risking their careers.
As a result, 163 employees have established 45 startups since the inception of the C-Lab program. Not only have these companies raised 45 million USD in funding over the years, but their value has more than tripled compared to the time at which they were spun off.
C-Lab spin-off ‘Breathings’ launched a Kickstarter crowdfunding campaign on April 21st for its ‘BULO’ breath analysis device for intelligent training, and has since raised over 72,000 USD for the project. Meanwhile, ‘Kitten Planet’, which launched ‘Brush Monster’ — a smart toothbrush that uses an AR guide to educate kids on how to brush effectively — is looking to expand its business into dental care for adults. Finally, ‘Mangoslab’ — which also got its start through C-Lab — recently released ‘Nemonic Mini’, a portable printer that prints memos onto sticky notes without the need for toner. In February Samsung selected Mangoslab’s Nemonic Mini as a special giveaway item for customers who pre-ordered the Galaxy S20 in South Korea.
“Including these five companies, a total of 45 C-Lab alumni startups have been created as a result of the C-Lab program,” relates Inkuk Hahn, Vice President and Head of the Creativity & Innovation Center at Samsung Electronics. “These results illustrate Samsung’s commitment to investing in employee-driven innovation and promoting the South Korean startup ecosystem. Going forward, we will continue working to unlock Samsung employees’ potential for creative innovation while encouraging the entrepreneurial spirit.”
Samsung and ProfiBusiness.world
May 19, 2020