True Cooperation
The Federation of Korean Industries (FKI) presented the major corporations’ measures for the promotion of venture firm growth on November 27 at the Creative Economy Expo held at the COEX Convention Center.
There, Samsung Electronics said that it was running a Creative Lab to provide assistance with the steps necessary to create a business. Each team participating in the Creative Lab is given 20 million won (US$18,095) for early-stage assistance, up to 280 million won (US$253,458) for business foundation, and up to 200 million won (US$181,092) at the graduation from the lab. Also, office spaces in the Daegu Center for Creative Economy & Innovation are provided free of charge, along with mentoring and investor networking services.
SK Telecom is running a similar program as well by the name of BRAVO Restart. The benefits also include 20 million won for early-stage business, 100 million won (US$90,521) for technological development, and free office space. One of the most successful results of the program is the Laser Pico Projector. SK Telecom provided nine patents for the development of the micro beam projector. The product is expected to record at least 50 billion won (US$45.2 million) in sales once released in January next year.
Hyundai Motor Company’s Venture Plaza is also well known as an in-house venture incubator. PLK Technology has been set up in its framework to develop a lane departure warning system and supply it for 11 models of Hyundai and Kia Motors, including to the Equus, Genesis, and K7.
The LG Group collects its employees’ ideas via the in-house portal of LG-LIFE. The employees can suggest possible venture ideas their ideas through the channel to possibly get support. Pocket Photo for smart phone picture printing was one of its outcomes.