57 Companies Spun off over Past 6 Years
Samsung Electronics has spun off five startups from its in-house venture development program, "C-Lab Inside." The company held C-Lab Spin-Off Day on Oct. 13 to share business plans of the five startups.
The five startups are Goose Lab, which created an AI dance game platform based on motion recognition technology; Diavision, which developed a quick COVID-19 diagnosis kit reading solution; Cheeseade, which developed a solution for unmanned stores; Booze & Buzz, which developed a solution that shortens the brewing period of homebrewing; and Logos Bioelectronics, which has developed a personalized foot brace for the 10% to 20% of the population who have difficulty walking due to changes in their foot shape.
C Lab Inside was introduced by Samsung Electronics in December 2012 to spread a creative organizational culture and nurture employees’ innovative ideas. So far, 1,395 employees have participated in 339 projects. Including the latest five companies, 199 people have become independent and established 57 startups since 2015.
Samsung Electronics provides exceptional support to startups from C-Lab. It provides initial business funds in the form of investment and helps them develop markets and tap into overseas markets. If an employee wants to return to Samsung Electronics after a spin-off, he or she can re-enter the company after five years.
C-Lab has yielded satisfactory results. "The follow-up investment attracted by the spun-off companies from outside has exceeded 100 billion won, and the overall corporate value of C-Lab companies has exceeded 520 billion won," a Samsung Electronics official said.
In addition, the third-year survival rate of startups from C-Lab reaches 98 percent, and the fifth-year survival rate 65 percent. The average survival rate of domestic startups in the third year is only 41.5 percent and the average survival rate in the fifth year is only 29.2 percent, according to the Ministry of SMEs and Startups.