"Job Creation and Innovation Idea Discovery"... Samsung Electronics Supports Spin-off of 5 In-house Ventures

Samsung Electronics Supports Spin-off of 5 In-house Ventures in Second Half of This Year
C-Lab Inside Invested 30 Billion KRW and Spun Off 57 Startups in Last 6 Years
Comprehensive Support Including Investment, Market Development, and Practical Training
Samsung Strives to Create Jobs and Foster Youth Entrepreneurship

[Asia Economy Reporter Suyeon Woo] Diavision, a startup founded by experts from Samsung Electronics' medical device division, recently succeeded in developing a COVID-19 rapid diagnostic kit interpretation solution based on image recognition technology. While rapid diagnostic kits have the advantage of being easy for anyone to use, their accuracy is limited because infection status is determined visually. To address this, Diavision completed a system that quantifies the amount of virus by analyzing images taken with a smartphone camera of the diagnostic result. Diavision was selected as an outstanding project in Samsung Electronics' in-house venture nurturing program 'C-Lab Inside' and is a promising startup set to spin off in the second half of this year.

Samsung Electronics announced that on the 13th, it held the 'C-Lab Spin-off Launch Day' event at Suwon Samsung Digital City to encourage five startups selected as outstanding projects for spin-off in the second half of this year.

Looking at the five startups by field: ▲ Diavision, a COVID-19 rapid diagnostic kit interpretation solution based on image recognition technology ▲ CheeseAid, an unmanned store innovation solution using visible light communication technology ▲ GooseLab, an AI dance game platform based on motion recognition technology ▲ Booze&Buzz, a home brewing solution for making personalized alcohol ▲ Logos Bioelectronics, a personalized foot orthosis production solution.

On the 13th, at the 'C-Lab Spin-off Launch Day' held at Samsung Digital City in Suwon, key executives and founders of Samsung Electronics are taking a commemorative photo. Photo by Samsung Electronics

Samsung Electronics' C-Lab Inside is a program introduced at the end of 2012 to spread a creative organizational culture and discover innovative ideas from employees. When selected as a project, participants receive support such as independent research space, research funds, and autonomy in project operation to focus on idea implementation for one year away from their regular duties.

If the results are utilized in various in-house businesses, participants receive exceptional incentives, and projects with external business potential are supported to spin off through startup support. Even after spin-off, Samsung actively supports young employees' entrepreneurial spirit by offering re-employment opportunities within five years.

Since 2015, Samsung Electronics has invested 30 billion KRW over six years to support the spin-off and founding of 57 startups. These startups have already attracted over 100 billion KRW in external follow-up investments, and their total corporate value has surpassed 520 billion KRW.

The survival rate of C-Lab Inside spin-off companies is 98% at three years and 65% at five years, far exceeding the domestic startup average survival rates (41% at three years, 29% at five years). This is thanks to Samsung's continuous investment and support even after spin-off. To date, Samsung Electronics has supported a total of 358 C-Lab projects, including 156 in-house ventures and 202 external startups.

Choi Yoon-ho, President of Samsung Electronics' Management Support Office, said, "I give great applause to those who boldly challenge without fear of failure," adding, "I hope C-Lab becomes a stepping stone for innovative startups that will change our future lives."

This content was produced with the assistance of AI translation services.