Kyobo Life Insurance Selects 9 In-House Venture Teams... Supports Commercialization

Discovering Employee Ideas... Accelerating Ambidextrous Management

Kyobo Life Insurance announced on the 12th that it will introduce an in-house venture system to secure future growth engines.

[Asia Economy Reporter Oh Hyung-gil] Kyobo Life Insurance is introducing an in-house venture system to secure future growth engines.

Kyobo Life Insurance announced on the 12th that it held an in-house venture startup idea contest in June last year and selected nine teams from various fields such as culture, content, and investment. The in-house venture system was established as part of Chairman Shin Chang-jae's "ambidextrous management" to discover and develop employees' creative ideas and strengthen new business initiatives.

Selected projects include a "non-face-to-face reading club" where participants can read books and share impressions in real time, and an "audio travel guide" that provides customized explanations while viewing nearby historical sites.

Kyobo Life Insurance plans to verify the business feasibility of the in-house ventures and assist with commercialization and startup preparation through an in-house venture acceleration program over the next year. Additionally, separate office spaces will be provided to focus on startups, and all related costs such as app development and marketing, as well as business coaching through external expert consulting and startup meetings, will be supported.

The nine in-house venture teams plan to create minimum viable products and improve business models using the Agile method. Furthermore, they have been designated under the Ministry of SMEs and Startups' in-house venture promotion program, receiving support for app development, commercialization funds, and investor attraction.

Kyobo Life Insurance envisions promoting commercialization or independent spin-offs after the one-year in-house venture nurturing process. The actual commercialization decision will be made after showcasing the business models at the final demo day held at the end of this year.

A Kyobo Life Insurance official stated, "If necessary, we will provide startup support funds and participate in equity investment," adding, "We also plan to activate corporate venture capital (CVC) linked investments such as establishing a dedicated in-house venture fund."

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