Hyundai Motor Group Chairman Chung Eui-sun Leading the Expansion of the Startup Ecosystem

[Asia Economy Reporter Yoo Hyun-seok] Chung Eui-sun, Chairman of Hyundai Motor Group, is leading the expansion of the startup ecosystem.

According to industry sources on the 11th, Hyundai Motor Group recently decided, together with the Chung Mong-koo Foundation, to expand the domestic startup ecosystem by 2027 through ▲investment support worth 100 billion KRW ▲nurturing 250 startups ▲creating 6,000 jobs. The goal is to actively contribute to job creation and solving social issues.

Previously, Hyundai Motor Group continuously carried out startup nurturing projects from 2012 to 2020 with the 'H-OnDream Social Enterprise Startup Audition' and from 2021 with the 'H-OnDream Startup Ground.' Over the past decade (2012?2021), it has nurtured 266 startups and created 4,588 jobs, significantly contributing to youth employment and social problem resolution.

In particular, Chairman Chung Eui-sun established the new-concept open innovation platform 'ZER01NE' in 2018 with the goal of creating an ecosystem for creative talents. He spares no investment or support for startups with innovative technologies and creative ideas.

In 2018, through the first ZER01NE fund, Hyundai Motor Group made equity investments and jointly executed projects. Additionally, in February last year, together with the Korea Development Bank, they established the second ZER01NE fund worth 74.5 billion KRW to support promising startups in future mobility, eco-friendly vehicles, AI, connected cars, and other future new businesses, accelerating ecosystem development.

As disruptive innovation competition intensifies across all industries, building an innovation ecosystem based on open innovation through openness and collaboration is essential to lead the market and secure competitive advantages. Furthermore, Hyundai Motor Group has operated the in-house startup nurturing program 'Venture Plaza' since 2000 to support employees with creative ideas and generate momentum for future new business initiatives.

Since last year, the program's name was changed to 'ZER01NE Company Builder' and integrated with the ZER01NE brand, which operated as an open innovation platform, expanding the scope of business selection from mainly automotive to various fields.

Through this system, Hyundai Motor Group has selected and nurtured 58 teams so far and spun off a total of 25 companies by last year. Under Chairman Chung’s strong will, Hyundai Motor Group plans to continue internalizing future innovative technologies based on investments in promising startups and open innovation activities, while continuously exploring new business opportunities.

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