Kyowon Group Selects 2nd Cohort of In-House Startups

[Asia Economy Reporter Donghyun Choi] Kyowon Group announced on the 24th that it will select the 2nd batch of members for the ‘Deep Change Idea Prize,’ which supports employees in commercializing their creative ideas.

Since April, Kyowon Group has solicited business ideas from employees in the fields of content, furniture changes (senior and pet), e-commerce, and platforms, and through internal screening, selected 8 teams for build-up.

The ideas proposed in this Idea Prize contest included fresh and unique concepts not only in education and rental businesses but also in areas Kyowon Group has not previously explored. The ideas from the 8 selected teams cover various business areas such as a smart learning coaching platform, pet care services, a social platform for seniors, and metaverse games combining entertainment and revenue models.

The 8 teams will have a 2-month build-up period to concretize their business plans and models. Through an in-house startup accelerating program, the business feasibility will be verified, and support will be provided including project funding, access to company-owned technology and networks, external expert consulting, and startup meetings for commercialization coaching. Afterward, at the final in-house investor relations (IR) presentation scheduled for the end of July, the business models will be showcased, and the decision on actual commercialization will be made. Two final teams will be selected to receive opportunities for in-house commercialization or independent spin-offs.

Meanwhile, Kyowon Group’s in-house startup TOCK, selected as the first batch last year, has successfully launched a web novel platform for Generation Z and is operating the business successfully. The web novel platform ‘TOCK’ features interactive (motion recognition video media) based immersive content, providing the only ‘multimedia web novel’ in Korea. Since the app launch in February this year, it has recorded over 15,000 downloads and hosts about 800 pieces of content.

A Kyowon Group official said, “Seeing the successful commercialization case of the first in-house startup, many employees have shown increased interest in the ‘Idea Prize.’ We will actively support not only the 2nd batch selected this year but also employees with creative ideas to challenge new ventures such as startups, establishing an innovative organizational culture and jointly shaping the future of the company and individuals.”

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