Samsung Electronics Opens Applications for 5th Batch of Innovative Startups... "Practical Support in Market Access and Investment"

'C-Lab Outside' 5th Contest Open Until September 2
Applications Accepted in 10 Fields Including Metaverse, NFT, AI

'Fortify,' selected as the 4th batch of 'C-Lab Outside' last year, is conducting a pilot service of the online mental care service 'Mindling' for Samsung Electronics employees. (Photo by Samsung Electronics)

[Asia Economy Reporter Moon Chaeseok]

Moon Woori, CEO of 'Fortify,' who earned her master's and doctorate degrees from Seoul National University and Johns Hopkins University in the U.S., expressed regret over the limited time available for patient consultations as a psychiatrist at Seoul National University Hospital. To ensure everyone receives mental care, she founded a company and launched an online care service called 'Mindling.' Ninety percent of users improved their depression and anxiety symptoms. Since May, she has been providing Mindling services to about 1,000 employees in collaboration with Samsung Electronics' 'Life Coaching Center.' This was made possible thanks to Samsung Electronics' startup discovery program, C-Lab.

Kim Heegwan, CEO of 'DoubleMe,' a startup offering the metaverse platform 'TwinWorld' that overlays virtual spaces onto real-world environments, secured investment thanks to Samsung Electronics. In April last year, they raised 30 billion KRW in a Series A funding round, with Samsung Venture Investment Corporation joining as a strategic investor (SI). Samsung not only facilitated the investment opportunity but also supported the company. Since launching the service, DoubleMe has generated approximately 4.8 billion KRW in revenue over one and a half years.

Samsung Electronics announced on the 19th that it will hold the 5th 'C-Lab Outside' contest to discover and support innovative startups like Fortify and DoubleMe. The contest, running from today until September 2, is open to all startups registered as corporations in Korea and established within the last five years. Applications can be submitted via the Samsung C-Lab website. A panel of internal and external experts, including the C-Lab advisory committee and executives, will conduct document reviews, interviews, and final evaluations, with successful companies announced around November.

This year's contest is themed 'Create, Great Startups, We Support Your Vigorous Takeoff.' It seeks startups in ten fields including metaverse, blockchain & non-fungible tokens (NFT), wellness, robotics, artificial intelligence (AI), and environment. The selection of fields reflects global trends and technologies that can lead positive changes in society. Blockchain & NFT were added this year, and the environmental category is planned to be expanded.

Selected startups will receive up to 100 million KRW in business support funds without equity acquisition, along with opportunities for market development and investment attraction. They will be provided dedicated workspaces, growth-stage nurturing programs, and chances to participate in domestic and international IT exhibitions. Notably, the staged nurturing program is an ambitious project designed based on four years of C-Lab expertise. It offers business planning for investment attraction, digital marketing, and team performance goal management (OKR), helping startups strengthen practical competitiveness such as revenue growth and user increase.

Startups wishing to collaborate with Samsung Electronics will be actively connected through business meetings and proof of concept (PoC) projects with relevant business divisions. Market development support includes selling outstanding startups' products on Samsung.com and Samsung Electronics' employee welfare sites. Upon completion of the nurturing program, a 'C-Lab Outside Demo Day' will be held, inviting investors and corporate stakeholders to provide opportunities for new business collaborations and investment attraction for prospective graduates.

Samsung Electronics is conducting the 'C-Lab Outside' contest from the 19th until September 2nd to discover and support innovative startups, contributing to the revitalization of the domestic startup ecosystem. Poster for the 5th startup contest. (Photo by Samsung Electronics)

Samsung Electronics introduced the in-house venture nurturing program C-Lab Inside in December 2012. Since 2015, it has implemented a spin-off system to allow excellent in-house venture projects to become independent startups. The externally opened 'C-Lab Outside' was established in 2018. C-Lab Outside operates two programs: one directly nurtured by Samsung Electronics and another in partnership with the Daegu-Gyeongbuk Creative Economy Innovation Center. Since 2018, Samsung Electronics has supported a total of 466 projects, including 264 startups through C-Lab Outside and 202 in-house venture projects through C-Lab Inside. The goal is to nurture 500 projects by the end of the year.

The 4th contest held last year received a record 743 startup applications, and 20 companies, including Fortify and DoubleMe, overcame a 37:1 competition ratio to be finally selected. The 264 startups nurtured through 'C-Lab Outside' over four years have attracted follow-up investments exceeding 670 billion KRW. More than 20 companies have secured investments exceeding 10 billion KRW each.

Park Hakgyu, President of Samsung Electronics' Management Support Office, said, "We look forward to supporting many startups that will create future industries together with Samsung Electronics," adding, "We will strive to establish a sustainable cooperation system with startups so that they can soar globally alongside Samsung Electronics." Lee Deokjun, CEO of D3 Jubilee Partners, a venture capital firm participating in the advisory committee, said, "I hope Samsung Electronics will provide positive stimulation to the startup ecosystem not only by discovering promising startups but also through active investment and acquisitions."

Under the corporate social responsibility (CSR) vision 'Together to the Future! Enabling People,' Samsung is focusing on youth education through programs such as Samsung Youth SW Academy, Samsung Junior SW Academy, Samsung Smart School, Samsung Dream Class, and Samsung Hope Bridge. Alongside C-Lab Inside and Outside, Samsung operates win-win programs including the establishment of co-prosperity funds and water support funds, incentives for partner companies, support for small and medium enterprises' smart factory transitions, and operation of the Samsung Future Technology Development Project, sharing Samsung's technology and innovation know-how with society.

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