Lee Jae-yong Emphasizes 'Talent, Technology, and Collaboration'... Startup Support Program Revealed in 'C-Lab'

Visit to 'Seoul R&D Campus' on the 22nd
From technology to investment attraction, also providing business cooperation opportunities with Samsung
'C-Lab Startup Demo Day' held on the 24th
Aiming for follow-up investment and mergers through 'Scale-up'

Han In-guk, Executive Director of Samsung Electronics Creative Development Center, presenting on the history of C-Lab.
[Photo by Han Ye-ju]

[Asia Economy Reporter Han Yeju] "Samsung C-Lab solved the concerns about how a small startup should work with a large company. It was great to be able to comfortably contact the C-Lab partner team during urgent moments when strategic decisions had to be made. The financial consulting program needed for cost expenditure planning and investment planning, as well as the support from Samsung Electronics' PR office, connected us with people who understood our business well, which was a great help." (Sangmin Lee, CEO of Newbility)

Samsung Electronics' 'C-Lab' program, created to revitalize domestic startups, reflects the management philosophy of Samsung Electronics Chairman Lee Jae-yong, who emphasizes 'talent and technology, together.' It selects and nurtures about 500 startups struggling with financial difficulties to realize mutual growth, encourages their market settlement, and simultaneously seeks development by promoting business synergy with these talented individuals. Startups gain systematic know-how and broader perspectives through direct collaboration with Samsung Electronics, beyond just investment. This is the fruition of Chairman Lee's promise of 'co-prosperity,' with innovative ventures emerging one after another.

On the 22nd, we visited the 'Samsung Electronics Seoul Research and Development (R&D) Campus' in Seocho-gu, Seoul, where startups supported by 'C-Lab Outside' reside. This space, far from stiff and rigid offices, was filled with the passion of startups unafraid of failure.

In-guk Han, Executive Director of Samsung Electronics Creative Development Center, explained, "The Seoul R&D Campus is an important place where future competitiveness such as advanced development and future technologies is determined. It is symbolic in that Samsung Electronics nurtures famous and young companies that will determine South Korea's competitiveness."

A scene of 'EverX,' a digital exercise therapy solution company for musculoskeletal disorders among the 4th batch of C-Lab Outside startups, introducing their business.
[Photo by Samsung Electronics]

C-Lab Outside is a program started to provide the know-how of Samsung Electronics' internal venture program C-Lab, which has been operated for 10 years, to external startups. Startups selected for C-Lab Outside receive full support from Samsung Electronics, from technical assistance to investment attraction. Additionally, selected startups are given the benefit of free residency for one year in dedicated spaces at the Samsung Seoul R&D Campus. Each team receives up to 100 million KRW in business support funds for one year, customized growth consulting, business cooperation with Samsung Electronics, and opportunities for global expansion. Especially, the customized consulting by growth stage provides practical help for startups to establish early business competitiveness and growth by offering important services for early-stage startups such as ▲establishing a five-year business plan based on financial foundations ▲data-driven marketing (Growth Hacking) ▲organizational goal management and teamwork building (OKR). 'C-Lab Partners,' experts in fields such as development, marketing, patents, and business planning, listen to detailed concerns of startups regarding HR, organizational management, finance, investment attraction, and PR, and find solutions together.

So far, Samsung Electronics has selected and supported a total of 506 startups (304 external, 202 internal). The cumulative investment amount raised by a total of 521 C-Lab startups, including 460 Outside and 61 Spin-offs, reaches 1.34 trillion KRW, creating about 8,700 jobs. Additionally, 20 companies have been selected for the Ministry of SMEs and Startups' 'Baby Unicorn 200 Development Project,' and 3 companies have been designated as 'Pre-Unicorns.'

C-Lab is also a co-prosperity project emphasized recently by Chairman Lee Jae-yong. In a message to employees on Samsung Electronics' 50th anniversary in 2019, Chairman Lee mentioned 'co-prosperity with society,' stating, "Sharing and growing together is the path to becoming the world's best." His philosophy of 'togetherness' is well integrated into Samsung's management. Under the CSR vision 'Together to the Future! Enabling People,' Samsung is conducting social contribution activities focused on youth education and mutual growth activities.

C-Lab Outside 4th batch major startups presenting.
[Photo by Han Yeju]

With Samsung Electronics' full support, the C-Lab Outside program is producing meaningful results in various areas, including the growth of resident startups and the creation of social value. On the 24th, Samsung Electronics also held the '2022 C-Lab Startup Demo Day' to announce the nurturing achievements of startups and provide opportunities for business cooperation and investment attraction. Woo-ri Moon, CEO of Fortify, said, "Through C-Lab's active support, we received various and practical help not only in strengthening the company's capabilities but also in business growth such as B2B expansion. We will return the generous support by contributing positively to our society."

Samsung Electronics recently established the 'C-Lab Family' system to enable continuous collaboration with C-Lab startups even after graduating from C-Lab Outside or spinning off. For the C-Lab Family, a 'C-Lab Scale-up Committee' was newly created to gradually expand partnerships and investments with Samsung Electronics and to further sophisticate C-Lab operations in a way that allows C-Lab families to achieve real win-win outcomes.

Director Han emphasized, "Until now, Samsung Electronics was not actively investing additionally in places that went through the Outside course. The intention was for them to autonomously secure competitiveness. Now, through the scale-up program, we plan to consider additional investments or mergers and acquisitions. The scale of additional funding will increase exponentially, and as the scope of business coverage expands, the scale of new hires will also increase."

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