Hyundai Motor Group Spins Off Four In-House Startups... "Open Innovation"

Four More In-House Startups Spin Off from Hyundai Motor Group
"Solastic", "ROAI", "HVS", and "Flexon" Become Independent Companies
Active Support for Employee Startups through 'Venture Plaza' and 'Zero One Company Builder'
Up to 300 Million KRW in Development Funding and Re-Employment Opportunities Provided

Four in-house startups from Hyundai Motor Group will spin off to become independent companies.

On the 4th, Hyundai Motor Group announced that it has spun off in-house startups 'Solastic', 'ROAI', 'HVS', and 'Flexon'.

Solastic produces lightweight and design-flexible solar modules using plastic packaging, while ROAI supports manufacturing process automation through robot autonomous control technology.

HVS develops materials and solutions that prevent moisture and corrosion during the transportation of lamps and batteries, and Flexon manufactures eco-friendly wheel balance weights for automobile tires and materials for battery explosion-proof pads.

Hyundai Motor Group started the in-house startup nurturing system called 'Venture Plaza' in 2000, and since 2021, it has been promoting the discovery and nurturing of in-house startups for Hyundai Motor Group employees under the name 'Zero One Company Builder.' The selection and nurturing system for in-house startups targets not only related fields such as mobility, automotive parts, and software but also all business items with marketability and innovativeness.

In-house startups whose business ideas are adopted receive up to 300 million KRW in development costs. Each startup undergoes a one-year period of product and service development and commercialization, during which the possibility of spin-off or in-house commercialization is evaluated.

Upon spin-off, Hyundai Motor Group participates in the startup's equity through an investment of about 100 million KRW and decides on additional investments depending on the expansion of collaboration with the group. To reduce the burden on employees participating in startups, re-employment opportunities are also provided for up to three years after spin-off.

A Hyundai Motor Group official said, "Since the first spin-off case in 2003, a total of 40 promising startups have become independent from Hyundai Motor Group over the past 20 years and embarked on new challenges," adding, "Through active open innovation activities, we will discover innovative and creative ideas from employees, support their commercialization, and create synergy together."

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