Samsung Supports 426 Tech Startups Through Its C-Lab Program

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Samsung Supports 426 Tech Startups Through Its C-Lab Program
26 Nov 2022
5 min read

News Synopsis

Through its Creative Lab (C-Lab) Outside programme, Samsung has supported the growth of 426 startups in total, including 182 internal companies and 244 external ones. Since 2018, 244 outside startups have received a total of 430 billion won in investments from various institutional investors.

Algocare Lab's founder and CEO, Joung Ji-won, decided to apply for a Samsung Electronics venture incubator programme last year when her startup was in its third year of operation and already well-known for its cutting-edge concepts for personalised nutrition management.

She still found it difficult to manage and expand her startup in a nation where large corporations continue to dominate the economy and are frequently seen stifling or acquiring up-and-coming, small players.

At a press conference for Samsung's Creative Lab (C-Lab) Outside on, a startup acceleration programme designed to support skilled, aspiring entrepreneurs outside the tech giant, Joung said, "The most difficult thing was to hire talented people,"

She continued, "Since joining the (Samsung) programme, it became much easier to recruit good talent," New hires said their parents are proud of them." she added

The world's leading manufacturer of mobile devices and memory chips, Samsung, launched its internal C-Lab programme in 2012 with the goal of fostering innovative ideas, turning them into commercial prospects, and enhancing the startup environment in the nation.

Samsung created a spin-off programme for effective internal startups in 2015 to support employee initiative and drive.

Encouraged by the good feedback, the IT giant launched C-Lab Outside in 2018 to foster external, innovative tech startups under the age of five by offering them office space, financial support of up to 100 million won ($73,700), mentoring, and business consultation and cooperation.

Hahn In-kuk, head of Samsung Electronics' Creativity & Innovation Center, said during the event that "The purpose of C-Lab Outside is not about making financial gains, but quickly discovering promising young innovators and help them firmly take root and grow into a big tree,"

As of next year, according to Hahn, Samsung plans to "scale up" the programme, continuing to monitor the progress of the program's former participants even after the one-year programme has ended and making investments as necessary.

The CEO of autonomous delivery robot manufacturer Neubility, Lee Sang-min, said he valued Samsung's counselling service the most for managing his five-year-old startup.

TWN In-Focus