Samsung Electronics has announced that it will support five startups created by Samsung employees as part of its C-Lab Inside incubation program. The new startups include:
- Video-editing application called Blockbuster
- Analog-to-digital text converter called Hylar
- Smart study note service called Haxby
- Artificial sunlight-producing device called SunnyFive
- UV-sensing chip called RootSensor.
A few of these were showcased at CES 2020, some of the others are brand new entrants to the list.
Samsung said that it will provide the startups with the investment and business consulting needed to help them grow. The company also said that should the business ventures prove to be unsuccessful, employees can return to Samsung within a five-year period. This will provide them with much-needed job-security as they embark on their entrepreneurial projects.
Launched in December 2012, C-Lab is an incubation program for Samsung employees with ideas about new tech products and services. Since 2015, the company has been supporting C-Lab projects that it believes demonstrate great market potential. The company funds a handful of new C-Lab projects every year, while also helping develop the ideas. Moreover, it facilitates their launch as startups under the C-Lab spin-off policy.
According to Inkuk Hahn, Vice President and Head of the Creativity & Innovation Center at Samsung Electronics, “Including these five companies, a total of 45 C-Lab alumni startups have been created as a result of the C-Lab program. These results illustrate Samsung’s commitment to investing in employee-driven innovation and promoting the South Korean startup ecosystem. Going forward, we will continue working to unlock Samsung employees’ potential for creative innovation while encouraging the entrepreneurial spirit”.