Samsung Electronics announced that it will support seven startups created by Samsung employees which are being spun off from the company’s C-Lab (Creative Lab) program on October 31. Including these seven businesses, a total of 32 C-Lab alumni startups have been created as a result of Samsung’s commitment to investing in employee-driven innovation and developing a startup ecosystem.
From the latest in VR/AR, IoT, healthcare and more, Samsung selected the seven new startups for investment based on their business potential and contribution to innovation:
Defind – A smart shoe matching service that carries out a 3D scan of a customer’s foot to enable them to buy shoes that fit perfectly.
Soft Launch – A social media-based recommendation service for restaurants and stores aiming to combat fake reviews, and developed by employees from multiple Samsung affiliates.
1Drop – An ultra low-cost blood glucose measurement solution using LED and the camera of a smartphone.
A Collaborative Approach
The prospective entrepreneurs were provided with intensive training and preparation on key aspects of running a business with the help of experts before launching their startups. They also engaged in various talk sessions with former colleagues with success spinning off businesses to obtain know-how.
“We have provided the support to establish 32 C-Lab alumni startups over the past two years and based on our valuable past experience, we are planning to build up a more profound and actionable program to nurture employees’ ideas and launch new startups,” said Jaiil Lee, Vice President and Head of the Creativity & Innovation Center at Samsung Electronics.
C-Lab alumni startups have performed well in recent years, securing additional global funding, increasing company valuation and opening up unexpected business opportunities. For example, 360-degree camera manufacturer Link Flow started as a business for travellers in their 30’s and 40’s, but after being spotted by the security maintenance industry, underwent further iterations and will be unveiled as an official product at this upcoming CES 2018.
Created in December 2012, the C-Lab is an in-house startup incubation program that nurtures a creative organizational culture and innovative ideas among Samsung employees. The spin-off policy was introduced in 2015 and since its inception C-Lab alumni startups have been striving to open a new startup ecosystem.