Samsung runs an event called C-Lab which stands for Creative Lab, to turn innovative ideas into commercial prospects and support the South Korean startup ecosystem. In 2012, Samsung launched the internal idea incubation event C-Lab Inside. Since 2018, the event has been expanded externally as C-Lab Outside. Now again, Samsung Electronics is back with this initiative for the sixth time, and it will take place between July 17 and August 18 of this year to launch K-Innovation through fresh entrepreneurs.
With the goal of identifying promising startups across the country, for the first time, C Lab Outside Seoul, Daegu, Gyeongbuk, and Gwangju will be held concurrently in four areas. The firm has chosen eight different categories of entrepreneurs, AI, Contents & Services, Digital Health, IoT Devices, Mobility, Robotics, Materials & Parts, and ESG. Additionally, for startups chosen for C Lab Outside, the firm offers customized mentoring in the HW/SW/appliance fields, devoted workspace, participation in international IT events like CES, business support of up to KRW 100 million without acquiring a stake, and free transfer or use of Samsung Electronics patents.
As of now, 391 internal and 475 external startups have received support from South Korean Tech through C Lab in a total of 866 internal ventures and startups. For the C Lab companies to work together even after graduating from C Lab Outside, the C Lab Family system has been developed and is being used. The win-win programs like C-Lab(Inside/Outside), the establishment of win-win funds, the payment of incentives to partner companies, and support for SME conversion to smart factories have greatly helped the firm in its development.
Park Hak-gyu, president of Samsung Electronics’ Business Support Office, said, “We look forward to the support of startups that will grow further through Samsung Electronics’ C Lab and create a continuous cooperation system with Samsung Electronics. We will contribute to vitalizing the domestic startup ecosystem.”
Startups from C Lab also took part in June Samsung Youth SW Academy (SSAFY), the company’s event for software development talents. To be a part of this contest, the applicants must be corporations registered in Korea at the funding level series B or lower, supporting startups that are not just in the early phases but also those that are expanding their business fully.
