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Samsung’s C-Lab carves out 59 start-ups in the last decade

Samsung’s C-Lab carves out 59 start-ups in the last decade

C-Lab began as an in-house idea incubation program in 2012 and expanded externally as C-Lab Outside in 2018. Here’s the rest.

Samsung’s C-Lab carves out 59 start-ups in the last decade Samsung’s C-Lab carves out 59 start-ups in the last decade

To stay ahead of the competition amidst the fall of iconic technology giants such as Motorola, Nokia and Yahoo!, Samsung created C-Lab (Creative Lab) program, which has carved out 59 start-ups to date. A Samsung-operated program designed to transform creative ideas into business opportunities and stimulate the South Korean start-up ecosystem, C-Lab began as an in-house idea incubation program in 2012 and expanded externally as C-Lab Outside in 2018. 

Mark Sohn of Creativity and Innovation Center, Samsung Electronics told Business Today “In 2012, Samsung's global brand value was ranked number nine. It was a 40 per cent increase compared to the previous year and we topped the world's electronic industry after beating the competitors. As the situation changed, the media and academic world analyzed our success was due to three qualities - strong leadership, fast decision making, and employees’ ability to perform. However, we thought that there was a crisis behind this success, as competitor companies were closely following us, and continuous innovation was required as new competitors continued to emerge,” 

Under both - C- Lab Inside and C-Lab Outside – Samsung encourages employees and startups to innovate and create. The former is Samsung’s in-house idea incubation program was established to discover new ideas and cultivate a creative corporate culture encouraging employees to turn their big ideas into meaningful outcomes. C-Lab Inside projects with significant market potential are given opportunities to launch start-ups (C-Lab Spin-off), which Samsung supports through seed money investment and business consulting to accelerate growth, and is applicable to all Samsung employees in South Korea. 

Available to all Samsung employees in South Korea, to date 1,507 employees have participated in 365 C-Lab projects. Of these 128 projects have been transferred to in-house Samsung divisions resulting resulted in numerous innovations such as Galaxy upcycling, Eco-packaging, Lifestyle TV ‘The Sero’, and new features for mobile cameras and Samsung Pay, being deployed within Samsung itself. 

Salted was one of the first spin-off startups which is generating sales in the golf sports industry for its innovative fitness tracking and coaching solution that uses smart insoles to analyze weight shifting, swing data, balance data, and posture data. Similarly, TagHive Inc. was another spin-off whose Class Saathi self-assessment solution has been deployed in over 1000 schools across India and South Korea. 

Samsung Electronics has invested $26 million over the past six years to support 59 C-Lab Inside spin-off startups. Of this 30 startups have subsequently raised a total of over $100 million in follow-up investments, and their overall corporate value has surpassed $460 million. 

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Published on: Jun 16, 2022, 4:56 PM IST
Posted by: Tarab Zaidi, Jun 16, 2022, 4:42 PM IST