▲From left: Lee Sang-min, CEO of Newbility; Shim Gyu-hyun, CEO of Letsser; Jung Ji-won, CEO of AlgoCare; Yoon Chan, CEO of EverX; Moon Woo-ri, CEO of Fortify; Jung Ji-eun, CEO of Codit (Photo courtesy: Samsung Electronics)


Samsung Electronics Holds 'C Lab Startup Demo Day' at Seoul R&D Campus
C Lab Outside Fosters 304 External Startups and 202 In-house Ventures

Samsung Electronics held an event to publicize the nurturing achievements of 'C Lab Outside' startups and provide opportunities for business cooperation and investment attraction.

Samsung Electronics held the '2022 C Lab Startup Demo Day' on the 24th at 'Samsung Electronics Seoul R&D Campus' in Seocho-gu, Seoul, and provided a venue for presentations and exhibitions by C Lab Outside 4th batch startups, presentations of graduation commemorative plaques, and Q&A sessions and networking with the 'C Lab Advisory Council'.

The C Lab Startup Demo Day is a graduation ceremony for C Lab Outside startups directly nurtured by Samsung Electronics over the past year, and has been held annually since 2019.

C Lab Outside is a growth support program for Samsung Electronics startups and young entrepreneurs. Over five years since 2018, it has fostered 304 external startups and 202 in-house ventures.

Companies selected for C Lab Outside receive △business support funds of 100 million won △dedicated space △customized consulting △participation in IT exhibitions, and since C Lab Outside was established, cumulative investment attraction of 1.34 trillion won and job creation of 8,700 positions have been achieved.

The event was attended by approximately 300 people including representatives and employees of 20 startups, National Power member of parliament Eom Tae-young, Samsung Electronics Chief of Management Support Office President Park Hak-gyu, C Lab advisors, C Lab personnel, and Samsung Electronics employees.

This Demo Day featured 20 startups opening new markets in promising future fields such as AI, metaverse, wellness, and eco-friendliness.

▲Shim Gyu-hyun, CEO of Letsser (Photo courtesy: Samsung Electronics)

Major startups participating in the Demo Day include △'Newbility', an urban delivery service company using autonomous delivery robots △'Letsser', an AI development and management solution based on data cleaning △'AlgoCare', a personal customized supplement automatic compounding device platform company △'EverX', a digital exercise therapy solution for musculoskeletal disorders △'Fortify', a digital customized mental health care solution company △'Codit', a legal/regulatory/policy monitoring service for enterprises, and others.

▲Jung Ji-won, CEO of AlgoCare (Photo courtesy: Samsung Electronics)

In particular, among these △'Newbility', which attracted 23 billion won in investment this year △'Letsser', which achieved sales of over 500 million won just one year after founding △'AlgoCare', which was selected as a 'baby unicorn' company △'Fortify', which expanded B2B business with monthly revenue growth of 5 times, and others showed tangible results.

▲Moon Woo-ri, CEO of Fortify(Photo courtesy: Samsung Electronics)

Moon Woo-ri, CEO of 'Fortify', stated, "Through C Lab's active support, we received diverse and practical assistance not only in strengthening the company's capabilities but also in business growth such as B2B expansion," and added, "We will make sure to give back in ways that have a positive impact on our society, as much as the generous support we received."

Furthermore, the number of employees at the 20 startups increased by 108 during the C Lab enrollment period, contributing to the core purpose of C Lab Outside, which is 'creating quality youth jobs'.

▲Yoon Chan, CEO of EverX (Photo courtesy: Samsung Electronics)

Yoon Chan, CEO of 'EverX', stated, "During the C Lab period, I gained confidence in the business through various experiences in R&D, public relations, and HR, and networking with 'C Lab cohort members,' and excellent members joined, growing the organization by more than double in size."

Samsung Electronics operates C Lab to establish a virtuous cycle of 'discovery-implementation-commercialization' of creative ideas, creating sustainable innovation, and contributing to the activation of Korea's startup ecosystem.

To spread creative organizational culture, Samsung introduced 'C Lab Inside', an in-house venture development program, starting in December 2012, and since 2015, has been implementing a 'spin-off' system where outstanding in-house venture projects spin off as startups.

Based on the accumulated C Lab expertise, 'C Lab Outside', an external startup development program to activate Korea's startup ecosystem and create quality youth jobs, was established in 2018.

C Lab Outside operates as a program directly nurtured by Samsung Electronics and a program nurtured jointly with the Daegu·Gyeongbuk Creative Economy Innovation Center.

Startups selected for C Lab Outside directly nurtured by Samsung Electronics receive △provision of up to 100 million won in business support funds △dedicated office space within Samsung Electronics Seoul R&D Campus and meal/transportation provision △stage-specific customized consulting △connection to cooperation opportunities with Samsung Electronics and related companies △participation in domestic and international IT exhibitions △domestic and international market development support, provided for one year.

In particular, for stage-specific customized consulting, △establishment of 5-year business plans based on financial foundations △data-based marketing (Growth Hacking) △organizational goal management and teamwork building (OKR) are provided to startups, enabling them to acquire business competitiveness early and grow with practical support.

Meanwhile, at the media day held on the 22nd before the 'Demo Day', representatives of 'Newbility', 'Letsser', 'AlgoCare', 'EverX', 'Fortify' and 'Codit' attended and discussed their products and Samsung C Lab Outside.

All representatives were generous in their praise for the C Lab Outside program.

▲Lee Sang-min, CEO of Newbility(Photo courtesy: Samsung Electronics)

Lee Sang-min, CEO of Newbility, stated, "It is a very good opportunity for companies like ours to receive support from a large company like Samsung Electronics," while Shim Gyu-hyun, CEO of Letsser, said, "Not a single employee has quit their job during the C Lab Outside period, and all employees are working with satisfaction."