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Samsung Electronics Spins Off In-House Startups

Samsung Electronics Spins Off In-House Startups

SEOUL, Nov. 5 (Korea Bizwire) — Samsung Electronics Co. announced that it will support three startups created by Samsung employees as part of the company’s in-house venture incubation program, C-Lab Inside. C-Lab Inside was introduced in 2012 to promote a creative corporate culture as well as to explore employees’ innovative ideas. The three startups that [...]

Mobility Startup SOCAR Becomes Unicorn After Fresh Investment

Mobility Startup SOCAR Becomes Unicorn After Fresh Investment

SEOUL, Oct. 16 (Korea Bizwire) — South Korea’s largest mobility startup SOCAR Inc. said Friday it has received 60 billion won (US$52.2 million) from two local private equity firms, becoming the latest “unicorn” company in the Asian country. The investments from SG Private Equity and Songhyun Investment pushed SOCAR’s valuation to over 1 trillion won. [...]

Gov’t Mandates Public Institutions to Buy 8 pct of Annual Procurements from Startups

Gov’t Mandates Public Institutions to Buy 8 pct of Annual Procurements from Startups

SEOUL, Oct. 7 (Korea Bizwire) — South Korea’s public institutions have been mandated to buy 8 percent of their annual procurements from startups. The Ministry of SMEs and Startups announced that the revised enforcement ordinance of the SME Establishment Support Act was resolved at a cabinet meeting and would take effect from Thursday. Under the [...]

QMIT Monitors Athletes’ Pain for Their Best Performance

QMIT Monitors Athletes’ Pain for Their Best Performance

SEOUL, July 28 (Korea Bizwire) — Injuries are often considered an inevitable part of competitive sports. However, failing to promptly deal with repeated injuries can sometimes lead to professional players involuntarily retiring earlier than expected. Lee Sang-gi, CEO of South Korea’s tech startup QMIT Co., has learned such hard lessons from his past career as [...]

Make-to-Order Strategy Gains Popularity Among IT Startups

Make-to-Order Strategy Gains Popularity Among IT Startups

SEOUL, April 20 (Korea Bizwire) — More businesses in the IT and startup industry are opting to check consumer demand first before manufacturing products and services as the number of active consumers is on the increase. This way, businesses can effectively reduce the risk of failure and minimize opportunity costs. Class 101, an online education [...]

War Against Virus Helps Korean Startups Shine

War Against Virus Helps Korean Startups Shine

SEOUL, March 12 (Korea Bizwire) — While the novel coronavirus outbreak is spreading at a rapid pace in Korea, Korean startup firms are also seeing their own technologies shine. Vodacom, a startup specializing in telecommunication platforms, decided to provide its “Video Help Me” (Videohelp.me) service free of charge until May for public institutions, small and [...]