SEOUL, Oct. 17 (Korea Bizwire) — Samsung Electronics Co. said Wednesday it will support 500 startups over the next five years in response to the government’s call to bolster the national economy and create more jobs.
The project comes as a follow-up of Samsung Electronics’ announcement made in August, when it vowed to invest a whopping 180 trillion won (US$160 billion) over the next three years to revitalize the national economy and develop new growth engines.
The tech giant said the 500 companies include 200 startups established by Samsung employees. The company has been encouraging its employees to open startups under its wing for its project titled C-Lab.
Through the C-Lab Outside project, the company will also support venture firms outside of Samsung in the field of information technology, including the mobile sector.
Entry-level startups, including potential founders, are eligible to apply to receive Samsung’s support. The selected companies, which will increase by up to 100 over the next five years, are provided with offices at Samsung Electronics’ research campus, located south of Seoul.
The companies will also receive consulting programs on design, technology, patents and taxation, with opportunities to take part in global tech exhibitions.
Samsung said that it will foster 200 more startups at the creative economy centers in Daegu and Gumi.
The company said the C-Lab Inside for Samsung staff will be expanded down the road, claiming 917 employees already took part in 228 projects over the past six years, leading to the launch of 34 startups.
Samsung said two projects will set sail as new startups later this month with the support of the C-Lab Inside.
The Electric Vehicle Automatic Recharging (EVAR) project aims to provide a system that can automatically drive electric vehicles to charging stations and the other project centers on helping patients’ pulmonary rehabilitation.