Samsung Electronics opens ‘C Lab Outside Gyeongbuk’ to aid local startups

The ceremony to mark the opening of C-Lab Outside Gyeongbuk [Photo provided by Samsung Electronics]

Samsung Electronics Co. has opened C Lab Outside Gyeongbuk, a startup hub at Yeungnam University in Gyeongsan to foster materials, parts and equipment startups in the North Gyeongsang Province region.

With the opening of the third C-Lab Outside in the region after Daegu and Gwangju this year, there are expectations that the country’s startup ecosystem, which is concentrated in the Seoul metropolitan area, will expand to a wider region.

On Thursday, Samsung Electronics held a ceremony to mark the opening of C-Lab Outside Gyeongbuk, attended by North Gyeongsang Province Governor Lee Cheol-woo, Gyeongsan Mayor Cho Hyun-il, Yeungnam University President Choi Oe-chool, and Samsung Electronics President Park Seung-hee.

C-Lab Outside Gyeongbuk is a new location created by Yeungnam University with the support of the province to attract C-Lab Outside to the region. North Gyeongsang Province and Samsung Electronics plan to use this facility as a key hub to foster local startups.

To better support startups in the region, Samsung Electronics signed a memorandum of understanding with North Gyeongsang Province, Yeungnam University and Gyeongbuk Creative Economy Innovation Center on the same day. Under the MOU, Samsung Electronics will be responsible for discovering and fostering startups, while the local government and Yeungnam University provide workspace and Gyeongbuk Creative Economy Innovation Center will discover and recommend local startups.

‘C Lab Outside Gyeongbuk’ [Photo provided by Samsung Electronics]

Samsung Electronics plans to provide a focused care program for startups by having employees from the manufacturing and software development departments at the company’s Gumi plant serve as mentors. The company has also prepared a life-cycle growth support system for external investment, cooperation opportunities with Samsung Electronics and its affiliates, and more by linking other C-Lab Outside facilities in Seoul, Daegu and Gwangju.

Samsung Electronics selected five promising startups from the region after receiving recommendations from Gyeongbuk Creative Economy Innovation Center. Given the manufacturing-oriented nature of the region, the tech giant focused on materials, components and equipment startups located in Pohang, Gyeongsan and Chilgok. Of the 1,256 ventures in the region, 82 percent or 1,030 are in the manufacturing industry.

The selected startups are mid-to-short-range LiDAR developer Hybo, high-efficiency and precision speed reducers for robot developer EasternGear, next-generation wireless power transmission solution provider Eta Electronics, high-speed image printing developer Omnicoat and magnetic powder material development with recycled steel scrap developer Poscore.

The selected startups will receive up to 100 million won ($77,000) in business support and will have the opportunity to work with Samsung Electronics on future projects.