Startups are realities. often very interesting. From these new companies sometimes even very important projects can be born. In the automotive sector, the Hyundai Group is the leading company in the industry. very active in supporting innovative startups. Recently, on the occasion of the Open Innovation Tech Day, the Korean Group illustrated its collaboration strategies with startups and the results of the open innovation initiatives conducted so far.
INVESTMENTS IN OVER 200 STARTUPS
The Hyundai Group has invested in over 200 startups from 2017 to today. Specifically, the investments concerned numerous business areas, such as electrification, connectivity, artificial intelligence (AI), autonomous driving, renewable energy, robotics and mobility services.
The Hyundai Group’s open innovation initiative mainly takes the form of four types of investment: sensing investment, to identify trends in new, rapidly evolving business areas; linked investment to promote concrete cooperation according to the planned strategic synergies; strategic investment to suddenly secure the skills of the of business, and company building for internal startups with the technologies and business areas necessary for the Group.
Hyundai operates global innovation centers called “CRADLE” in five countries (United States, Germany, Israel, China and Singapore) and launched “ZER01NE” in Korea, which serves as a hub for open innovation. Furthermore, the Group manages a total of 19 investment funds in the main countries, with the aim of guaranteeing the ability to invest in investment funds. of global investment to support startups.
The Group also operates an internal startup system called “ZER01NE Company Builder” of the Group to promote internal initiatives. Yunseong Hwang, Vice President and Head of Open Innovation Execution Group, commented:
Startups that can bring about positive changes in people's lives through innovative technologies or services I am what that we are looking for. We will establish an ecosystem of coexistence by actively investing in startups that provide important insights for the creation of future mobility solutions. intelligent and sustainable and to improve the well-being and quality of life. of people's lives.
The intent of the Hyundai group is that of continuing to explore relationships with startups that can foster positive changes in people's lives through technologies and services.
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