Korean conglomerates are major investors in innovative start-ups according to local corporate tracker CEOScore. Since 2015, the top 500 companies have invested ₩2.7 trillion (A$3.1 billion) in start-ups, with most investments in mobility, biotech and big data. During this period, Hyundai Motor Company was the largest investor, investing ₩715.7 billion (A$840 million) in starts-up developing eco-friendly mobility and autonomous driving technologies.
Further, Korean conglomerates are launching competitions for start-ups to showcase their businesses. For example, Hyundai Motors, Kia Motors Corporation and LG Chem recently launched the global competition, EV & Battery Challenge. The competition will select 10 starts-up to work directly with the companies and potentially benefit from future investment and collaboration.
International start-up support organisation, New Energy Nexus, is facilitating the competition. Danny Kennedy, Chief Energy Officer of New Energy Nexus, described the companies as “leading the charge for better batteries and better mobility systems…we are proud to be working with such forward-thinking companies that are enabling a faster and cleaner energy transition.”
Applications are now.