Korea Tire's First In-House Venture 'Towncar' Wins Shinhan Open Innovation Final

Apartment Neighbor Car Sharing Service Platform

Kumho Tire's first in-house venture 'Town Car' (Photo by Kumho Tire & Technology)

[Asia Economy Reporter Kim Ji-hee] Hankook Tire & Technology announced on the 24th that 'TownCar,' an apartment-based vehicle sharing service born as the company's first in-house venture, was selected as an outstanding team in the smart home category at the 'Shinhan Open Innovation' hosted by Shinhan Financial Group's Shinhan Square Bridge.

Shinhan Open Innovation is a program that connects startups with technological capabilities to companies with technology demands. The purpose is for technology-demanding companies to adopt new technologies based on the 4th industrial revolution, and for startups to establish a foundation for business expansion through collaboration with large and medium-sized enterprises. TownCar was matched with 'Commax & Commax Ventures (Commax),' a company building a growth ecosystem in the home IoT and AI fields, and received support through a mentoring program.

TownCar, which grew as the first in-house venture through Hankook Tire's internal proposal system 'Proactive Studio,' was highly evaluated at this Shinhan Open Innovation for its ability to solve parking problems in apartment complexes by sharing idle resources based on community. Selected as a final outstanding team, TownCar will receive a prize of 20 million KRW and a plaque. Additionally, collaboration opportunities with Commax, a leading company in the smart home sector that provided mentoring support, will be offered, accelerating its expansion as an apartment-based platform.

TownCar is a platform for an 'apartment neighbor car-sharing service' that allows vehicles with a lot of idle time to be shared and used among neighbors. It features sharing privately owned vehicles that are not frequently used, enabling owners to earn income while neighbors can use vehicles at a low cost. Furthermore, since automobile insurance is available and usage opportunities are shared only with neighbors living in the same apartment rather than the unspecified public, it is safer and more trustworthy. In addition, it provides vehicle management solutions to registered vehicle owners to help maintain their cars in optimal condition.

Currently, TownCar has been selected for the 'Post In-house Venture Development Program' hosted by the Ministry of SMEs and Startups and the Korea Institute of Startup & Entrepreneurship Development, receiving various support including business expenses. Last year, it also received an award for in-house venture activation from the Ministry of SMEs and Startups and the Korea Institute of Startup & Entrepreneurship Development.

Meanwhile, Hankook Tire operates an in-house venture program that provides not only business expenses and spin-off support but also re-employment opportunities within five years. Through this, the company plans to enhance employees' creativity and spirit of challenge and actively discover future new growth engines.