Kolon Industries Drives In-House Venture Collaboration with Hyundai Motor Company

Kolon Industries and Hyundai Motor Sign MOU for In-house Venture Development and Commercialization

[Asia Economy Reporter Hwang Yoon-joo] "Let's all take on the challenge so that the in-house venture program goes beyond success to inspire a creative and daring corporate culture and become the spark that creates Kolon’s future value!"

This was the message personally delivered by President Jang Hee-gu when he launched Kolon Industries' in-house venture program 'K-Ventures' idea recruitment in 2019. With the fresh and creative ideas from K-Ventures, the goal is to make them the growth engine for Kolon's future, and this time, the first step has been taken together with Hyundai Motor Company.

Kolon Industries and Hyundai Motor Company signed a memorandum of understanding on the 11th to cooperate in operating in-house ventures. Taking this opportunity, both companies will establish a mutually organic cooperation system related to the operation of their in-house ventures and collaborate on ▲operation and commercialization cooperation of in-house venture programs ▲service development and operation among in-house venture teams ▲expansion of services and commercialization plans of in-house venture teams.

As the first case, Kolon Industries' in-house venture team 'Paljak' and Hyundai Motor Company's in-house venture team 'RollerMarket' will engage in a business partnership related to location-based services. The business model developed by Kolon Industries' in-house venture team 'Paljak' is an audio coaching mobile app for users who run, providing pacemaker audio and training content for efficient running. Hyundai Motor Company's in-house venture team 'RollerMarket' has a business model of an autonomous driving PBV (Purpose Built Vehicle) commerce platform, offering on-demand autonomous mobility services to users who want to move within areas lacking transportation infrastructure. 'Paljak' and 'RollerMarket' will develop linked business models based on location-based services going forward.

Kolon Industries operates an in-house venture fund worth 10 billion KRW to actively foster in-house ventures. Regardless of business area, if selected with a creative business item, high incentives are provided, and the proposer is supported to focus on new businesses with expertise and leadership by participating in equity of the startup. The in-house venture team 'Paljak,' selected for the first time, will launch a beta version of its application in the first half of 2021 and begin full-scale commercialization based on this MOU.