Posco Inter Seeking Growth Engines Through New Business Contest System

"Gathering Employee Ideas to Discover New Growth Engines"

POSCO International announced on the 19th that it will implement a 'New Business Proposal System' targeting approximately 1,800 employees, including headquarters and overseas staff. The strategy is to directly incorporate employees' voices in discovering new businesses that will lead the future.

Submissions and evaluations for new business proposals will be conducted until the end of the year. Employee ideas submitted will go through a first-round document review, a second-round presentation evaluation, a one-year business incubating program, and a final evaluation before being selected. The final selected ideas will be pursued either as in-house commercialization or spin-off startups.

If pursued as in-house commercialization, an independent organization will be established to guarantee the operation of a company-in-company (CIC). The concept of profit sharing will be introduced to share the benefits with employees.

If carried out as a spin-off startup, support will be provided to concretize the business in connection with 'Poventures,' POSCO Group’s in-house venture program. The company will invest in the spin-off startups to enhance business linkage and actively consider developing joint business models with the spin-off companies in the future.

External expert lectures and expert coaching programs will also be continuously supported to activate the discovery of employee ideas.

A POSCO International official stated, “The New Business Proposal System is not simply about improving work efficiency or internal processes but is a system to turn employees’ ideas into actual new businesses.” He added, “In line with the company’s new vision, ‘Green Energy & Global Business Pioneer,’ we plan to operate the system to pioneer new businesses and create opportunities to grow into a platform company.”