[CJ OliveNetworks = June 5, 2018 (Tuesday)] CJ OliveNetworks announced on June 5 that it was selected as one of the companies for the “In-House Venture Incubation Project” supervised by the Ministry of SMEs and Startups.
The “In-House Venture Incubation Project” involves selected companies discovering and supporting in-house venture teams and the Korean government then connecting and helping these in-house venture teams’ commercialization, separation from their respective companies, and start-up as a new venture firm. It is a follow-up program to the “Innovative Startup Ecosystem Development Plan” that the Korean government announced in November last year.
The Ministry of SMEs and Startups comprehensively evaluated the in-house venture incubation plan, commercialization support capabilities, infrastructures, and other factors of the 84 large companies, small and medium-sized enterprises, and public corporations that applied for the project. As a result, a total of 22 companies including CJ OliveNetworks were selected.
“PLAY-LAB/”, CJ OliveNetworks' in-house venture program, connects businesses utilizing the network of CJ Group’s subsidiary companies and proposes practical business plans for creating synergistic effects. The expertise and management efficiency of the support organization were highly evaluated, leading to CJ OliveNetworks’ selection as the company for the project management.
The company plans to provide the necessary infrastructure, such as an independent office space and side facilities to the in-house venture teams, and hold IR pitching and demonstration days connected to distinguished Korean and global venture capitalists and accelerators to support their investment attraction.
“It is highly meaningful that we were selected as a company for ‘In-House Venture Incubation Project’ of the Ministry of SMEs and Startups. We will not only provide opportunities for start-up creation to excellent in-house personnel and secure a new-growth drive engine for the company by discovering representative best practices, but we will also actively support the creation of an open and innovative environment such as a virtuous start-up cycle ecosystem,” said an officer of CJ OliveNetworks.
CJ OliveNetworks’ PLAY-LAB team consists of personnel with creative ideas and is an in-house venture incubating program where anyone can easily enjoy participating. Currently, two in-house venture teams are working hard to commercialize their ideas as part of the in-house venture incubation program (End).