HD Hyundai spurs innovation through in-house venture program

South Korean shipbuilding, oil refining and machinery conglomerate HD Hyundai on Monday said that a total of five teams have been selected to commercialize their business ideas under its in-house venture accelerator program, Dream Cube.

Dream Cube aims to support bold-spirited senior-level employees or teams of up to four members for their creative business ideas over the course of one year.

Since March, a total of 239 business ideas have been submitted for assessment from all HD Hyundai affiliates.

The five finalists submitted ideas related to metal 3D printing and circuit design for vehicles.

Over the upcoming year, HD Hyundai will provide a business budget of 150 million won ($115,000) per team, as well as consultation on networking and marketing, to help the teams realize their business initiatives by helping them launch prototype products and pilot services.

The company said it seeks to revive the success story of its subsidiary Avikus, its first in-house venture launched in December 2020, which specializes in developing autonomous navigation systems.

In June last year, Avikus became the first company in the world to succeed in testing the autonomous navigation of a large ship across the ocean.

"To realize new visions, we are in need of an innovative corporate culture,” HD Hyundai CEO Chung Ki-sun was quoted as saying at the Vision Declaration Ceremony held at the Global R&D Center in Gyeonggi Province in December.

“We will strive to become a global company where our employees can truly enjoy working and freely pursue their dreams."