- Hold a contest for new business ideas participated by all affiliated companies in the middle of April
- Strengthening the spirit of challenge of staffs and diversifying a business portfolio by promoting the innovation culture within the group
HDC (Chairman Mong Gyu Chung) will foster in-house venture businesses in order to revitalize venture ecosystems in the group, innovate the corporate culture, and expand the business scope, as well as to respond to the national political agenda of South Korea, “Start-up Nation Supporting the Innovation,”
The HDC Group will hold a contest to invite new business ideas from April 1 to 26 to uncover hidden creative ideas of staffs and employees, who are potential developers. The content has three themes: “New Business Ideas to Become a Great Developer”, “New Ideas for Forming a New Housing Culture”, and “New Business Ideas that Connect Existing Space and Residential Services with Digital and Online Platforms”. The contest is hosted by HDC Hyundai Development Company and all staffs and employees of the HDC group can participate in it.
The proposers of selected ideas will be awarded. Moreover, if a new business corporation is established after conducting market validation and business model refinement, the proposers will receive a business stake. Additionally, start-up funds will also be supported. HDC plans to support idea incubating and business model refinement services for staffs and employees from idea proposal to commercialization. Furthermore, the company will encourage staffs and employees not to be afraid of failure and boost the spirit of challenge of them by ensuring the rights of the project by granting stake to idea proposers and giving them a safeguard of returning to the original position regardless of the success of the project.
Hee Bang Kim, Director of the Future Innovation of HDC Hyundai Development Company hosting this contest, said, “The contest for new business ideas is going to be a part of a structural transformation. In the short-term, it will add vitality to the organization by stimulating the spirit of challenge of staffs and employees and spreading innovation culture. In the long-term, it will help us secure new growth engines by discovering new business models.”
HDC has restructured the whole organization and set the direction to be a ‘Fast & Smart company’ in order to preemptively respond to future changes through the “Big Transformation” project, which has been conducted seven times since 2017. HDC has carried out a range of projects such as a rental housing residential service and a digital platform in order to create a synergy effect through business convergence among group affiliates. It will also enhance the competencies of each affiliate and diversify its business portfolio through the in-house venture fostering program. Additionally, it also plans to improve the professionalism of its employees and build an expert pool by establishing the in-house venture fostering system. End.