Hyundai Motor Group has announced its 2020 ZER01NE Accelerator, an open innovation platform that facilitates collaboration among start-ups and the Group’s internal teams on various projects. This program, according to Hyundai, “discovers valued start-ups and develops strategic usage possibilities of their innovative technologies.”
ZER01NE is about creating an ecosystem for creative talents such as artists, architects, designers, engineers, scientists and entrepreneurs, forming a place of collaboration with start-ups, and developing a ground of an active participation for companies. ZER01NE Accelerator is sourcing start-ups to create new value with Hyundai Motor Group in various business sectors. Based on open innovation initiatives, Hyundai Motor Group began collaborating with start-ups through various programs since 2000.
According to the Korean carmaker, ZER01NE Accelerator aims to become a corporate leader within the startup ecosystem by providing joint programs with CVC partners and collaborating with VCs, Accelerators, and related organizations to build up the ultimate open innovation platform.
A total of 50 ZER01NE Accelerator projects have been developed by various teams within the Group under 10 themes, including data, user experience, human machine interface, mobility, charging, robotics, smart factory, logistics, healthcare and materials.
Applying start-ups can apply for only one among these projects. Teams responsible for technology developments will be directly involved in reviewing and recruiting start-ups for collaboration.
Eligible applicants must be registered corporations. They can apply on an official application webpage from November 16 to December 27. Results will be announced in early February of 2021.
Selected start-ups will be provided with a budget for project development. The Group will also review potential equity investment into startups among those selected.
Since ZER01NE Accelerator’s introduction in 2018, eight affiliates of the Group and 54 start-ups have participated in the program, resulting in 48 collaborative projects and 35 equity investments to start-ups.