Bloter Brings Voices from Industry Professionals: Focusing on People to Uncover Fascinating Stories Across Various Sectors
"Hyundai Motor Group (HMG) provides continuous infrastructure support for global expansion and business growth even after the spin-off of startups it nurtures. If I had ventured into this business alone, I would have failed or been buried under a debt of over 1.6 billion KRW. I can confidently say that HMG's startup system is the best in Korea."
Shin Jun-Young, leader of HMG's H-Startup Team, smiling brightly ahead of the spin-off of '3I Solution'. (Photo by Cho Jae-Hoon)
On the 25th of last month, Shin Jun-Young, leader of the H-Startup Team, was busy preparing for the spin-off of '3I Solution', the first domestic developer of industrial neutron element analyzers, at the Hyundai Motor Group Uiwang Research Center office in Uiwang-si, Gyeonggi-do.
A neutron element analyzer is a device that analyzes the components of raw materials by using the unique gamma rays emitted when elements react with neutrons. The official launch of 3I Solution began in November 2021 with an official acceptance notice from Hyundai Motor Group's in-house startup program. The name '3I Solution' stands for 'Innovation of Invisible Inspection', reflecting the company's mission to digitize and manage the entire manufacturing process from raw materials to final product production, thereby completing a smart factory.
The market for neutron element analyzers has been an oligopoly, with five overseas companies, including T Company, holding about 75% of the global market. The price of each analyzer can reach tens of millions of KRW, and maintenance costs post-purchase are also significant, emphasizing the need for domestically developed equipment.
Leader Shin identified the precise needs of the market and adopted a strategy to reduce costs and increase efficiency—a so-called 'customer-tailored' strategy. This approach allowed 3I Solution to reduce prices by more than 70% compared to competitors, prompting other companies and industries outside Hyundai Motor Group to consider adopting their devices. 3I Solution has received significant investments from Hyundai Motor and Hyundai Steel and is set to operate independently this month. Their short-term goal is to achieve annual sales of 35 billion KRW within six years. Leader Shin, who will serve as the CEO after the spin-off, expressed his firm resolve.
- What prompted the launch of 3I Solution?
= The motivation for this business was a single-minded desire to "see the unseen in real-time." In 2022, Hyundai Steel purchased about 6 trillion KRW worth of scrap. In terms of volume, this equates to 660 25-ton trucks per day. It is practically impossible to conduct a full inspection of such a vast amount to check for impurities. Scrap payments are made based on grade and weight, so even filtering out just 1% of impurities can result in cost savings of 60 billion KRW.
Initially, we explored various options, such as container X-ray equipment installed at ports and AI vision recognition technology using photos, but they were not viable solutions. X-rays couldn't penetrate the dense scrap, and AI vision recognition was inaccurate due to the irregular shapes, only providing surface-level information.
Neutrons were the only solution to this problem. To prove this, I traveled to the United States to confirm its feasibility and established the foundation for the business by connecting with domestic radiation and radioactivity departments at Seoul National University, Hanyang University, and through introductions from the Korea Atomic Energy Research Institute under the Ministry of Trade, Industry, and Energy. Subsequently, we applied to HMG's in-house startup program and were accepted, gaining various experiences over two years under the name '3I Solution'. Despite unforeseen challenges such as team member departures and technical service issues, our teamwork has allowed us to overcome these obstacles and we are now on the verge of achieving spin-off approval.
- What are your expectations and goals following the successful domestic development of industrial neutron element analyzers?
= Currently, steel companies are focusing on data-driven manufacturing process innovation. Last year, Hyundai Steel urgently purchased equipment from an overseas company, proving the necessity of neutron element analyzers. The domestic market for these devices is estimated to exceed 300 billion KRW.
In addition, we are in the final stages of developing products for analyzing the components of black powder from recycled batteries. The black powder inspection market, which is considered a future growth area, is expected to see explosive growth after 2030. Just like steel scrap, the value of recycled batteries varies based on the composition of their key components, making component analysis a critical issue. 3I Solution plans to provide real-time, customized analysis data in the form of images tailored to customer needs through our self-developed AI algorithms. We plan to supply one fixed and one mobile device to Hyundai Steel within the year, and we are also working to enhance our black powder algorithms in collaboration with our H-Startup program peers, Evacycle and Poen.
- What are the strengths of 3I Solution compared to competitors?
= The market for neutron element analyzers is dominated by five global companies. These competitors tend to sell their equipment at high prices, similar to off-the-shelf products, rather than customizing them to meet customer needs. When we conducted a survey by meeting directly with representatives from 25 departments of Hyundai Steel, we found that although they wanted to purchase the equipment, they hesitated due to the high cost and after-sales service issues. Therefore, we are confident that we can compete by offering cost-effective devices specialized for steel and black powder analysis. Furthermore, 3I Solution aims to enhance customer satisfaction by specializing our AI algorithms more than our competitors, to sell products across various industries. Particularly in the black powder market, which is a 'blue ocean' market, we are focusing our efforts on building our image as a leading company through rapid field application.
- Can you introduce the members of 3I Solution and share any particular challenges you faced during development?
3I Solution was formed by three talented individuals from Hyundai Motor Group's core companies: Hyundai Motor, Hyundai Kefico, and Hyundai Steel. Oh Jung-Hyun, a researcher at Hyundai Motor, majored in mechanical engineering and previously worked on high-performance transmission design. He now handles the hardware design and equipment enhancement for the analyzer. Park Kyung-Min, a senior researcher at Hyundai Kefico, has a master's degree in electronic control and was responsible for software design and verification. He now oversees the development of 3I's core technology software (algorithms) and plans to continuously improve the performance of algorithms and equipment in collaboration with nuclear and radiation engineering experts. I myself graduated with an MBA in the United States and have experience in HR planning, purchasing planning, and planning and coordination at Hyundai Motor. Currently, as the leader of 3I Solution, I am responsible for overall sales and finance.
As a startup, the three of us had to handle all tasks, constantly racing against time and sleep. I believe that a startup cannot succeed unless every member functions as a perfect team. In the early stages, when there were no results or clear direction, there was a moment when the team almost fell apart due to each member's focus on securing their shares. However, the most difficult yet best decision was to coordinate, persuade, and make tough choices together. Now, we are united with a common goal, dedicated to the growth of 3I Solution.
- What sets HMG's in-house startup program apart from competitors?
Since 2000, Hyundai Motor Group has been running the in-house startup incubation program 'Venture Plaza', which was renamed 'Zero One Company Builder' in 2021. This expanded the scope of the startup selection beyond the automotive sector to various other fields. To date, a total of 76 teams have been selected and nurtured, with 30 companies spinning off by this year.
Selected teams receive up to 300 million KRW in development costs, and employees have the opportunity to rejoin the company within three years of the spin-off. Each team is assigned a 1:1 mentor and provided with tailored education in finance, accounting, HR, and other areas if they are confident in their ideas. Continuous support is offered to maintain connections with Hyundai Motor Group even after the spin-off.
- Any message for Hyundai Motor Group employees?
Everyone wants their hard work to be accurately recognized. For employees, this recognition comes in the form of performance evaluations and promotions. A company's downfall often results from ignoring performance and engaging in politics. Such politics can demoralize passionate employees dedicated to research. Since Chairman Euisun Chung took office, I've felt a tangible change within Hyundai Motor Group.
One notable change is the corporate culture assessment. In the past, colleagues would fill out the survey haphazardly, thinking nothing would change. Recently, however, there's a shift towards detailed, precise, and clear responses. This transformation in each individual seems to accelerate the overall change. Personally, I believe that working diligently on assigned tasks and beyond, and being rewarded for it, creates a virtuous cycle of development. My initial role was in HR planning, and my ultimate goal, once the neutron element analyzer business stabilizes, is to develop the most fair and accurate HR system in the world.
I encourage Hyundai Motor Group employees to invest their personal time after work to pursue their dreams through in-house startup programs and internal competitions. Startups truly reflect the effort you put in. I send my best wishes to all Hyundai Motor Group employees.
Source: Bloter (https://www.bloter.net)
Bloter Brings Voices from Industry Professionals: Focusing on People to Uncover Fascinating Stories Across Various Sectors
"Hyundai Motor Group (HMG) provides continuous infrastructure support for global expansion and business growth even after the spin-off of startups it nurtures. If I had ventured into this business alone, I would have failed or been buried under a debt of over 1.6 billion KRW. I can confidently say that HMG's startup system is the best in Korea."
Shin Jun-Young, leader of HMG's H-Startup Team, smiling brightly ahead of the spin-off of '3I Solution'. (Photo by Cho Jae-Hoon)
On the 25th of last month, Shin Jun-Young, leader of the H-Startup Team, was busy preparing for the spin-off of '3I Solution', the first domestic developer of industrial neutron element analyzers, at the Hyundai Motor Group Uiwang Research Center office in Uiwang-si, Gyeonggi-do.
A neutron element analyzer is a device that analyzes the components of raw materials by using the unique gamma rays emitted when elements react with neutrons. The official launch of 3I Solution began in November 2021 with an official acceptance notice from Hyundai Motor Group's in-house startup program. The name '3I Solution' stands for 'Innovation of Invisible Inspection', reflecting the company's mission to digitize and manage the entire manufacturing process from raw materials to final product production, thereby completing a smart factory.
The market for neutron element analyzers has been an oligopoly, with five overseas companies, including T Company, holding about 75% of the global market. The price of each analyzer can reach tens of millions of KRW, and maintenance costs post-purchase are also significant, emphasizing the need for domestically developed equipment.
Leader Shin identified the precise needs of the market and adopted a strategy to reduce costs and increase efficiency—a so-called 'customer-tailored' strategy. This approach allowed 3I Solution to reduce prices by more than 70% compared to competitors, prompting other companies and industries outside Hyundai Motor Group to consider adopting their devices. 3I Solution has received significant investments from Hyundai Motor and Hyundai Steel and is set to operate independently this month. Their short-term goal is to achieve annual sales of 35 billion KRW within six years. Leader Shin, who will serve as the CEO after the spin-off, expressed his firm resolve.
- What prompted the launch of 3I Solution?
= The motivation for this business was a single-minded desire to "see the unseen in real-time." In 2022, Hyundai Steel purchased about 6 trillion KRW worth of scrap. In terms of volume, this equates to 660 25-ton trucks per day. It is practically impossible to conduct a full inspection of such a vast amount to check for impurities. Scrap payments are made based on grade and weight, so even filtering out just 1% of impurities can result in cost savings of 60 billion KRW.
Initially, we explored various options, such as container X-ray equipment installed at ports and AI vision recognition technology using photos, but they were not viable solutions. X-rays couldn't penetrate the dense scrap, and AI vision recognition was inaccurate due to the irregular shapes, only providing surface-level information.
Neutrons were the only solution to this problem. To prove this, I traveled to the United States to confirm its feasibility and established the foundation for the business by connecting with domestic radiation and radioactivity departments at Seoul National University, Hanyang University, and through introductions from the Korea Atomic Energy Research Institute under the Ministry of Trade, Industry, and Energy. Subsequently, we applied to HMG's in-house startup program and were accepted, gaining various experiences over two years under the name '3I Solution'. Despite unforeseen challenges such as team member departures and technical service issues, our teamwork has allowed us to overcome these obstacles and we are now on the verge of achieving spin-off approval.
- What are your expectations and goals following the successful domestic development of industrial neutron element analyzers?
= Currently, steel companies are focusing on data-driven manufacturing process innovation. Last year, Hyundai Steel urgently purchased equipment from an overseas company, proving the necessity of neutron element analyzers. The domestic market for these devices is estimated to exceed 300 billion KRW.
In addition, we are in the final stages of developing products for analyzing the components of black powder from recycled batteries. The black powder inspection market, which is considered a future growth area, is expected to see explosive growth after 2030. Just like steel scrap, the value of recycled batteries varies based on the composition of their key components, making component analysis a critical issue. 3I Solution plans to provide real-time, customized analysis data in the form of images tailored to customer needs through our self-developed AI algorithms. We plan to supply one fixed and one mobile device to Hyundai Steel within the year, and we are also working to enhance our black powder algorithms in collaboration with our H-Startup program peers, Evacycle and Poen.
- What are the strengths of 3I Solution compared to competitors?
= The market for neutron element analyzers is dominated by five global companies. These competitors tend to sell their equipment at high prices, similar to off-the-shelf products, rather than customizing them to meet customer needs. When we conducted a survey by meeting directly with representatives from 25 departments of Hyundai Steel, we found that although they wanted to purchase the equipment, they hesitated due to the high cost and after-sales service issues. Therefore, we are confident that we can compete by offering cost-effective devices specialized for steel and black powder analysis. Furthermore, 3I Solution aims to enhance customer satisfaction by specializing our AI algorithms more than our competitors, to sell products across various industries. Particularly in the black powder market, which is a 'blue ocean' market, we are focusing our efforts on building our image as a leading company through rapid field application.
- Can you introduce the members of 3I Solution and share any particular challenges you faced during development?
3I Solution was formed by three talented individuals from Hyundai Motor Group's core companies: Hyundai Motor, Hyundai Kefico, and Hyundai Steel. Oh Jung-Hyun, a researcher at Hyundai Motor, majored in mechanical engineering and previously worked on high-performance transmission design. He now handles the hardware design and equipment enhancement for the analyzer. Park Kyung-Min, a senior researcher at Hyundai Kefico, has a master's degree in electronic control and was responsible for software design and verification. He now oversees the development of 3I's core technology software (algorithms) and plans to continuously improve the performance of algorithms and equipment in collaboration with nuclear and radiation engineering experts. I myself graduated with an MBA in the United States and have experience in HR planning, purchasing planning, and planning and coordination at Hyundai Motor. Currently, as the leader of 3I Solution, I am responsible for overall sales and finance.
As a startup, the three of us had to handle all tasks, constantly racing against time and sleep. I believe that a startup cannot succeed unless every member functions as a perfect team. In the early stages, when there were no results or clear direction, there was a moment when the team almost fell apart due to each member's focus on securing their shares. However, the most difficult yet best decision was to coordinate, persuade, and make tough choices together. Now, we are united with a common goal, dedicated to the growth of 3I Solution.
- What sets HMG's in-house startup program apart from competitors?
Since 2000, Hyundai Motor Group has been running the in-house startup incubation program 'Venture Plaza', which was renamed 'Zero One Company Builder' in 2021. This expanded the scope of the startup selection beyond the automotive sector to various other fields. To date, a total of 76 teams have been selected and nurtured, with 30 companies spinning off by this year.
Selected teams receive up to 300 million KRW in development costs, and employees have the opportunity to rejoin the company within three years of the spin-off. Each team is assigned a 1:1 mentor and provided with tailored education in finance, accounting, HR, and other areas if they are confident in their ideas. Continuous support is offered to maintain connections with Hyundai Motor Group even after the spin-off.
- Any message for Hyundai Motor Group employees?
Everyone wants their hard work to be accurately recognized. For employees, this recognition comes in the form of performance evaluations and promotions. A company's downfall often results from ignoring performance and engaging in politics. Such politics can demoralize passionate employees dedicated to research. Since Chairman Euisun Chung took office, I've felt a tangible change within Hyundai Motor Group.
One notable change is the corporate culture assessment. In the past, colleagues would fill out the survey haphazardly, thinking nothing would change. Recently, however, there's a shift towards detailed, precise, and clear responses. This transformation in each individual seems to accelerate the overall change. Personally, I believe that working diligently on assigned tasks and beyond, and being rewarded for it, creates a virtuous cycle of development. My initial role was in HR planning, and my ultimate goal, once the neutron element analyzer business stabilizes, is to develop the most fair and accurate HR system in the world.
I encourage Hyundai Motor Group employees to invest their personal time after work to pursue their dreams through in-house startup programs and internal competitions. Startups truly reflect the effort you put in. I send my best wishes to all Hyundai Motor Group employees.
Source: Bloter (https://www.bloter.net)