Hyundai Card Meets Startup Space, “Studio Black”

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Hyundai Card recently opened its new co-working space, Studio Black, in the Gangnam District. As a corporation that prides itself for its design management business model, Studio Black has garnered a lot of attention from the public. After visiting Studio Black, Platum found the studio more as an extension of Hyundai Card’s existing space, rather than a conventional co-working space. Hyundai Card expressed that it has put a lot of thought into the design of Studio Black by following the motto of the studio, “another place of Hyundai Card”.

 Hyundai Card covers from the 5th floor to 12th floor of a building located near the Gangnam subway station. Each floor’s area is over 7,000 square feet . On the 5th and 6th floor is Finß (Fin Beta), a space designed to support FinTech startups that have high potential to form partnerships with Hyundai Card. Hyundai Card’s digital developer space is located on the 7th floor. Studio Black covers the 8th to 12th floor of the building, in which the 8th, 9th, 11th, and 12th floors are mainly composed of individual working space from single rooms to 10-people rooms with a maximum capacity of 620 seats. Hyundai Card expressed that it will support and facilitate the communication between Finß and the members of Studio Black.

The lounge is located on the 10th floor – there is a photo studio, hardware production space, lecture space, shower and sleeping facilities. What is notable about the sleeping facility is its capsule hotel layout where members can adjust the temperature, light, music, and alarm as they wish. Operating 24 hours, the working space is charged a fee per person and the lounge space is charged a fee depending on the days used.

So why did Hyundai Card make this space? Platum gained more insight from Jung-Eun Ko, director of Hyundai Card space.

Why is Hyundai Card increasingly positioning itself in the startup industry through Black Studio and Finß?

We found that there should be a platform to better understand the startup industry as well as the creators’ ecosystem to match our direction, “Digital Hyundai Card”. We invested in this space in hopes of establishing the ecosystem by supporting startups, freelancers, and small business through various platforms like Studio Black and Finß.

Who is eligible to “move into” Studio Black?

Our main target are Young Global Creators. That being said, applicants who are solely interested in rent reduction or taking advantage of our geographical location and functional convenience will go through scrutinized discussion within our Black Studio Committee. That does not necessarily mean that our screening standard is rigorous, nor does it signify that we only select the applicants that we want. Our goal is to gather people who fit into Studio Black’s culture – I guess you could see it as a form of Negative Screening.

Is there a rental space where a startup or an organization can use?

Yes – it’s on the 5th floor. There is an Event Hall on Finß’s floor. While there is a possibility of price increase, we offer the space at an affordable price.

Could you elaborate more on the Finß program?

It is an Accelerator Program aimed at FIntech startups that can form partnerships with Hyundai Card in the future. We mainly support those who have started their business but have yet to enter the market.

Do you invest in capitals?

We do not directly invest in startups’ shares. There are 3 big components of the Accelerating Program. First, there are 10 internal and external mentoring groups that covers topics on brand, card business, and marketing. Additionally, we host an annual seminar by inviting foreign influencers. Finally, members can enjoy services such as “Hyundai Card Class” and “Happy Hour” that Studio Black provides. 

 
– Inspired by Platum

Michelle is a tech writer and a tea aficionado. You can reach her at eunjeonghur@techforkorea.com.

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