Samsung is looking to reform its working culture in a bid to foster innovation. With the smartphone segment plateauing, the South Korean manufacturer has announced that it will embrace startup culture, eschewing the top-down hierarchy it currently follows.

In a statement to Reuters, Samsung said:

We aim to reform our internal culture, execute as quickly as a startup company and push towards open communication and continuously innovate.

Samsung also mentions that the move will foster a dialogue between division heads and employees, as well as cutting down on internal meetings, simplifying reporting procedures, and creating better work-life balance for employees. However, it may take some time for the manufacturer — which employs over 300,000 people worldwide — to make tangible strides in this direction.

In the meantime, Samsung has launched an in-house incubator that lets employees "nurture their own creative business ideas." Called Creative Lab, the division is responsible for products such as rink, a hand-motion VR controller that can be used with the Gear VR. More recently, C-Lab came up with the Entrim 4D headphones, which give you a sense of motion while viewing VR content by delivering electric signals to your inner ear.