Whenever people think of Foxconn, chances are they associate the company with Apple as well as overworked and underpaid employees, but perhaps that is an image that Foxconn’s boss, Terry Guo, would like to shed in the future. Founded nearly 40 years ago, Guo is hoping to change Foxconn’s image to one that supports entrepreneurship where he will encourage employees to come up with ideas to create startups in which if good enough, Foxconn will support. The goal is to create five spin-off companies on an annual basis, of which three out of these five will eventually become separate companies which Foxconn will support with orders.
According to Guo (via Want China Times), “I want Hon Hai employees to have a chance to be bosses.” Guo has also revealed that he will be reducing his influence in the company greatly and will be spending more time on health care and philanthropic endeavors. Apart from looking to help Foxconn employees realize their dream, the company will also be launching a new project called Dreams of Being Rich Come True. This initiative will be similar to what Foxconn will offer its employees, except that it will target young people and encourage them to startup their own business where the company pledges to offer young people help for free in terms of designing and developing molds.