In an attempt to make products that attract younger people, Toyota Motors Corp. said July 11 it will establish on Aug. 1 a separate organization called Virtual Venture Co.
VVC, composed of 30 selected Toyota employees and 10 people from outside the automaker, will work on promoting and providing new products and services designed for younger people. It will be free of Toyota's conventional organizational framework and will be able to make quick decisions to respond to the market and customer needs, according to Toyota officials. The unit will engage in a wide range of areas and not just in automobiles, officials said. For example, Toyota may invest in the development of the Tokyo Bay area, and the new organization would be leading the projects there.