Internet of Subsidized Things

 

The Korean government has decided to invest 5 billion won (US$4.5 million) in 67 projects to nurture start-ups and help small and medium-sized enterprises (SMEs) launch Internet of Things (IoT) converged services.

The Ministry of Science, ICT and Future Planning (MSIP) announced on June 14 that it selected 67 support projects worth 5.23 billion won (US$4.67 million) as part of the three year plan for K-ICT strategy and economic innovation.

Through selected projects, the MSIP will provide various kinds of support to foster and expand the IoT industry from the establishment of a business to overseas expansion. Specifically, it will cultivate start-ups with the potential to turn creative ideas into money-making ventures. The government agency will also provide support for the development of smart sensors and open-source platform-based services that connect things. In addition, it will promote the mutual growth of the existing and IoT industries, and help promising services and products available in global markets.

Kang Sung-joo, head of the Internet Convergence Policy Bureau at MSIP, remarked, “We will continue our support to address problems that people working at IoT-related companies experience. We will also provide full support to commercialize and introduce promising IoT products and services to other countries through public-private partnerships.”

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