300 IoT Start-ups
The Korean government has decided to invest 420 billion won (US$353.9 million) by 2019 in order to invigorate the smart device industry using the Internet of Things (IoT). It also revealed a plan to nurture 300 venture firms with specialized technology to lead the global IoT market, including those who manufacture components for 10 major IoT smart devices.
The Ministry of Science, ICT and Future Planning and the Ministry of Trade, Industry, and Energy announced the K-ICT strategy to nurture the smart device industry at the 18th ministerial meeting for economic issues at Government Complex Sejong on Sept. 22.
The government said that it intends to dominate the global market with investments in the belief that the IoT industry will become the driving force to innovate daily life and the entire industry, including the smart manufacturing sector and smart city, going beyond wearable devices.
To achieve the goal, Seoul selected 4 projects to develop technology for components and modules for 10 smart devices and convergence products, to provide support for commercialization, to create and cultivate markets, and to expand a culture for creating devices. It also decided to inject 420 billion won of the government budget into this field by 2019.
The government's plan is focusing on selection and focus, which is aimed at leading the market by growing 300 companies by 2020 with specialized technology in the IoT era.
The government also chose 10 fields of components and modules for smart devices, in which local small and mid-sized companies are more likely to dominate, and will provide full support to selected companies. It is going to make an investment in 10 areas – nano IoT sensors, wireless charging methods, modules for heads-up displays and wearable displays, biosignal measurement devices, optical image sensors, modules for biometric authentication using fingerprints and irises, movement recognition sensors, and ultra-low-power communication modules. The government plans to integrate core components and technology into finished goods made by promising companies in the fashion, safety, and medical industries.