The Korean government, hand in hand with local and foreign companies such as Samsung Electronics, SK Telecom, Cisco Systems Inc., and Oracle, is zeroing in on grooming the Internet of Things (IoT) industry.
On May 1, a Ministry of Science, ICT, and Future Planning (MSIP) associate said, “We are launching the IoT aid business by opening up the IoT Innovation Center, together with local and foreign IT companies on May 13.”
The business will be joined by a total of 14 local companies such as Samsung Electronics, LG Electronics, Pantech Co., SK Telecom Co., KT, and LG Uplus Corp. and major global companies such as Cisco, Oracle, IBM, and Intel.
The ministry associate explains, “The aid project this time materialized following the discussions at the Davos forum.”
Previously, last January at the Davos Forum in Switzerland, Korean President Park Geun-hye, when meeting with Cisco’s CEO John Chambers, called for Cisco’s active investment and cooperation in the local IoT field.
According to his explanations, the project this time referenced Cisco British Innovation Gateway (BIG), an ongoing project between Cisco and the British government.
The IoT Innovation Center, to be placed in Dongah Tower in Seocho-dong, Seoul and be headed by the MSIP, the Korea Internet Security Agency, and other global companies and related agencies, will offer custom-tailored education to nurture IoT entrepreneurs and explore future business owners.
DIY-style aid will be provided for entrepreneurs so that they can come up with their own ideas and produce products accordingly.
Other than the IoT Innovation Center, the MSIP has a policy to collaborate and cooperate with 14 local and foreign companies in IoT-nurturing endeavors.
The Ministry, via this kind of project, set a goal to widen the IoT market from the current 2.3 trillion won (US$2.2 billion) to 3 trillion won (US$2.9 billion) and boost the top 50 companies’ average sales to 100 billion won (US$97 million).