The Korean government is working together with global IT giants to promote the growth of small firms specialized in the Internet of Things (IoT).
On May 13, the Ministry of Science, ICT and Future Planning opened the IoT Innovation Center at DongA Tower located in Seocho-dong, Seoul and held the launch ceremony for the IoT Global Council.
The council has 13 corporate members, including Cisco, Qualcomm, Oracle, Samsung Electronics, SK Telecom, KT, LG U+, and IBM, and eight public-sector organizations such as the Electronics and Telecommunications Research Institute, the Korea Communications Agency, and the Korea IoT Association also participate in it.
The IoT Innovation Center is going to be in charge of the planning and management of various joint projects to be launched by the council. Also, it provides assistance for product development, inter-company partnership, and internship opportunities at home and abroad along with technical and financial support.
The IoT Innovation Center is planning to train 500 IoT specialists and help set up 50 creativity-centered firms and 10 gazelle companies by 2016 through such programs. At the same time, it will launch at least five global joint services, too.