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Service businesses in Korea to be "innovatively" global

KOTRA’s customized support programs to take service businesses global
OTT service in Japan, Smart learning tool for students’ feedback targeting China and Mobile Overlay solutions in ASEAN

KOTRA unveiled support policies to help highly capable and competitive 40 service providers in Korea expand into global markets, as part of programs tailored to business demand for market expansion.

Service industry worldwide has grown rapidly in recent years, changing overall market dynamics even including conventional industries such as manufacturing. Service business started to become a new driving force to lead cross-sectoral convergence, disruptive innovation and competence. Integrating with other business to create promising superstars, service industry has begun to push demand up for market expansion overseas.

KOTRA’s customized support programs, last year alone, backed up 10 enterprises, which created 25 new jobs and reached 16 separate cases of supply/ partnership agreement. This year, KOTRA plans to add 30 more. Service range for the selectees extends from biz-coaching sessions to monitor feasibility in local markets, intensive 1:1 assistance from 13 overseas offices worldwide to market analysis and information for potential buyers.

Watcha Play, an OTT (Over The Top) streaming service platform, is set to target markets in Japan this year. They expect KOTRA’s service at early development stage to contribute a lot to market entry in Japan

Daekyo, an education service platform, plans to introduce their AI-based model, which induces learners’ feedback and response in turn for each class, to China. Working closely with KOTRA Beijing office, Daekyo will be given a package of support programs for marketing and branding.

Vault Micro, developing an automotive connectivity software solution, creates content specifically designed for sports broadcasting, served to mobile users overseas. KOTRA is now working to connect them with global online video platforms for wider expansion.

Besides, other candidates to enjoy the service include Iconix Entertainment, an animation content producer who created Pororo and Tayo, Nearthlab, an UAV autopilot technology solution and Doomoolmori, which serves as an online asset manager, incorporating ICT into financial service.

ShoplnCompany, a mobile app developer for HR solutions, recently reached a business contract worth USD 200,000 in Mexico. Digital healthcare solution provider ‘Demand’ started to partner with its counterpart in Japan to form sales networks in local markets.

A digital dental care startup, Kitten Planet, who has released smart brushing education kit, employed AR technology to help children develop healthy oral care habits, and recently sold out of the kit worth as much as USD 100,000 in the US and Russia. 

Kim sang-mook, executive vice president for innovative growth of KOTRA said “Only the innovative can survive in the ever-competing global business arena. KOTRA will keep pushing on the tailored service to help service businesses build up wider market networks to scale up.”

Source : KOTRA (2020.02.25)

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