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According to Yonhap News,

(SEOUL=Yonhap News) The Ministry of Trade, Industry and Energy announced August 17 that starting this year it will be cultivating 100 innovative design companies until 2020.

Launched as part of the Innovative Strategies in Design the ministry had announced earlier in August 2016, the new initiative will help small and medium companies introduce 'Design Thinking' procedures that will facilitate the development for innovative products and services.

'Design Thinking' is a design method whereby designers analyze consumer needs from the perspective of the consumers, and try to find ways to meet those needs by actualizing their designs.

The ministry has already designated 30 companies for the initiative this year, and plans to designate 30 more in 2018, 20 in 2019, 20 in 2020.

The initially-selected 30 companies have received support for carrying out R&D necessary for developing new products, and hiring experienced designers. In the coming months, the ministry plans to help them make inroads into foreign markets through international intellectual property strategy development, participation in overseas exhibitions, and entering domestic and foreign distribution networks.

Companies who wish to apply for next year can do so this November and December.

Meanwhile, the ministry will be hosting the 'Design Thinking CEO Special Lecture and Experience-based Workshop' on August 24 at the Heyground in Seongdong-gu, Seoul.

At the event, SAP Korea President Hyoung WonJoon, Merry Year Social Company CEO and President Kim Jeong Tae are each scheduled to speak on 'Design Think During the 4th Industrial Revolution,' and the 'World View of Design Thinking as an Innovative Thought Process,' respectively.

One-on-one consulting sessions will be provided at the venue for companies interested in the new initiative.



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