KCC Launches 'Outstanding Location Information Business Model' Discovery... Tailored Support for Startups

[Asia Economy Reporter Seulgina Jo] The Korea Communications Commission and the Korea Internet & Security Agency announced on the 3rd that they are recruiting prospective entrepreneurs and startups to participate in the 'K-Startup Location Information Excellent Business Model Discovery Project' to discover next-generation location-based services.

The support areas for this project include ▲ the ‘Location-Based Service Contest’ field, which supports commercialization such as patent applications, marketing, and promotion for those selected as excellent business models (B/M), and ▲ the cloud infrastructure support field, which provides support for cloud-based software development and test environments (IaaS).

Anyone who is planning or developing location-based services (LBS, Location Based Service) or preparing for commercialization, including prospective entrepreneurs or startups, can participate. Applications can be submitted online (www.korealbs.or.kr) from June 3 to July 12. Businesses designated as large corporations under the Fair Trade Act’s mutual investment restriction groups are restricted from participating.

The Korea Communications Commission has increased the number of awardees from 30 to 35 this year to provide more opportunities for prospective entrepreneurs or startups wishing to enter the location information market, and expanded the total prize money to up to 110 million KRW. In particular, support in marketing and promotion will be strengthened.

The Commission stated, “With the transition to a contactless society due to COVID-19, we expect new business models that combine new technologies such as 5G and AI and fit the contactless paradigm to be discovered,” adding, “We will continue to support the creation of new markets in various fields through the development of the location information industry.”

For more details, please visit the ‘K-Startup Location Information Excellent Business Model Discovery Project Secretariat’ (https://www.korealbs.or.kr, ☏02-3786-0318/0456).

This content was produced with the assistance of AI translation services.