Business Innovation Idea Contest for Manufacturing SMEs
[Asia Economy Reporter Kim Jong-hwa] The Smart Manufacturing Innovation Promotion Team (KOSMO), affiliated with the Small and Medium Business Technology Information Promotion Agency, announced on the 30th that it will hold the "Servitization Idea Contest Using Manufacturing Data" to discover servitization models that enable new growth engines through the convergence of products and services in traditional manufacturing companies.
Manufacturing data refers to the data that companies produce, possess, and utilize throughout the manufacturing process, from product planning, design, and manufacturing to distribution, marketing, maintenance, and management.
Participants who wish to submit servitization ideas using manufacturing data can fill out the application form and submit it via email by the 31st of next month. After a document review, selected projects will proceed to an in-person evaluation (ranking determination), which will be held on December 6th during the Manufacturing Innovation Conference, where award rankings will be decided through presentations.
Eligibility is open to citizens aged 19 or older with creative and innovative ideas based on manufacturing data analysis for servitization (teams of up to 3 members are allowed). Awards and prize money will be given to one grand prize winner (team), one excellence award winner (team), and two merit award winners (teams).
Additionally, if the awardees are small business owners, they will receive extra points in the 2023 Smart Servitization Project to support the commercialization of their ideas. Detailed information about the contest can be found on the Small and Medium Business Technology Information Promotion Agency's website.
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Park Han-gu, head of KOSMO, said, "We encourage citizens with innovative ideas to participate in the contest," adding, "We will strive to help small and medium manufacturing companies grow and innovate based on the proposed ideas."
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