KT Chairman Hwang Chang-kyu said on March 30 at the Gyeonggi Creative Economy Innovation Center opening ceremony that its new research institute located in Pangyo will become the hub of startups and ICT companies seeking overseas business opportunities. “KT will provide full support for them, making the most of its world's-best 5G technology and infrastructure, so venture firms and small and medium enterprises can become globally competitive gazelle companies,” he added.
The center is the 8th Creative Economy Center of the current government’s program to boost the national economy through a creative economy.
KT is planning to set up 17 more similar centers nationwide and run the KT Gyeonggi Creative Economy Innovation Center as the linchpin of the overseas business of the companies to be housed in the facilities. In this context, the mobile carrier is expanding its partnership with startup incubators and venture capital firms in Britain, Spain, France, and the United States while integrating the data of its innovation centers and public organizations for utilization in global network establishment. Pangyo accounts for 85 percent and 71 percent of the sales and exports of listed game companies, respectively. This is why KT is considering Pangyo as the Silicon Valley of Korea.
Large-scale investment is scheduled for those in the Gyeonggi Creative Economy Innovation Center as well. KT itself will supply 10 billion won (US$9.0 million) while the Small and Medium Business Administration (18 billion won or US$16.2 million), general investors and financial institutions (7 billion won or US$6.3 million), Gyeonggi Province (20 billion won or US$18 million) and the Korea Technology Guarantee Fund and the Korea Credit Guarantee Fund (50 billion won or US$45 million) focus their investment on the Internet of Things (IoT), fintech, and healthcare.
The resources are to be spent on setting up the Game SW Lab, the Mobile Lab, and other projects. The former allows anyone to use game development tools free of charge, and the latter is to test developed games in actual distribution networks.
Commercial banks, credit card companies, and KOSCOM participate in the projects for fintech startup assistance, too. Thirteen institutions and the Financial Supervisory Service will organize a mentor group for around-the-clock consulting at the center.
In the IoT field, the assistance is concentrated on startups providing healthcare and childcare services. A pilot service for real-time child monitoring based on vehicle control, CCTV, and wearable devices will kick off in June, and a personalized exercise and diet program service using wearable devices will be tested at 10 regional high schools from the second half of this year.