The VR market is one of the hottest/fastest growing industries in the world. The South Korean government who has supported the Korean tech startup scene is now focusing on packages to help the virtual reality industry in Korea. This will include direct financial support as well as tax incentives. The government announced that they will create a $34.5 million fund decided to VR startups that specialize in VR gear and content.
They will also be able to get a tax incentive of up to 30% tax credit for research and development (R&D) projects. This is South Korea’s efforts to advance its VR technology and industry following the footsteps of China who has also embraced VR technologies.
Those behind this fund and VR campaign are the Ministry of Strategy and Finance, ICT and Future Planning, the Ministry of Science, the Ministry of Trade, Industry, and Energy, and the Ministry of Culture, Sports and Tourism.
Many startup in the VR industry are looking to further the technological innovations related to VR as well as find ways to incorporate VR for daily use. This does not mean just for gaming or theme park use, even tho Korea is a gaming culture. The governments hope is that VR will support in fields such as education, healthcare, and construction.
They will even have a home center for VR at the Digital Media City which is a high-tech complex in Seoul. It will be used as a strategic base for the VR industry and will hold a Seoul VR Festival in October.
Also when the 2018 Winter Olympics comes to PyeongChang, South Korea, they will use that event to show South Korea’s VR technology to the world. This will involve the use of VR cameras capturing winter sports such as ski jumping, ice skating, snowboarding which will all be filmed using high end HD 360 degree VR cameras.
“As VR content and gear started being provided on a full scale two years ago, public attention to the field has grown in general,” said Shin Na-ra, a researcher with the KT organization.