IoT Startups in Korea should have an interesting 2017. Don’t be shocked to see future homes have IoT technologies that manage their day to day lives. More and more furnitures, appliances, and items will be integrated and connected. Looking at the bigger picture tho, IoT could be a big role in service industries as well as in manufacturing.
South Korea has always been at the forefront in manufacturing but now they are also leading the way in technology. They are also a growing number of accelerators and incubators that are supported by the Korean government. These programs focus on technologies such as Fin-Tech, IoT, and software. Korea prides itself as a country that focuses on creativity and innovation. In regards to IoT startups in South Korea, there focus needs to be on how their product or service will be seen globally. There are many opportunities especially in Europe ever since “Brexit”. With Britain leaving the EU, there is a huge opportunity for South Korean companies to come in and replace Britain’s services. So when South Korean IoT Startups come up with their business model they should be looking at how it can apply to those European countries like France, Italy, and so on.
In many of the European countries there are many kinds of incentives that are offered to foreign investors. The market in South Korea is too small and the competition is too great. Taking their innovation and creativity to Europe is what these Korean startups should be focusing on. With the help of the European government who are looking to embrace foreign companies ever since Brexit. Now is the perfect opportunity for Korean IoT Startups to act. Having partnerships with these EU countries will be very beneficial moving forward.