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Title KCC SIGNIFICANTLY EXPANDS SUPPORT FOR THE LOCATION INFORMATION INDUSTRY
Date 2024-01-09 Read 4108
Budget increase for excellent micro, small, and medium enterprises and startups in the location information industry
Discovering outstanding business models and supporting customized consulting


The Korea Communications Commission (KCC, Chairman Kim Hong-il) has announced a substantial increase in the budget for activating the location information industry this year, allocating 19.7 billion won (up eight billion won from the previous year). The commission revealed its plan to initiate the "2024 Outstanding Location Information Business Model Discovery Project."

Since 2017, the KCC has been conducting programs to support micro, small, and medium enterprises, startups, and others with exceptional business models in the location information field. This year, through the "2024 Outstanding Location Information Business Model Discovery Project," the support will include a contest to discover outstanding business models in South Korea, cloud infrastructure assistance, and customized consulting.

Addressing concerns expressed by location information businesses about their lack of capabilities in business strategy and model development, the KCC aims to meet the ongoing demand for discovering and nurturing excellent business models. In 2024, the competition aims to expand the number of winners and recipients of support from 30 to 75 compared to the previous year.

The competition will be divided into two categories: idea exploration for the youth and support for businesses in the commercialization and operational stages. This year, applications will be accepted based on the type of business services in the areas of public safety and life closeness, reflecting the expanded scale of support.

Particularly noteworthy is that winners of the competition will receive awards, including certificates (such as the grand prize, the KCC Chairman's Award) and monetary prizes. They will also benefit from specialized and tailored consulting services, including registration and reporting of location information business, business model analysis and diagnosis, attracting domestic and foreign investments, business networking, patent applications, and more.

Furthermore, the KCC will provide support for cloud infrastructure projects targeting entrepreneurs with less than three years of experience and potential entrepreneurs. This support includes business model diagnosis and assistance in developing software test environments based on cloud technology. In the second half of the year, continuous consulting support will be provided by experts in legal, regulatory, technological, and managerial aspects related to location information.

Chairman Kim expressed, "The location information industry serves as the foundation for various innovative industries and is firmly establishing itself as a driving force for the future growth of Korea." He added, "We will strive to activate the location information industry through tailored support for businesses with outstanding business models and growth-stage support for youth and prospective entrepreneurs in the field."


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The Korea Communications Commission
File 20240108_News_Release_location information.docx 20240108_News_Release_location information.docx
240108 (보도자료) 방통위, 위치정보 산업 지원 대폭 확대한다.hwp 240108 (보도자료) 방통위, 위치정보 산업 지원 대폭 확대한다.hwp
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