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  • Data Productivity, Validity, Usability are Important to Service Start
    2019-08-19 hit 437

    Data Productivity, Validity, Usability are Important to Service Start

     

    -  KITA suggests overseas expansion strategies Applicable to Fintech, healthcare, business management, etc. -

     

    It has been pointed out that Korean service startups considering overseas expansion need to focus on securing productivity, validity and usability of data.

     

    According to the report titled 'Global Expansion Strategies of Service Tech Startups' issued on August 19th by the Institute for International Trade (President, Shin Seung-Kwan), of the Korea International Trade Association, the strategies of the Korean startups that have successfully entered into overseas markets to increase productivity, validity and usability of data through big data collection, unique analysis technology, continuous verification and complementation of business models and localization of the service were found to be effective.

     

    Company A has developed an Exchange Traded Fund (ETF) that enables to achieve high returns by analyzing financial data, which is difficult to apply artificial intelligence (AI) technology due to high volatility, with its unique AI technology. The company is the first to be listed on the New York Stock as an AI-based ETF.

     

    Company B has built a rehabilitation platform that suggests customized rehabilitation treatment for each patient by converging AI analysis engine, cloud server, treatment equipment, and functional games. The company has significantly improved the existing rehabilitation medical treatments that were only available at hospitals with therapists and devices to be available at home and exported their service worth more than 3.6 million dollars to the United States and Germany.

      

    The company C has developed an application that enables real-time balance check, optimal plan recommendation and mobile payment without using data after paying attention to the fact that more than 90 percent of smartphone users in India use a prepaid plan, but it is difficult to add credit and check the balance in real time. Since then, the company has successfully settled in the Indian market and is considered to have high growth potential.

     

    Kim Bo-Kyung, a senior researcher at the Institute for International Trade of the Korea International Trade Association, said, "If the productivity, validity and usability of data is increased, it can create a data network effect that leads 'more users more data user value increase inflow of other users'. The researcher also mentioned, Korean startups who want to expand their businesses into overseas markets need to direct their attention to the possibility of entering into developing countries that lack the service infrastructure but have high demand for convenience and high mobile penetration.

     

     


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