Are we on the brink of discovering the next Samsung or LG? That's the hope as 45 budding South Korean technology companies stepped into the spotlight for the Smart Content Center Business Day.
Located in the Seoul suburb of Anyang, the Smart Content Center (SCC) is a government backed startup incubator and business development programme intended to nurture young ventures and aid their global growth.
Among the perks enjoyed by SCC tenants are free office space, subsidised utilities, a world class testing lab, and ongoing mentorship.
ITProPortal was invited to attend the exclusive event by our friends at the AVING Global News Network, and SCC manager Kyong Seog Kang opened the day by talking about some of the benefits of the incubation system.
"The incubation system helps the startups in a lot of different ways. They have less experience [and] don't have many people to help them in professional ways, like with economics, business or law, so we provide them with consulting and personnel. It's not just one way of helping, it's lots of ways of helping the companies," he said.
Kang added that while the Center was still only a year old, it was already making its mark on the Korean tech scene as well beginning to serve as a base for successful export products to the likes of "England, China, Japan, and the US."
He continued: "Because the Center is new, we don't have one big successful example, but we have companies who could have incomes between $5 million and $10 million (£3-6m) in a year, and we look forward to increasing these. Specifically, in England we have exported iPortfolio to the Oxford University Press."
In addition, the SCC Business Day offers a potential career launchpad for local students eager to join Korea's surging startup scene, with the Korea College of IT, Kyunghee University and Hanshin University all participating in the event.
Stay tuned, as we drew a number of intriguing talking points out of our time at the Smart Content Center and will be reporting in more detail on our time in Korea shortly.