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8 months ago

S. Korean conglomerates cooperate with startups to find solutions to their problems

Arirang News
Arirang News
대기업-스타트업 솔루션 주고 받는 플랫폼으로 상생협력

Sometimes even conglomerates need a bit of help to solve their problems.
That's why the Ministry of SMEs and Startups has been trying to match some of South Korea's largest firms with innovative startups so both can thrive in this challenging time.
Kim Sung-min reports.
The rapidly changing business environment amid the pandemic has left firms with challenges that are difficult to solve alone, even for large conglomerates like LG Display.
"The COVID-19 pandemic has made living spaces more important. So to adapt to this change, we wanted to cooperate with startups who provide digital content that makes the most of our unique OLED displays."
LG Display found what they were looking for from startups,...which have plenty of innovative ideas and techniques but often lack chances to apply them properly.
The Ministry of SMEs and Startups has created a platform to connect large conglomerates with startups so they can share problems, cooperate and solve them together.
For LG Display, startups came up with digital content services for the firm's cutting-edge products,... so consumers can use them in new ways.
Seven other conglomerates were also able to use the ministry's platform to find new partners in fields such as medical services and AI.
By helping solve conglomerates' problems, start-ups are also overcoming their own challenges in running their businesses.
This startup found a way to improve the quality of a mobile baseball application,... by using its data analysis technology.
Viewers can experience the matches in new ways through its predictions based on real time data.
"As a startup, we are already busy focusing on developing technologies and that itself is challenging. So this program that connects us with conglomerates is very helpful... especially in this difficult time brought by COVID-19."
The collaborations between large enterprises with infrastructure and capital... and the more flexible and innovative startups... could help both of them overcome their current challenges.
Kim Sung-min, Arirang News
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