This Business News Story Was Uncovered By Us From: https://www.youngupstarts.com/2020/06/11/korea-asias-startup-powerhouse/
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by Jun Byongnam, Regional Director of the Korea IT Cooperation Center in Singapore
In the fight against the COVID-19 pandemic, South Korea has been lauded in the speed and clarity of their response. Though they were hit hard initially, they had managed to bring their numbers down through a combination of factors.
Firstly, South Korea boasts a population that has 100 percent cellphone ownership, with 95% having a smartphone with online connectivity. This worked hand-in-hand with the smart city infrastructure that was in place, enabling the relevant government agencies to communicate with the public through different channels swiftly, and decisively.
Secondly, the government worked closely with startups, sharing their information resources that aided with contact tracing, testing, and mask productions. The open communication and transparent approach made it easier for everyone to adopt the technologies needed to “flatten the curve” without experiencing extreme adjustments to life and work.
The pandemic has put life on fast forward – becoming the great disruptor of businesses, the catalyst that fast tracks digital initiatives, and the litmus test of what works as the situation constantly changes. Giving us a glimpse into how things could work in a post-COVID-19 world.
South Korea’s responses are the results of decisions and groundwork done years ago to invest in digital capabilities. These decisions revolved around the goal of nurturing a vibrant and diverse startup ecosystem that has paid off in the hour of need and opened up possibilities moving forward. We will take a look at what those steps have done for South Korea and the possible projections.
Before COVID-19 – Setting the stage.
The government has made huge financial … Read More
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