The Government of Korea is beginning to implement a new innovation investment model, 'R&D PIE', which leverages big data analytics and machine learning in order to assess disruptive changes in the technology landscape, and to identify overlaps and potential opportunities across the Korean ministries. Through this, the government has a way of identifying missing links in the innovation initiatives, fostering collaboration among agencies, universities, and companies, and solving social problems.
The Korea Power Exchange (KPX) set students and parents as policy targets and systematically connected electricity-saving activities with the performance of volunteer hours which reflected in grades of school students. This program, which estimates electricity savings as a service rather than money, is leading to changes in consciousness that are perceived as social values in the future. The People's Virtual Power Plant will eventually be fused with advanced technology (blockchain, AI, big data) to develop into national institutions.
The neighborhood of Seodaemun-gu in Seoul has implemented various Smart City/IoT activities:
1. The establishment of the control system of public trash bins
2. Operating the village bus information service for the safe return of residents
3. Establishment and operation of “Police security report app” for the safety of public restroom
4. Build a smart walking trail in Seodaemun An-san(An-mountain)
For ventures and start-ups to overcome Valley of Death (failure to survive within the first 3-7 years from start) and to explore sales channels in the early stage, the Korean Public Procurement Service designed VENTURE NARA. VENTURE NARA is a "stepping stone" where ventures and start-ups can promote and sell their products in the early stage, and prepare for jumping into the broader markets. As a prior stage to the Online Shopping Mall, VENTURE NARA is put in place where any ventures and start-ups can promote in early stage.