Naver takes on creative economy initiative
President Park Geun-hye is briefed about a “smart plant factory” during her visit to the Gangwon Creative Economy Innovation Center, which opened in the Kangwon National University, Chuncheon, Gangwon Province, Monday. / Yonhap
By Kim Yoo-chul
Now, Naver is part of President Park Geun-hye’s creative economy initiative.
President Park thanked Korea’s biggest Internet company for its plan to help turn Gangwon Province into a hub for cloud computing.
“I have no questions Gangwon Province is ideally positioned to create new markets by actively utilizing Naver-developed big data, as such patents could be used to boost tourism and healthcare-related businesses,” she said in a ceremony to open the Gangwon Creative Economy Innovation Center in Kangwon National University.
The center, which lies on 1,267 square meters of land, is her 10th pet project. The government plans to build up to seven more centers.
“I can say big data is just like oil in the 21st century. This is new seed to back up the creative economy as all you need are good ideas and innovative thinking,” the President said.
Park is urging conglomerates and other major companies to join her creative economy initiative as she seeks to add 2.5 million jobs during her five years in office, 410,000 of them in areas overseen by the Ministry of Science, ICT and Future Planning.
The government offers tax incentives for entrepreneurs and venture capitalists and an alternative stock market to help companies raise money.
She said the government will help Naver, the nation’s dominant portal operator, and the province develop new business models linking disruptive ideas and resources to create deep natural resources that the province can be proud of.
Naver plans to operate a big data portal by teaming up with some 50 big data-oriented institutions. Meanwhile, it also plans to operate a big data market, which trades commercial data and other analytical tools, according to the portal.
For funding, Naver said it will use 105 billion won to back up the plan. Big data is an evolving term that describes any voluminous amount of structured, semi-structured and even unstructured data that has the potential to be mined for information.
Naver is confident that its big data tools could effectively be used to vitalize the agricultural, healthcare and leisure markets in the province.
“By using our big data, the province may develop customized leisure products for tourists who visit the province’s popular spots and can also expect to boost e-commerce,” Naver said.
The Gangwon center will also team up with centers in North Gyeongsang and South Gyeongsang provinces, and Gwangju to supply big data-based IT systems, which the government expects to level up manufacturing prowess across the country.
The government has asked big companies to strengthen cooperation with smaller companies for the nation’s sustainable economic growth.
Officials say the past economic model designed to quickly catch up with developed economies drove Korea’s rapid growth.
But it no longer works and Korea needs a new growth model, with innovative companies required to make a greater contribution.
Naver said it will do its utmost to contribute to the construction of the creative economy.
It has been diversifying its business portfolio beyond the non-Web business arena such as content. Naver’s Japanese affiliate — Line Corp. — has become the portal’s most critical next cash-cow.
Naver said it will financially support young entrepreneurs to promote its big data systems. Some of those supportive programs are scholarships to both undergraduates and professors.