A strong and growing startup community ….
The 2018 opening ceremony of the Winter Olympics at the PyeongChang Olympic stadium on Friday evening in South Korea put together an experience that demonstrates the countries dominance in advanced technology. The opening ceremony saw widespread use of 360-degree virtual reality, ghost skiers, the world’s first fifth-generation (5G) network, AI, and autonomous vehicles. The presentation was quite extraordinary. However, the “whoah” moment was the formation of the Olympic Rings made up of 1,218 Intel drones and 100 skiers.
Over the years, South Korea has been and continues to be a leading voice in technology. From humble beginnings, today, South Korea is world-leading in R&D in core industries (Communications, Transport, IT, and Civil Engineering). According to the OCED, South Korea R&D expenditure as a % of GDP is the largest than any other country at 4.29%. Furthermore, the Bloomberg 2018 Innovation Index that scores countries using seven criteria, including R&D spending and concentration of high-tech public companies, ranked South Korea as #1 in the world.
Busan the world’s first “smart” city
Last year, as part of our scouting for Startupbootcamp, I visited South Korea’s second largest city, Busan is to become a “smart” city. Organized by Ministry of Science, ICT, and Future Planning and centers around Haeundae Centum City, Busan Metropolitan Government, and SK Telecom.
Source: Global Smart City Project
The aim is to create the world’s first smart city within the next five years; this involves adopting autonomous transportation, efficient traffic management systems through big data and AI analysis, use of smart energy grids, and renewable energy. The future of city architecture is about to change forever.
Seoul’s growing appetite for startups
Building a reputation for startup innovation is Seoul. The Startup Genome Project that ranks the top 20 ecosystems of significant startup cities around the world. The 2017 report estimated the value of Seoul’s entire startup ecosystem at US$2.4 billion ranked 4th in the world, behind New York, London, and Beijing respectively. Furthermore, the number of startups in Seoul reached up to 3,400, which was twice the average (1,762) of startup cities.
Derik Kim, Chairman, Global Entrepreneurs Foundation, hosted Startupbootcamp’s FastTrack event in Seoul and it was one of the most successful events we ran in 2017. The calibre of the startups was very extremely high and he personally escorted the winning startup Strix to Melbourne for selection days in December.
STRIX joins Startupbootcamp Energy Australia
Description: The STRIX Team
STRIX utilises big data-driven smart energy management system that helps users to efficiently manage their demand response, benefiting both energy retailers and consumers.
In 2014, the Korean government started Demand Response (DR) market as a solution to lower the national electricity supply. DR Participants would get a monetary return based on the amount they agree to reduce.
In June 2015, STRIX launched Energy Integrated Management System (EiMS), its DR Market operating software for load aggregators and DR participants. With energy usage data from customers, they develop patterns of how our consumers spend energy and even predict their future consumption. It can detect any emergency events from happening and alert users in advance. Moreover, it can provide personalized recommendations to lower the electricity bill for each user.
Startupbootcamp Energy Australia is excited to be working with STRIX to develop the future blueprint of smart energy grids.