Start-ups are booming in South Korea. With venture capitalists pumping investments and the government loosening regulations, businesses are seeing an increase in support. Several start-ups are getting noticed too for all the right reasons.
According to the Korean Venture Capital Association (KVCA), in 2014, around 1.64 trillion won was invested in start-ups. The figures soared to 2.09 trillion won in 2015 and 2016 to 2.05 trillion won. Starting in 2017, the number again spiked to 2.38 trillion won, and continued the trend again in 2018, to 3.42 trillion won.
While the Korean government is doing a great job organizing public projects, start-ups in the country are the ones that are cashing in by bringing in their technological innovations. They are reaping the benefits of living in a smart city with its connected home environment; several companies are in an excellent position to reach a wider audience.
One such company is NextTN which is known for continually striving towards innovation and giving good services to its customers.
Set up in 2018, NextTN is essentially a division of its parent company that was established to provide IT infrastructure consulting, construction and maintenance. The Korean start-up aims at giving IT hardware and software services and solutions.
Innovative Unique Rack system
NextTN is developing a unique Rack to build a smart data centre or a server room. It is essential for those clients who face problems in building their computer systems. This product is aimed at providing a comprehensive solution service which will in turn help in the establishment of a data centre, making it a complete service that will be developed into a data centre monitoring system. It will encompass everything from customized design to construction, and A/S optimized for customers.
The technology that will be utilized is Artificial Intelligence and convergence sensors. Its fundamental function being self-diagnosis and monitoring using AI and convergence sensors such as building, power, air conditioning, control, Rack, real-time monitoring support, etc.
- Those business setups that run a comparatively small data centre
- Those sites where installation of anti-temperature anti-humidifier is demanding
- Those areas where there is a constraint of space for building regular data centres and equipment rooms
- Those places that are in need of measures to counter dust inflow
- Firms that lack in professional caretakers
Objective And Focus Of NextTN
Having worked in such areas as proposal and construction of IT infrastructure and solutions, systematic management proposal and maintenance of operating IT assets, and CCTV construction, etc., NextTN Co., Ltd. has its prime focus on becoming a “Win-Win” partner of its clients based on IT technology.
- Work in tandem with customers and provide the best technological solutions
- Managing aspects such as consultation for building better infrastructure for customers
- Bridge the gap between clients’ requirements of an operating environment and maintaining an equitable cost system
- An overall partner for a company that can contribute to its IT innovations and success
Business Opportunities In South Korea
One of the fastest-growing economies in the world since the 1950s, South Korea possesses a considerable domestic market with its population of 50 million. It is comparable with more significant Asian markets such as China and Japan. Its developed democracy offers a business milieu that is less volatile for those looking at entering the Asian market. Moreover, being more dynamic than countries like Japan, they offer a more entrepreneurial, agile, and aggressive corporate culture.
The country’s real GDP grew from 2.7 billion USD in the 1960s to over one trillion USD in the 2000s. Although due to the pandemic, negative GDP growth is expected, they managed to keep the drop smaller compared to several other nations.
NextTN Co., Ltd. fundamentally focuses on expanding with its customers. Towards this goal, they are working at bringing in young talent, nurturing the spirit of taking on a challenge and inspiring passion in their jobs. An experienced mechanical engineering major who has established the company, HyeongJo Moon says they are targeting at growing into a “global company” that will be based on a “dynamic corporate culture”.