[ETNews] [K-Design Innovation] 'Design Management' Equipped Innovative Companies Gather, Investment Attraction Competition

Companies bundled with innovative design capabilities gathered in one place and rolled up their sleeves for investment attraction for a new level of growth. Products combining brilliant ideas and innovative designs, from AI-based conversational mental health digital therapeutic devices to customized design providing 3D sampling curation, showcased their competitiveness in one place. Under the support of the Korea Institute of Design Promotion (KIDP), they proactively introduced 'Design Management,' utilizing design not just as an aesthetic element of a product but as a company-wide utilization model. It is evaluated that their innovative achievements are becoming a source of vitality for product advancement, global expansion, and the industry.
◇Gathering of Innovative Design Ideas
The Ministry of Trade, Industry and Energy and the Korea Institute of Design Promotion (KIDP) held the 'Design Innovation Promising Companies 2nd Demo Day' at the Front1 in Mapo, Seoul on the 20th. The event was prepared as part of the design innovation company fostering project to provide investment attraction support and corporate promotion opportunities for design innovative promising companies. A total of 7 presenting companies and investment relationship personnel, including reviewers from investment firms, participated to introduce their companies and technologies and exchange opinions.
Companies such as Nuji, Doctor Song, Motion Care Company, Artist Made, Around, Healing Sound, EmotionwaveThe investment firm representatives serving as judges expressed interest in products combining information and communication technology (ICT), including AI, with innovative design. During their allotted seven minutes, they also asked pointed questions about differentiation and market potential.CTThey also served as mentors by preparing and delivering opinion papers to the participating companies regarding the business viability, marketability, and investment readiness of 7 companies.
A representative from an investment company participating in the event expressed admiration for the high level of the design-innovative promising companies, stating, "I am happy to learn about companies that possess technological capabilities."
After the company presentations, the 7 participating companies had time for communication, including one-on-one meetings with investment company representatives and additional Q&A among participants. In particular, a booth was set up at this event to introduce major products from the participating companies, providing an opportunity to share plans for investment attraction, marketing, and public relations by seeing them with their own eyes.
Lee Jae-seok, Director of Engineering Design at the Ministry of Trade, Industry and Energy, stated, "We will actively support so that the active investment attraction activities of small and medium-sized and mid-sized enterprises can continue to inject vitality into the entire industry."
◇A Venue for Discovering Promising Design-Innovative Companies
The Design Innovation Promising Company Nurturing Project supports the entire product development cycle by discovering small and medium-sized and mid-sized enterprises with high growth potential and utilizing design as a management innovation strategy. The final selection is given to companies that received excellent evaluations in areas such as corporate capabilities, growth potential, and goals for utilizing support programs. These companies receive phased, customized support to accumulate experience in developing new products led by design, including △consulting support through design management capability diagnosis, △new product development support, △global marketing support, and △public relations support over a total of 3 years.
Notably, this year, we have established a one-stop support system by newly operating an accelerating program (capability enhancement education, demo day, etc) that can link not only to the consulting program through the existing design management capability diagnosis but also to practical capability enhancement and investment.
The 7 companies participating in this event also received close support from the Korea Institute of Design Promotion (KIDP) before the demo day. The Korea Institute of Design Promotion (KIDP) helped establish a phased business model roadmap and customized storytelling for each company so that the design-innovative promising companies could strengthen their investor relations (IR) capabilities. They supported all areas, from IR strategy support and pitching training to material preparation feedback, bolstering investment attraction.
The Design Innovation Promising Enterprise Nurturing Project, which began in 2017, has achieved great success not only in terms of corporate cooperation but also in results by supporting the entire product development cycle for 60 companies every year. The biggest achievement is the improvement in corporate structure, internalizing the concept of design across all aspects of management, such as business operations and marketing, beyond simply incorporating aesthetic elements into products.
Such achievements were actually demonstrated at 'Design Korea 2023,' the largest design festival held in Seoul COEX last November. Products from the Design Innovation Promising Enterprises were showcased in a separately established achievement hall and received great interest from visitors.
Yoon Sang-heum, Director of the Korea Institute of Design Promotion (KIDP), said, “Even after overcoming the major hurdle of new product development, many companies are frustrated by issues such as investment attraction or market expansion,” adding, “We will continue to provide opportunities like this event, which supports networking with distributors and investors, to help companies create sustainable growth models.”
Jeong Yong-cheol, reporter at Electronics News (jungyc@etnews.com)