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Design promotion institute to launch crowdfunding site

Design promotion institute to launch crowdfunding site

KIDP focuses on helping SMEs aiming for design-driven innovation

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Published : 2014-02-26 20:00
Updated : 2014-02-26 20:00

The first crowdfunding site for creative and innovative design projects will make its debut in Korea in the first half of this year, the head of the Korea Institute of Design Promotion said in a press meeting on Thursday.

“Benchmarking internationally renowned crowdfunding sites like Kickstarter, we are preparing to launch the site to help designers raise funds for their creative projects from many different sources in a short period of time,” said Lee Tae-yong, president of the Korea Institute of Design Promotion. 

Lee Tae-yong, president of the Korea Institute of Design Promotion. (KIDP)
The institute is funded by the state, and it is the only government-run body that promotes the nation’s design industry.

KIDP said the fund was aimed mainly at cultivating talented designers and helping out smaller, struggling design firms.

Putting priority on supporting design-driven business innovations at SMEs, the institute will launch a hotline called the “K-Design 119 Hot Line” to offer consulting services for such companies, Lee said.

“The survival of Korean SME manufacturers, which are facing stiff competition with Chinese rivals, will depend on whether they maintain a competitive edge in software skills. This is why it is critical for them to adopt design-driven innovation,” Lee said.

Although a growing number of local companies, both big and small, put heavy emphasis on design-driven innovations, a KIDP survey found that only 14 percent of all Korean companies have adopted design as a business strategy.

This year, The KIDP head also hopes to address how to raise awareness of the importance of design.

“The institute is in discussions to construct the country’s first design museum,” Lee said.

In addition, the institute will step up plans for supporting design exports.

By Seo Jee-yeon (jyseo@heraldcorp.com)

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