KISTEP held the 3rd NIS policy colloquium with the theme of ‘The Role of Data Economy and National Innovation System (NIS) in 5G Era’ on June 27th (Thur), 2019.

The colloquium was held to review the current status of Korea, a leading country in 5G, as data, called crude oil in 21st century, plays a role of a driving force for innovation that affects the future of the nation and businesses, and discuss the changes of NIS for the data economy era from a data economy perspective.

 

The presentations consisted of 1) The current status and future strategies of the data and data economy (by Former Vice President Yeong-Ho Moon, Korea Institute of Science and Technology Information, (KISTI)), 2) The case of data economy and business activities (by CEO Il-soo Kim, Wisdomain, Inc.) and 3) The data economy era and The new role of NIS (by Director Jang-Jae Lee, Research Institute of S&T Innovation and Strategy, KISTEP) and comprehensive discussion followed the last.

Former Vice President Yeong-Ho Moon likened the raw material of the fourth industrial revolution to data and said, “Data has subjective properties, it creates an economic effect that creates infinite value depending on its ability to utilize, and the data economy is acting as an important variable for future economic growth, job and social problem solving.”

Explaning data-related trends, he said, “Data shows an exponential growth of 67% per year, especially with rapidly increasing business data, the data industry grows by more than 10% annually, and is developing into a data-based economy.”

In addition, he mentioned 1) the reorganization and supplementation of the legal system, 2) activation of the data industry through the private-led data transaction market, 3) systematic open-data policies for sectors such as public, research, and medical information data, and 4) R&D paradigm shift focused on the establishment of data-based NIS and expansion of R&D, as policy issues for big data and emphasized the need for a policy response in this regard.

 

CEO Il-soo Kim explained the importance of the data economy, focusing on the cases of business activities, and said, “When we make decisions on technology management, we can use patent intelligence, based on big data to analyze technology views and trends in business fields. It also has the advantage of acquiring information on technology level of an enterprise or rival R&D organizations, as well as using quantitative and qualitative comparisons of patent portfolios to make policies.” As an example, he demonstrated PTR (Price Technology Ratio) that utilizes big data for evaluation of patent value and high efficiency of investment.

Emphasized the government's role in the era of data economy he said, standard for combinations of heterogeneous data should be established, since its convergence can result in greater value, and secondly, the need to avoid direct competition in the private sector and create an ecosystem for activate use of data by businesses.

In the presentation, Director Jang-Jae Lee emphasized, “The data economy is an field that has the potential to have a broad impact on the entire industry and all of technical innovation processes. The data and data economy should be actively discussed at the national level from the perspective of NIS 2.0 as the world's leading countries are also striving to foster the data economy.” He argued 1) implementation NIS 2.0+data economy, 2) organizing an effective national data integration coordinator (governance) 3) establishment and management of research data platform in public sector, 4) enabling and expanding data R&D field and investment, 5) promoting private commision in public data collection and opening work, and 6) the need to drive the private sector’s data economy through active development of the data (broker) industry to access the digital economy from the perspective of NIS.

Lastly, he emphasized the importance of utilizing data, the pursuit of a global test bed for related industries, and the training of relevant professionals as suggestions for the data economy.

The comprehensive discussion was led by Sung Hyun Park (Chairman, Social Responsibility & Mangement Quality Institute (SRMQ)), with panels of Joonmo Kang (Associate Fellow, Korea Information Society Development Institute (KISDI)), Soo Park (Director, NICE Information Service Co., Ltd.), Boyoung Eum (Director, Korea Health Industry Development Institute (KHIDI)), Byung-hwan Hyun (Professor, Daejeon University), and Jong Sung Hwang (Master Planner, Busan Smart City, National Information Society Agency (NIA)) and had in-depth discussion on the data economy.