The agricultural industry in Korea
From a geographic standpoint, Korea offers an incredible opportunity in the agricultural industry. The entire peninsula, only 20% of the land is arable. You can actually grow food on. So if you look at restricted resources and how you are going to make those resources more efficient and more effective, data management, data analysis, and data interpretation and innovation is really critical.
Korea needs to remember that data hygiene from the very beginning is very important. They need to consider:
- If you are consistently collecting information from people
- If you don’t have a way of storing it. Not just storing it on a server, but organizing it in a way that is easy to interpret, analyze and use that to deliver back to your customers.
- If the hygiene is not there you are eventually going to run into massive problems that will cost you time and money.
Data really isn’t just data. You have to find a business model. You have to find a way to monetize it. Therefore if you are pulling together however many gigabytes of data per day that you can. It only goes so far unless you find a way to package it and monetize it. The agricultural sector is trying to figure out how to harmonize all of these different parts of the supply chain and how data can be utilized from beginning to end. But if Korean startups don’t have a business model on how to monetize it, it is not going to work. I am looking out for the day when many of the sectors I am looking at start to mature, and these business models really start to become profitable.