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Insight
The Datavoucher is a government-funded project that supports service costs for those who need to utilize and process data. It supports data purchase/processing costs in the form of vouchers. Applicants are early and mid-sized companies, small and medium-sized companies, small businesses, one-person businesses, and budding entrepreneurs. In addition, public institutions, research organizations, university research teams, and hospitals are eligible to participate if they are supporting the social problem-solving sector.
Demand companies can participate in this project with Data Hunt and receive up to 60 million won in support for data processing costs. However, not all companies are eligible, and the success of the project depends on how much professional consulting is done.
Recently, Datahunt collaborated with Wellobiz to host a joint webinar on how to succeed with datavoucher. Data Hunt provided analysis and know-how on data voucher support projects. WELOBIZ presented the benefits of utilizing data vouchers from the perspective of a 2022 selected company. Many people who dream of growing their business attended the event and made it a meaningful time.
DataHunt is a proven data voucher provider with a 90% first-round pass rate and 45% best practice selection in 22. We wish you success in your 2023 data voucher application and share our know-how on how to write an implementation plan.
One of the most notable changes in this year's Data Voucher Program is the increase in the percentage of youth and regional preferences compared to last year. This year's program has a 30% youth quota and 40% regional quota. Youth and non-metropolitan area companies will receive preferential selection.(Definition of non-metropolitan area: Seoul, Gyeonggi, Incheon, and other areas outside of the metropolitan area.)
Demand companies can participate in this project with Data Hunt and receive up to KRW 60 million in support for data processing costs. The vouchers can be used for service and product enhancement, big data analysis, etc. We will support 250 cases in the general processing area (240 general/social issue 10) and 1,000 cases in the AI processing area (960 general/social issue 40). The budgets are allocated at 40million won to 60 million won each, which is the largest among the support programs.
If you were selected as an outstanding company in 2022, or if you are a young company, we encourage you to apply for the data voucher support project again this year. Previous recipients are also eligible to apply again, which means that the competition among applicants has intensified, but it is also a great opportunity to build on past successes.
The datavoucher processing support sector can be broadly divided into general processing and AI processing.
In 2023, the datavoucher is expected to increase the proportion of data utilization and marketability. The key will be whether the requesting company can develop innovative and substantially beneficial models through the voucher support project. In order to prove this, it is important that the values that are favorable for the review are well displayed in the implementation plan.
Datavoucher workplans are becoming increasingly important. It is important to design a well thought-out implementation plan in order to be selected for the project and to capitalize on opportunities for best practices.
Between the business model and the accumulated data, you need insights into the AI to be developed.DataHunt analyzes three key aspects of the envisioned model.
Usability
- Is AI applicable to my business model?
- Is the ROI of AI sufficient to achieve my goals?
Feasibility
- Can I build the AII need?
- What resources do I need to build AI?
Quality Assurance
- Can I acquire quality data for AI learning?
- Is it possible to build a practically useful AI?
In the process of preparing for the data voucher support project in earnest, what is the most difficult area for demand companies? It's insight into how to use AI in their business. They want to incorporate AI into their existing business model and accumulated data, but they often don't know how to do it most efficiently. In other words, they need to think about usability first, feasibility second, and quality assurance last.
In other words, designing an implementation plan for a data voucher support project is not just a plan, it's a trail of thought that goes through the above steps.
It's important to know what you want to do before you get involved in a data voucher project.Rather than writing an action plan that doesn't fit the context, you need to know what your business needs, regardless of the size of the grant.
Last year, projects were judged on the basis of feasibility (30) and specificity (30), and marketability (30) and sustainability (10). This year, the judging criteria has changed, and the specificity and feasibility scores have been reduced to 20points, and the utilization and marketability evaluation score has been changed to 40 points instead.
The evaluation criteria reflect this year's focus. As innovative AI models are becoming more popular among the general public, the government is encouraging the development of unique models to be utilized from a long-term perspective.
It is also necessary to check the similarity of the implementation plan. In the past, there were many cases where the supplier company ghostwrote the execution plan, which was used as a screening criterion. This year, it was announced that the similarity verification program will be run to check the similarity between companies.Therefore, it is believed that the execution plan prepared by the demanding company with sincerity will have a much better advantage.
The most important thing in the business overview section is the purpose and need. You should describe the purpose of the business and startup, and how you plan to innovatively solve the problems of the domestic and foreign markets (social, economic, and technological).
Next, introduce your business model. Describe a new business model that utilizes data, or a business model that you plan to improve by utilizing data in an existing business, or focus on the key features, consumer base, and usage of your startup item.Include the current stage of development of your startup item, such as idea, completed prototype development, and production.
The last paragraph of this step is about the features of your business model. It should be clear that your proposed business (startup) item is unique and innovative compared to existing service products. Innovative content such as business model, service model, and business application of analysis results can also be very helpful in commercializing data. Be sure to emphasize the features that make it different from other business models.
Market trends
- Trends of domestic and foreign markets and competitors in which the demand company business(startup) item belongs.
- Outline the problem elements that need to be solved in the market (business area)
- Comprehensive measures needed to solve market problems, emphasizing the need to utilize IT technology
Introduction to BM of Demand Company
- Outline the business model (BM) of the demand company
- Target customers of the demand company and where the service or product is utilized
- Current stage of development of demand company BM technology
Excellence of the demand company's BM
- What makes a demand company's BM unique compared to others
- Innovation of BM sthat combine data and AI
- Marketability and impact of BM enhanced by AI utilization
If you mentioned the market environment, business model, and features in the first step, this paragraph is where you will talk about the data voucher support project. You will fill in the items such as the business goals you want to achieve through the support project. The rule is to keep it short, around 100 characters. The key is to be complete within the limited paragraphs.
First, you need to list your business (startup) goals using data. Describe the goals you plan to achieve by utilizing the data supported through this project in conjunction with the data utilization purpose you stated in your application.
In the general category, you can choose from developing service products and enhancing service products, streamlining operations, establishing marketing strategies, minimizing risks, and predicting customers. For solving societal problems, you can choose from depopulation, climate change, or incurable diseases.
Next, describe your need to utilize data. Check the data you need for your business (startup). In addition, write why you need or want to utilize processing services for your business. It's important to emphasize how you want to leverage data in the business model described above to become more competitive.
Privacy is always a sensitive topic. If the data you need contains personal information, be clear about how you will manage it. In short, you need a plan for how you will handle data that needs to be de-identified.
However, this is an area where you'll need to work with your data voucher provider. It is difficult to come up with specifics if there is no smooth communication. Therefore, it is recommended that the demanding company should contact and communicate with the supplier in advance and write the entire plan together rather than writing the plan.
The lastMiscellaneous area is a bit different from last year. Until last year's datavoucher, there were items called <definition of necessary data> and <how to utilize data>. These items have been removed from2023. As a supplier, there is no space to mention feasibility and specific plans. Therefore, we recommend that you fill in the Other Matters section with more specific plans on how you will apply the data when you utilize it.
Eager and specific goals
- Purpose of utilizing the data obtained through this project support (check 1)
- Briefly and clearly describe what you hope to accomplish with the data (100 words or less)
Why you need this data
- Define the specific data you want to acquire through this project
- Why the data is suitable/necessary for the customer's BM
- How the data will be utilized to strengthen BM
De-identification of personal information
- For data containing personal information such as human faces and personal information, personal information management measures such as de-identification must be described.
- If there is no personal information in the data, it can be omitted
Specificity ofImplementation Plan
- Until 22, there were items on 'definition of necessary data' and 'how to apply (utilize) data'.
- The above two items were written to show the specificity of the data processing promotion plan, but in FY23, these items were removed, so this section should show a specific and clear data utilization plan.
Earlier, we described how to build and establish data. It would be great if all the tasks were completed during the project period, but there may be cases where this is not the case. In this section, you should write a plan for external strategical liances or collaboration with other companies to revitalize the business.
Even if you're not ready to do so, you can describe how you plan to partner with organizations to scale up in the future. Similarly, in the publicity section, you can write how you plan to utilize this business model through media or social media promotion.
Partnership with external organizations/companies
- Plan for synergy with external organizations or companies that incorporate the data/AI technology built through this business.
- Planning techniques to continuously scale up the business
- Plans to create additional synergies with companies currently in partnership are also OK
Promotion plan during/after business
- Describe how you plan to promote voucher support and built data
- In the case of prospective founders, plans for attracting investment based on the implementation of this business
- Describe specific plans for PR, SNS marketing, etc.
The key to the expected effect or future effect is to show quantitative results, so the first step is to describe how the data built in this project has improved your business. In short, it's important to visualize the expected scope over a period of three to five years, whether it's in terms of sales growth or workforce size.
Then, in the future plans section, you should describe how you plan to develop your business over the next one year with the help of this data voucher. For example, you can describe your plans to enter the global market or increase your domestic marketshare.
Sales growth, job creation
- Describe in concrete numbers how the data/AI built through this project will increase the business of the client company.
- It is good if the scale-up trend over the next 3-5 years is shown in a chart.
- Describe the creation of new jobs as it is a government-funded project.
Scale-up steps
- Describe what business/AI development will be carried out over the next year or more based on the data.
- How it will help expand the business, including plans to enter new markets (global markets),etc.
The business implementation schedule is only a schedule, and there is a possibility that it may not be completed 100%. However, it is most important that you accomplish what you set out to do at the interim and final inspections. In this item, you can convince the judges that you have made a detailed plan to carry out this business. Therefore, it is necessary for the demanding company to actively consult with the supplier company to create a detailed plan.
The reason why there is a section for the implementation personnel is similar to the above. After all, the implementation plan is to investigate how well the demanding company can successfully carry out the data voucher support project and its capabilities. Therefore, it is important to specifically state the contents such as the capabilities of the representative and future employment plans.
Be specific and detailed!
- This is an area where you can show that you already have a concrete and clear idea of what you want to do with the business.
- Since it can be difficult for the demanding company to write alone, it is recommended to consult with the supplier company in advance and utilize all the blanks as much as possible.
Demonstrate your company's performance
- Demonstrate that the demanding company is capable of carrying out the project and has a strong foundation to complete the project without any major issues.
- Especially, it is a positive factor to emphasize that you can hire additional personnel to participate in the project after the project is selected.
The selection process for this year's data voucher support project was changed to require the demanding company to visit the supplier after passing the selection screening.This means that the demanding company will be in charge of creating the implementation plan, instead of the supplier being in charge of creating the implementation plan.
However, there are areas that cannot be filled in without prior consultation with the supplier.Therefore, it is recommended that you consult with the supplier before writing the performance plan. Not only will you be able to organize the contents more specifically, but you will also be able to utilize the details. It will also increase the likelihood of a favorable evaluation.
There are six things that demand organizations should look for in a data voucher supplier.
DataHunt is an official partner of Korea Data Voucher Industry Promotion Agency, which has been selected as a data voucher supplier for four consecutive years. We have been honored to be the first company to be matched with 90% of the companies in2022, and we have also been selected as an excellent supplier. We have a very high probability of being selected as an excellent supplier because we provide consulting based on our many years of experience.
We also have people who specialize in creating AI models, which means we can act as a partner to help you embed AI in your business for the long term. In fact, many companies have been with DataHunt for a long time because of our data voucher program.
Compared to last year, the competition for data vouchers is even higher. However, DataHunt will be more thorough and fully prepared to meet this challenge. This year's winner is you.
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