South Korea Leads the Way - Essay Example

The article South Korea leads the way by John Borland and Michael Kanellas describes how South Korea became a global leader in telecommunication through the use of innovation. The residents of the country on the average enjoy broadband internet speeds that are eight times faster than in the United States. South Korea was able to achieve supremacy in their telecommunication due to the fact that the private and public sector worked together to achieve a common goal. Another advantage South Korea had over other nation is that their demographics consists of densely populated areas which lowers the infrastructure investment required to provide high speed internet.

One of the amazing things about the South Korean case is that the country was able to become on of the leading nation in communication sector in a very short period of time. In 1995 only 1% of the population was online. By 2004 nearly 71% of the population was enjoying high speed internet service in their homes. Ecommerce in South Korea generates twice as many sales per capita in comparison with the United States. The gaming industry is one of the profitable and popular business sectors in South Korea.

Since internet speeds are so high the new focus in South Korea is providing new exiting services. The article showed the value of innovation in business. Innovation has become extremely important in the 21st century. It can be used by businesses as a tool to create new sources of revenue. We are living is a society in which people expect technology to provide them with new products that attract their attention. Another lesson learned from the South Korean case is the importance of cooperation between the private and public sector.

The government can provide incentives that lower the cost of doing business for corporations. Another important element that allowed the telecommunication sector to thrive in South Korea was the introduction of new companies which created competition. Competition in business creates great benefits for the consumer such as lower prices, better service, and greater variety. References Borland, J., Kanellos, M. (2004). South Korea leads the way. CNET. Retrieved July 27, 2009 from http://news.cnet.

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