South Korea Leads the Way Essay Example | Topics and Well Written Essays - 500 words

South Korea Leads the Way - Essay Example Another advantage South Korea had over other nation is that their demographics consists of densely populated areas which lower 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 one 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 internet service in their homes. E-commerce 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 exciting services. 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 in a society in which people expect technology to pr ovide 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 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.