Wello Co., Ltd. (CEO Yurianna Kim) participated in the ‘2023 World IT Show (WIS 2023)’ held at COEX in Seoul from Wednesday, April 19th to Friday, April 21st.
Wello provides innovation by collecting data for the 75% of individuals and 65% of companies who are unaware of the policies they can apply for or are unable to apply due to complexity. As a Gov-Tech startup that supports the government in implementing policies for citizens and businesses, it collects policy data every day and provides customized information to users and businesses. An official explains that currently, the cumulative number of subscribers is 130,000 (Wello) and more than 2,000 companies (Wello Biz) are using Wello and Wello Biz. Ultimately, we have a vision to create a virtuous cycle of data-based policies.
Over the next three years, Wellobiz aims to achieve a cumulative number of 3 million users and 30,000 registered companies, and aims to become a public/private comprehensive benefit application platform that allows users to easily apply for policies and check application details. In particular, through Wellobiz, we aim to increase the participation rate of companies in government projects, reduce the closure rate of early-stage companies and startups, and contribute to the survival rate through funding.
At this exhibition, Wellobiz’s advanced system, which is currently in the development stage, was announced. Wellobiz has the advantage of allowing companies to automatically collect government and private projects when they are needed, receive customized recommendations based on natural language processing technology, fill out documents without downloading, and apply and manage them in batches. The problem of business information asymmetry and the difficulty of document submission management for early startups can be resolved all at once, and the difficulty and time of directly searching for various policy data can be reduced by providing customized information.
Small and medium-sized enterprises, small business owners, and startups, which account for 99% of all companies, are resolving common difficulties such as lack of funds, lack of technology and manpower, and securing sales channels through national policies and private projects. In particular, government projects with low interest rates such as policy funds, support projects, and R&D are essential for companies, and it is urgent to connect private projects such as open innovation between large corporations and small and medium-sized enterprises in the right place.
Regarding this, an official said, “We have completed development to solve the problem, and we have launched the B2B service ‘Wello Biz’ based on the existing technology and industry understanding accumulated while launching and operating the B2C service Wello.”
He continued, “The development of the TIPS project cost statement technology within Wellobiz has been completed. You can easily input and edit the ‘labor cost’, ‘participation rate’, and ‘project cost’ used in the TIPS process within the program. Project cost items are calculated based on the input values and automatically output in Excel and PowerPoint formats. I do it. In addition, when the input value is modified within the program, the values of all affected pages are automatically modified to increase convenience,” he said. “The time required to submit a report can be dramatically reduced, so beta testing is underway ahead of release, and many startups and He expressed his expectations, saying, “Early-stage companies will be able to use it conveniently.”
As such, Wellobiz’s main customer base is small and medium-sized businesses and startups that are actively applying for business, and it is continuously upgrading functions tailored to customer needs, such as comparing loans from financial institutions. An official said, “In the future, we plan to expand to the target market of KRW 72 billion, which is 1% of the domestic B2B SaaS market share of small and medium-sized businesses with 1 to 100 employees.”
Meanwhile, the ‘World IT Show’, a one-stop platform for digital transformation, is a representative exhibition leading the next-generation high-tech industry. The 2023 World IT Show, with the slogan ‘Changing our life, K-Digital’, will feature ▲AI platform, Internet of Things (IoT), cloud, and ICT convergence services ▲Smart home, office, and home appliances. and smart healthcare ▲Intelligent mobility and robots such as autonomous driving, UAM, drones, etc. ▲Digital Twin & Metaverse (XR technology) ▲Cloud and software ▲Security software & Blockchain (NFT) ▲The latest technologies and products in the field of quantum information science Exhibited and introduced. In addition, the ‘WIS 2023 Innovation Award’ and the ‘2023 Korea ImpaCT-ech Grand Prize’ were awarded to the technologies and products that attracted the most attention among participating companies.