naxtlab

2023.5.25

NEXTLab’s CTO, Youngsu Park, presented a successful collaboration case study between NEXTLab and ‘Macro Image Technology’ at the ‘2023 Broadcasting Equipment Enterprises’ Networking Day’. The event was held on Wednesday, May 17th, at COEX A Hall 2nd floor, during the 31st KOBA (Korea International Broadcasting, Media, Audio & Lighting Show) 2023 period, since most of the participating companies were already exhibiting at the show. 

The organizer of the event was RAPA (Korea Radio Promotion Association), and the narrator, team manager Gangok Jeon, stated that the networking session was designed to foster partnership between Korean broadcasting equipment businesses and aid them in promoting their business overseas. 23 small and medium-sized enterprises (SMEs) attended the event, all eager to collaborate and share knowledge on business strategies for different markets.

RAPA started the event by introducing two of their major projects that support the broadcasting equipment SMEs. The first one is the ‘Innovation Voucher Support for Broadcasting Equipment Businesses’, where SMEs can apply for budget aid to spend in various business fields, such as technology certification, creating product prototypes, and marketing. The second project is the ‘Broadcasting Equipment ODA (Official Development Assistance) Project’, which provides broadcasting systems, technical training, and follow-up support for developing countries. It opens up opportunities for Korean companies in the broadcasting field to increase their brand awareness overseas.

After RAPA introduced those projects that broadcasting equipment companies could leverage, there was a brief introduction session of businesses that attended the event. For 3 minutes, each company introduced their key products, interesting episodes while growing their businesses, and strategies that they employed to enter their target markets. Then came the presentation session, where 4 companies would share collaboration cases between broadcasting equipment firms and how they raised their competitiveness.

NEXTLab was the first to go, and their CTO, Youngsu Park, started the presentation by briefly introducing the company. Then he explained how the two companies got to know each other and how they collaborated to their benefit.

NEXTLab and Macro Image Technology met as exhibitors at the Korean pavilion at the NAB Show 2023, and after the show was over, explored ways to cooperate. Macro Image Technology produces semiconductors specialized in broadcasting and professional audio/visual equipments. As NEXTLab’s main solution is media quality test and monitoring, Macro Image Technology’s semiconductors fit right in and helped them reduce production costs and product size, leading to increased competitiveness of NEXTLab’s key product, the STB Multimeter.

By improving their product, NEXTLab has a higher possibility of receiving purchase clearance at the executive level during the clients’ decision-making process. In B2B sales, one of the reasons that makes it difficult to acquire a new client is the long list of decision-makers that must unanimously approve to implement a new solution. NEXTLab put in a large amount of effort to enter the global market, such as exhibiting in IBC 2022 and NAB Show 2023, and running live demos in PoC (proof of concept) sessions in Europe. However, sometimes, after convincing the QA engineers or developers who will actually use the solution, their product was turned down due to opposition of the executives. Thanks to cooperation from Macro Image Technology, NEXTLab’s product will probably become more appealing, even to the executives!

Macro Image Technology can also gain from collaborating with NEXTLab. Its brand awareness will be increased if NEXTLab sees greater results in the European market. Maybe in the next huge exhibition, both companies might cooperate and even display each other’s products at their booths!

The 2023 Broadcasting Equipment Enterprises’ Networking Day was a precious chance to become familiar with various companies in the broadcasting equipment industry. Every company had an interesting background, and they were all searching for methods to increase their brand awareness and reach prospects globally. NEXTLab will continue to seek out partnership opportunities with diverse firms, and grow much more!