There was a man who entered a business like it was destiny He was originally a researcher working on semiconductor displays. One day, whether coincidental or by fate, he found out that his child has dyschromatopsia. So, he did some research on the foreign products for his child.
Foreign products related to color correction were expensive and the service was bad. However, no companies in Korea were working to develop the technology and launch the product. CEO Yoo jumped directly on the road. And, he succeeded in developing the glasses for the color blind, Dalton. Dalton is the first eyewear brand for the color blind developed by RMK. It reproduces vivid colors when users look at objects.
RMK, which participated in MIK Hot Spot (Made in Korea Online Exhibition) Daejeon/Sejong, hopes to meet buyers and investors. AVING News, the host of the online exhibition, met RMK for the interview.
Q. What is the market status and size in Korea and overseas?
Demographically, more than 300 million people in the world have impaired color vision. It is estimated that more than 1.5 million people in Korea are color vision impaired. Two years ago, a research was conducted through 25,000 online panels. About 3-4% of them came out to have impaired color vision and about 1% showed high interest in purchasing it. This means that in Korea, 500,000 people, which is 1% of the total population, will show high interest in it.
Q. What is the most outstanding product competitiveness?
The main corrective glasses for dyschromatopsia are red. The principle of correcting red-green color weakness with this red lens is transmitting red and blocking other colors. This blocks green and blue and it makes it difficult to distinguish green and blue. Our product, on the other hand, uses special color filter that transmits only some shades of green.
You can think of Dalton as regular sunglasses. It blocks UV rays, so it will be a great product to use for outdoor leisure activities. And because it is made with domestic technology, it will be offered at a price 80% lower than foreign competitors’ products.
Q. What is your product’s market entry strategy?
Our first target is visually impaired children and adolescents. The color vision impairment comes from the mother’s side. So, the mother can give one to her son, and she can also give it to her father. Also, Dalton is recognized by the Korea Color Universal Design Association as having the color vision correction effect. And in the future, we have a plan to collaborate with Korea Color Universal Design Association to open a color-related design exhibition.
Q. What is the performance and are there investment calls?
So far, we have been developing as a government-funded project and we want to communicate with buyers and investors. As early as the first half of this year, and summer at the latest, you will see our product being released. Our goal this year is to make at least 100 million won in sales. And, I think we can grow 10 times each year in the future.
Online marketing is taking more roles these days due to the COVID-19 issue. Since the limitation on the offline activities is applied to the companies as well as the investors and buyers, many are looking for company information online. In this day and age, online convention has transformed itself from being an alternative to the main trend. In particular, it is expected that the “video” that delivers company information will play the role of a company’s “SFO (Store, Factory, Office)” at the final point of communication.
For this, the global news network AVING News has begun holding the MIK Hot Spot (Made in Korea Online Exhibition) to help small and medium-sized companies enter the market and attract investment on April 9, 365 days a year. Already, more than 90% of AVING’s main subscribers are clients of companies, such as buyers, consumers, and investors who search for specific products and company information. AVING News contents are surely ‘”SOF (Store, Office, Factory)” by itself, making it a very attractive exhibition hall in that sense.
AVING News has been running online exhibitions since 2005 and had 975 online exhibitions so far. Its YouTube online exhibition has placed itself as Korea’s largest online exhibition hall that opens 365 days a year with 19,000 videos (booths) with more than 800,000 visits per month which means more than 10 million visits per year.
Based on the accumulated online and offline network, the MIK Hot Spot online exhibition is scheduled to be held regularly according to the field, target market, and participating institutions, and it will be presented as a new type of online business by transforming the know-hows and values of the participating companies according to the trend. Companies that want to participate can apply and apply through the marketing support projects from supporting institutions in the local governments. Refer to the institutions for more information.