In Korea, information and communication infrastructure have grown dramatically under government's powerful drive. The number of Internet users has increased rapidly and many Internet businesses emerged in late 90's. However, after "dotcom bubble" burst in 2001, many dot-com companies folded and the feasibility of profit models was scrutinized. Of course, there are businesses that survived the dot-com bubble and developed unique profit models. Neowiz is the representative of the survived ones. This research analyzed Neowiz from the viewpoint of 'innovation.' Since founded in 1997, Neowiz has been attempting continuous innovation by developing new business models --the Internet access model, community model, online character model, and game portal and publishing model. Neowiz's innovation journey aims for capturing and satisfying its customers' new needs. We expect this case study will be able to offer answers to profit-realization of dotcom companies.
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