A strong breeding ground of unicorns, three South Korean startups achieved the unicorn status in the first quarter of 2022. The thriving startup ecosystem can be attributed to the significant efforts made by the South Korean government to identify and nurture companies that have the potential to take over the world. In recent years, the Korean government has constantly improved the infrastructure that supports the startup ecosystem by making colossal exclusive funds and investing over $ 12 billion in startups through various accelerator projects. South Korea’s Ministry of SMEs and startups has been running the ‘Baby Unicorn 200 Nurturing Project’ to discover promising startups verified for their innovative business models and growth potential and nurture them as preliminary unicorns. The program has supported startups and businesses that have succeeded in multiple fields globally like Artificial Intelligence, fintech, logistics, biotechnology, robotics and more.
In addition, South Korea also encourages the growth of the startup scene by endorsing tax breaks and incentives for angel investors, venture capitalists, and mergers and acquisitions in the technology and R&D sectors. Located in East Asia, South Korea has strong cultural and economic ties with powerhouses such as China, Japan, Hong Kong, Taiwan, and more. Startups can leverage South Korea’s favorable location to scale their business across the Asian market. With the goal to promote the expansion of open entrepreneurship in South Korea’s evolution as a prominent business hub in the region, improvements in visa regulations for startups and entrepreneurs from abroad have also opened new avenues for startups from various countries across Europe, North America, and Southeast Asia.
In this edition of Startupcity APAC, we present the list of the Top Korean Startups that are at the forefront of innovation in the region. Amongst them alphacircle and TFJ are companies that leading the way in terms of practicing current market trends and meeting prevalent challenges head-on. We also bring to you thought leadership articles and exclusive insights from expert CIOs and CXOs Patricia Poon, Founder and Managing Partner, Belmond Capital Limited and Vikas Datt, Managing Director and Partner at CerraCap Ventures presenting their ideas and opinions on the Startup scenario in Korea. We hope the valuable insights from industry thought leaders and the RPO organizations featured in this edition help you make informed decisions for your organization.
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