Top Highlights

• In 2017, South Korea established the Ministry of SMEs and Startups to systematically oversee various startup support schemes to continue and reinforce the momentum. Venture investments have also poured into Korean startups and have grown 78% year-on-year in 2021, surpassing 7.7 trillion won ($6.4 billion). The number of new jobs created by startups...
• The country has succeeded in becoming an economic powerhouse with a technological edge, especially through big conglomerations manufacturing software and hardware.
• Startups are increasing in number and furthering their influence and impact on the market.
• Mindsets, cultural differences and the language are hurdles that foreigners face when entering the South Korean market, though many more factors make it an attractive one
• the government has strengthened its collaborative ties to support a select number of front runners in these industries, which led to the creation of Chaeobols – family led large industrial conglomerates

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