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South Korea’s Startup Ecosystem

In: The Clash of Entrepreneurial Cultures?

Author

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  • Gi Min Kim

    (University of Regensburg)

Abstract

Many Western companies are interested in the Asian market, which has great growth potential. Entering the Asian market is no longer a risk-taking venture and is considered the standard for many multinational companies. However, the Korean market in particular is still largely unknown compared to its importance. Recently, the proliferation of startups has become common to promote innovation, create jobs, and stimulate economic growth. The Korean government has also provided support for entrepreneurs to actively engage in startup activities. Korea has a startup environment that provides business opportunities for Westerners as well. This makes Korea a promising emerging market for startups. The purpose of this study is to study whether Korea actually has a business-friendly environment and whether entrepreneurs have the potential to develop entrepreneurship. Therefore, we study the social and Korean cultural aspects of Korea for the development of startups. This article helps decision makers in the public sector as well as businesses preparing to enter the Korean market. In fact, various government support programs and policies operating in Korea support various companies. Nevertheless, risk-averse tendencies and a culture of networking importance are factors that need to be improved for a healthy startup ecosystem.

Suggested Citation

  • Gi Min Kim, 2022. "South Korea’s Startup Ecosystem," FGF Studies in Small Business and Entrepreneurship, in: Harald Pechlaner & Hannes Thees & Wei Manske-Wang (ed.), The Clash of Entrepreneurial Cultures?, pages 77-88, Springer.
    • Handle: RePEc:spr:fgfchp:978-3-030-97050-5_7
    DOI: 10.1007/978-3-030-97050-5_7
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