The Korean startup scene – very much centered around Seoul – is flying well under the radar. However, it has been growing rapidly ever since the government started investing heavily in the domestic startup ecosystem in 2013.
Success with local startups led the government to begin offering support for international startups, particularly in the fields of information technology, IoT, VR, AR Fintech, AI and Blockchain. As of now, Korea is home to more than 30,000 startups, primarily concentrated in and around Seoul.
Korea’s dynamic startup ecosystem growth means there are new opportunities for international startups, especially in fields where Korea already has a stronghold thanks to local talent, resources, and infrastructure.
Reasons to go
- Strong government support for startups at all stages
- Advanced technology infrastructure is years ahead of other developed markets
- Population open to new innovations that spread quickly
- Home to many MNCs interested in POCs with startups including Samsung, SK, and LG
- Danish and Nordic brand carries strong resonance with young generation
Tele communications, IoT, AI, Blockchain