South Korea Market
Facts & Figures
About South Korea
Unicorns and 30,000+
startups in South Korea
On Bloomberg’s Global
Innovation Index for 6 years
Annual R&D expenditure accounts
for 4.8% of GDP, the highest globally
Source: WSJ (2021), Bloomberg (2020), Jumpstart (2020)
for German Startups
Industry Focus Areas
Mobile & Gaming
Main Startup Hubs
in South Korea
Seoul is home to 60% of the country’s startups who benefit from cutting-edge infrastructure, numerous accelerators and fresh talent from more than 50 universities based in the city.
South Korea’s second largest city, Busan is also home to a thriving startup scene, with sub sector strengths in Marine Tech and Smart City.
Pangyo Techno Valley
Pangyo Techno Valley, South Korea’s version of Silicon Valley, is home to some of the country’s top tech firms, including NCSoft Corp., Kakao, SK Planet, and Nexon.
What Others Say
The potential in South Korea and Asia is much greater for us than in German-speaking countries. There are more customers for us there, and the investors are more open to our business model.
Phong Dao, Co-founder of iVE.ONE
South Korea is one of the most vibrant startup ecosystems in the world. Driven by the huge support from the South Korean government, its continued dedication to fostering the startup ecosystem will allow foreign startups to realize the potential this market has. Startups who can identify and leverage the opportunities provided by these initiatives will thrive in this exciting ecosystem.
Marta Allina, Founder of Seoul Startups & #GAMentor
Programs We Offer in South Korea
Market Discovery Program
The South Korea Market Discovery program will help you get first-hand market insights, explore individual business opportunities within the local ecosystem, and connect with potential customers and partners.
Opportunities in South Korea’s Sustainability and Social Impact Ecosystem
MAY 27, 2021
Written by Ananya Deshpande
In our latest German Accelerator “Pass The Mic” series, we chatted with industry experts to learn about South Korea’s Sustainability and Social Impact ecosystem and its many opportunities for German startups.
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Profiting From The Spirit of Innovation in South Korea
MARCH 9, 2020
Written by Lydia Koh
Uncomplicated bureaucracy, a high degree of digitization, and quick access to money and employees – South Korea offers German startups the right playing ground for growth and internationalization.
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Why South Korea Should Be on the Radar of German Startups
JULY 29, 2020
Written by Mabel Fu
South Korea is considered as a ‘Land of Innovation’, ranking second only to Germany in Bloomberg’s 2020 Innovation Index. With strong support from the government, South Korea is cultivating startups to be the new engines of economic growth and has become an increasingly attractive destination for foreign startups.
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