South Korea’s Startup Ecosystem

Gi Min Kim ()
Additional contact information
Gi Min Kim: University of Regensburg

A chapter in The Clash of Entrepreneurial Cultures?, 2022, pp 77-88 from Springer

Abstract: 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.

Keywords: Korean Startup ecosystem; Social/financial factors; Cultural factor; Risk aversion; Networking-oriented culture; Startup mentoring (search for similar items in EconPapers)
Date: 2022
References: Add references at CitEc
Citations:

There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:spr:fgfchp:978-3-030-97050-5_7

Ordering information: This item can be ordered from
http://www.springer.com/9783030970505

DOI: 10.1007/978-3-030-97050-5_7

Access Statistics for this chapter

More chapters in FGF Studies in Small Business and Entrepreneurship from Springer
Bibliographic data for series maintained by Sonal Shukla () and Springer Nature Abstracting and Indexing ().