Results of Analysis of Changes to the Korean Startup Ecosystem
- Division
- International Cooperation Division
- Date
- 2021.06.02
- Writer
- 황승현
- Headline
- - Social view of startups distinctly improved in Korea -
□ We comprehensively analyzed changes from the beginning of the Korean startup ecosystem to its development and further growth toward the recent second venture boom.
◦ The number of newly established corporations has increased, and social interest in startups has grown, such that a “second venture boom” broke the records of the Republic of Korea’s first venture boom in the early 2000s by double.
* Newly established corporations(number) : (2000) 61,456 → (2008) 50,855 → (2016) 96,155 → (2020) 123,305 Media coverage of startups (number) : (2000) 51,182 → (2008) 25,329 → (2016) 74,459 → (2019) 101,937
□ The Korean government has set “creating an innovative startup state” as its key state task and made visible achievements for the last four years through aggressive work to vitalize startups
◦ For the last 20 years(2000–2020), the number of newly established corporations increased by 62,000 (annually) in Korea, among which 44%(27,000) were established over the last 4 years(2016–2020).
◦ The Korean government’s startup budget doubled from KRW 376.6 billion in 2016 to KRW 849.2 billion in 2020. Moreover, startups also evaluated that the government played a key role in the achievement.
◦ Korean startups’ status worldwide is steadily rising (awarded at the Consumer Electronics Show [CES] Innovation Awards, selected as a Forbes Global Leader, etc.), and Korean society’s view of startups has also improved.
◦ The average revenue and employment of startups supported by the Korean government almost doubled from 2009 to 2019. In particular, a 60% increase in revenues within 10 years (2009–2019) occurred after 2016.
* Revenue(KRW 100 million) : (2009)2.96 → (2016)4.26 → (2019)6.07 Employment(number of people) : (2009)3.9 → (2016)5.8 → (2019)7.1
Please see the attached file.