Korea’s New Culture of Business Creativity: The Best Time Ever To Start Your Company In Korea (VentureBeat)
Published December 24, 2013 4:00 PM
By Mario Gamper, VentureVillage
It may be time to say goodbye to a well-trodden cliche. Young entrepreneurs are proving that Korea can do more than copy. The number of tech startups has surged by 80 per cent since 2011. The number of accelerators went from one to more than 50. Here marketing consultant Mario Gamper, who has worked for Platoon Kunsthalle in Berlin and Seoul, gives us a glimpse of how Korea is building a new culture of business creativity – that apparently rivals Silicon Valley.
There’s no need to look for suburban garages — the next generation of Korean businesses is born downtown. Many startups are home in the now-famous Gangnam district, a landscape of 400 ft glass towers, expensive suits, and women with fashionable noses. Some of the startups, like online deal siteCoupang, have already succeeded in sticking their own logo on an office tower. But even young hopefuls who are still demoing enjoy prime real estate. In brand new coworking space Dreamcamp, teams polishing PowerPoints look out over a beautifully landscaped park.
In 2012 the 10 biggest conglomerates were responsible for more than 80 per cent of Korea’s GDP, more than ever before. For decades the Chaebol – a form of business conglomerate in South Korea – throttled local entrepreneurship. In its quest to create new jobs, the Korean government is finally taking the side of SMEs. And it’s telling them to take bigger risks in hopes this will lead them to bigger markets.
“Korea used to be a Galagapos of business creativity,” said Kim. An ecosystem so specific, that ideas and solutions could be successful here, but wouldn’t make it anywhere else. “This has changed.”
The Asia-Pacific Coaching Alliance (APCA) is the #1 Gateway for Asia-Pacific Coaching Opportunities and Knowledge™.