In the heart of East Asia, one of the fastest-growing developed countries, South Korea boasts a vibrant society that cultivates numerous clusters of innovative companies.
As one of the world’s innovation hubs , South Korea has the highest R&D expenditure per GDP (4.6%) , which is reflected in the quality of research and the number of highly qualified researchers (4th highest per population in the world).
Sector Spotlight
ICT
1st rank in ICT adoption with the most optic fiber connections per capita (Global Competitiveness Index 4.0, WEF). First country to commercially launch a 5G network, South Korea has the highest 4G availability in the world . The strong penetration of ICT has been transforming traditional services and sectors in highly innovative ones.
Gaming/AR/VR
Korea has an incredible gaming/VR/AR infrastructure, culture and high penetration. According to 2020 game user market, mobile games market is one of the fastest-growing in the world.
Healthcare
Government policy encourages deep tech industry and digital health development, so that South Korea provides excellent testbed infrastructure for new innovative products and services onto a homogeneous patient’s pool . Foreign companies are welcome to enter the smart hospital cluster and collaborate on the use of 5G network, AI, AR and robotics.
Foodtech
Companies such as Samsung and Lotte are accelerating food-tech startups. The Elegant Brothers, leading food delivery platform company, has established about 50 million USD fund to invest in food-tech startups. However, aggressive investment is expected to go soon in a different direction than ICT platform, more oriented to healthy/alternative food, affordable nutrition and sustainable supply chain.
Cosmetics
With the extensive infrastructure in technology, many beauty-tech companies are built and thriving in South Korea.
Education
Technology for education is booming in Korea not only for youth education, but also for the professional
Korea's Strengths
Branding
K-wave, especially in some sectors, is synonymous of quality. Products coming from Korea easily penetrate Asian and Middle East markets, which makes Korea a perfect hub for further expansion
More Investments
Korean VC constantly look for foreign startups to invest. However, geographical distance make the process slow. The camp opens the opportunity for first introduction and concrete follow-ups on site.
Trial/Validation
Asian market is different from European in terms of doing business and regulations to enter the market. Feedbacks from experts/users on the specific technologies help to adjust the product to the new market needs and open opportunities for R&D partnerships and test phases.
Human Resources
Possibility of recruitment of high skilled engineers and applied scientists completing the Swiss background in basic science.
Tech-friendly
Technology proud and friendly: 95% of population embraces technology and welcomes tech innovation.
Efficient Networks
Korea is a small country and Seoul is the heart of a vibrant startup ecosystem. Most of the activities and events happen in the Capital area. Geographical concentration of opportunities plays an important role in the first phases of networking and later for follow-ups. It makes the process efficient.
