Startups FAQ
Everything you need to know about the South Korean startup scene and the key players driving growth.
Health Tech FAQ
Common questions answered about health technology including the latest trends and news.
Market Entry FAQ
Answers to common questions about market entry into South Korea and investment opportunities in the country.
Health Technology FAQ
In the most general sense of the term, healthtech is the aplication of new technologies and skills for the betterment of health care solutions and services.
The field of healthtech is quickly growing, lead by advances in machine learning, AI, and robotics.
As of 2024, the valuation of the healthtech industry is estimated to be over $600 billion globally.
This number is estimated to steadily grow over the remainder of the decade, with an aging global population being a primary driver.
While the question of future trends in healthtech is vast, one of the most important trends will be advancements in personalized health care.
New technology and greater connectivity is expected to drive a greater degree of personalization within the healthcare industry, allowing for providers to tailor more customized solutions for their patients.
Startups FAQ
The number of startups in South Korea has been growing steadily each year due to the combination of government support and a well-educated population to draw talent from.
As of 2023, over 15,000 startups were present in South Korea in key sectors such as biotech, healthtech, blockchain, fintech, internet of things, and more.
While South Korea isn’t known for unicorn startups in the same way as the United States and China, there are tons of high-growth companies which have launched in the country.
Five of the top startups from South Korea include:
- Krafton
- Zigbang
- Dunamu
- L&P Cosmetic
Various factors make South Korea a fertile market for startups. This includes a well-educated population, a government keen non-expanding opportunities in the country, and the countries strategic positioning.
During a 2023, heads of the South Korean government made it known they envisioned startups as a primary driver of the Korean economy.
The announcement for a Startup Korea Fund was made, with plans for it to launch in the second half of 2024. This fund is expected to be a primary driver of growth, making South Korea a prime location for both domestic and foreign investment in startups.
Market Entry & Investment FAQ
Many barriers keep companies from successfully entering the South Korean market, from cultural differences to a need for more understanding of regulations and procedures.
Foreign companies and investors that can overcome these challenges stand to gain from the robust South Korean economy. However, it is very important for foreign business people to understand and respect the cultural differences if they want to succeed.
While the South Korean economy is quite strong across multiple industries and sectors, there are a few key areas that offer the greatest potential for success and robust returns.
Top areas ripe for investment in South Korea include:
- Blockchain
- Internet of Things
- Financial technology
- Health technology
- Automotive
There are a few key things that tend to separate companies and investors that succeed in South Korea, and the many that fail.
One of the greatest distinctions I’ve observed between the two is that companies which succeed have a healthy respect for cultural differences.
Taking the time to understand the South Korean business culture and, more importantly, business etiquette, can go a long way toward improving your likelihood of success.
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