South Korea is known for being home to huge tech companies such as Samsung, LG and Hyundai, but South Korea is also a vibrant home for startups and disruptive technologies. In recent years, South Korea has become the most innovative country in the world.
- According to the Bloomberg Innovation Index 2019, South Korea ranks first in the index, for six years in a row. By comparison, the US is ranked eighth while Israel, the country known as “Startup Nation” only ranked fifth.
- The most recent data by the Organization for Economic Development & Cooperation (OECD) showed that Korea ranked No. 1 in the world in terms of its ratio of R&D spending to gross domestic product.
- The report “World Intellectual Property Indicators 2018” made by The World Intellectual Property Organization (WIPO) showed that since 2007, South Korea has the highest number of patent applications per unit of GDP.
Thanks to massive support by the Korean government and private investment activities, the Korean startup ecosystem is emerging as one of the world's most promising ecosystems for tech start-ups. According to the Korea Venture Capital Association (KVCA), the total venture capital investment amount in 2018 was KRW 3.42 trillion (almost US $3 billion), and increase of 43.8% from 2017. This capital invested during 2018 in 1,399 companies & startups, where 50% of these companies are from the ICT and Biotechnology industries.