Introduction To Korea's Technology & Startup Ecosystem - Spring 2016
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Seoul's technology and startup ecosystem has significantly evolved, driven by strong smartphone penetration and a booming e-commerce market dominated by companies like Samsung and LG. With around 1,000 angel investors and substantial government support, the region is fostering a diverse startup culture, leading to increased innovation and global competitiveness. Challenges remain, such as cultural expectations, but the momentum is evident in the growth of local startups and their global ambitions.
Introduction To Korea's Technology & Startup Ecosystem - Spring 2016
- 1. Seoul’s Technology & Startup Ecosystem Nathan Millard, CEO G3 Partners nathan@g3partners.asia / +82 (0)10 87237702
- 8. Samsung & LG hold 60% m/s while Apple 33% in device market 95 % m/s for Kakaotalk (of 73% smartphone penetration in S. Korea) & 4% for LINE in messenger service (as of Apr.2014)
- 9. 68% Revenue from apps plus other digital content comes from games $5.27 Per user per month in gaming Per user per month across all digital content $2.92
- 12. Startup Accelerators & Incubators
- 13. Startup Events
- 14. • Around 1,000 Angels • Seed Investment: KOISRA, DEV Korea, 500 Startups, The Ventures • Series A: Capstone, CCVC, Venture Port, Formation 8, K Cube Ventures, Strong Ventures, Smilegate Investment • Series B: Altos Ventures, CyberAgent Ventures, Softbank Ventures, Qualcomm Ventures, IMM Investment, NeoPlux, Stonebridge Capital, DSC Investment, SL Investment Investors
- 15. Investment per stage – Asia
- 16. • $12B USD pledged for building “creative economy” • Legitimizing entrepreneurship • Innovation centers in major cities • TIPS program (1:5 & 1:7 matching) Park GeunHye & ‘The Creative Economy’
- 17. The Korean Unicorn Club
- 18. • IT infra that supports IT development • Quality engineers, with strong work ethic • Leaving corporations & appreciation of risk • Global vision, bigger, better quality ideas • Mentor networks and Angel investors • Government support (money, PR, education, economic diversity) • Exchange of students & ideas (Korea – West) • Korean Americans returning to join startups • Economic conditions that can support entrepreneurship Why The Boom? Why Now?
- 19. The ‘Ajuma Factor’ preventing startup growth? “Get a nice job in Samsung and a good wife, son.”
- 20. Signs of Success 4:33 Creative Labs
- 21. • Maturing platform situation (dominated by 1 – 2 players) • Global competition (hardware, software, services) • Opportunities in IoT & smart home • Korean tech startups & SMEs more determined globally • Korean consumers will lead global mobile trends • Closer relationship with China Everyone Loves a Trend…
- 22. Nathan Millard, CEO G3 Partners nathan@G3Partners.asia : +82 (0)10 8723 7702