WRITER- ISHA CHAUDHARY
EDITOR- ANANYA RAUT
In the past, Korea’s economy was all about big companies, like Samsung and Hyundai. But now a new wave of smaller and innovative companies called startups are changing things in new industries. These young businesses are getting a lot of help from the government through funding and are using Korea as a technological environment to grow quickly on a global level.
image credit: korea.net
Why Korean Startups Are Growing
There are a few key reasons why Korea’s startup scene is doing so well:
- Government Help: The government is very supportive. It has special programs and funds to give money to new companies which help them with things like getting patents and going to other countries. This makes it easier for people to start a business.
- Smart and Tech People: Korea has a lot of highly educated people who are comfortable with technology and its usage. This means there’s a big pool of talented engineers and designers ready to build great products without any foreign investments.
- A “Can-Do” Culture: People in Korea work very hard and are always looking for new ideas so that they can either get a weekend to rest or a promotion to higher ranks. They are not afraid to try new things to make their businesses succeed and expand.
Examples of Industries and Companies
Korean startups are succeeding in many different areas showing how diverse the economy is becoming.
Let’s review some of the startup carrier fields and their evolvement:
- Fintech (Financial Technology): These companies make it easier to manage money. For example, Toss started as a simple app to send money to friends, but now it’s a huge “super app” that lets you do everything from banking and investing to paying for insurance just with a single tap and boom.
- E-commerce (Online Shopping): Companies are making shopping faster and more convenient. Coupang is a perfect example for that. It is often called the “Amazon of Korea” because it is famous for its super-fast delivery sometimes even getting items to customers in just a few hours. Another example is Kurly, which changed the way of people buying groceries by offering them the next-day delivery of fresh and clean food.
- Gaming and Entertainment: Thanks to the global popularity of K-pop and K-drama, this industry is booming in few decades. A company like Krafton developed the world-famous game “PUBG: Battlegrounds,” showing that Korean startups can create products with global appeal and titled as the greatest game ever played all over the world.
- Proptech (Property Technology): These startups are changing the real estate market. Zigbang is a popular app that helps people easily find and rent apartments allowing them to view apartment pictures and facilities online with three dimensional view making a difficult process to find and finalize much simpler and effective.
So, what can we expect from Korean startups in the future?
1. More AI in Everything
We’re going to see a lot more of what we call “Artificial Intelligence” (AI) in near future. Korean startups will use AI to do things that make our lives easier, but in smarter ways.
- Smarter Shopping: Imagine an app that not only tells you what you need but also buys it for you based on your habits or a beauty product company that uses AI to create a skincare plan just for you.
- Helping Big Companies: Startups will create special AI programs to help big companies be more efficient. For example, AI could help factories run better or help a delivery company figure out the fastest way to get things to people.
2. Going Global from Day One
In the past, Korean companies grew big in Korea first and then went global. But future startups will think about the world from the very beginning.
- Global Games: We saw this with “PUBG,” but we’ll see more Korean gaming and entertainment companies making games and apps for everyone.
- Unique Tech for the World: Startups will create special tech that can be used everywhere. Think of a Korean company that makes a smart camera that can be used in any factory in the world effectively controlling machines and equipments.
3. Helping People’s Health and Well-being
Korea has an aging population and startups are finding new ways to help them.
- Robots for the Elderly: You might see startups that create robots to help older people with daily tasks.
- Better Healthcare result: Apps will help doctors find problems faster helping people manage their health from home.
The government is playing a big part by giving a lot of money and support to these new companies. Plus, many young Koreans are choosing to work at startups instead of just at big companies which give the startup world a lot of fresh energy and ideas.
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