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The 2018 Winter Olympics in PyeongChang was something of a foreshadowing, with South Korea being named the most innovative country in the Bloomberg Innovation Index.
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The rankings are based on everything from the concentration of tech companies to the number of engineering graduates. South Korea was given an extra boost this year based on the fact that it filed the most patents of any country in 2017.
Now, the government is beginning to focus on ways to support the start-up ecosystem.
A Culture of Education
In 2017, the World Top 20 Education Poll tapped South Korea as the best education system in the world for the fourth year in a row.
Ultimately, a strong education system means that companies have access to a highly educated, prepared and motivated workforce. In South Korea in particular, many of those young professionals are comfortable taking on new ventures and becoming a part of the start-up ecosystem.
Medibloc, for example, is looking to reinvent the healthcare experience by creating a secure medical record database using the decentralized technology behind blockchain. The platform has yet to officially launch, but they have already formed partnerships with major players like Oracle Medical Group and Kyung Hee University Dental Hospital. So far the company has raised $30 million in funding.
Wanted Lab is another young South Korean startup making headway. Online headhunting has been underutilized in South Korea, and Wanted Lab is trying to change that. This startup that matches job seekers with companies that are hiring has 1,700 clients so far including big-name corporations like Facebook, Ebay and Uber.
Funding the Future
While South Korea is a clear leader when it comes to innovation, that top spot also makes them a target. Because of this, the South Korean government is taking decisive steps to foster the start-up ecosystem and create a more resilient economy.
The government recently launched the Ministry of SMEs and Startups, charged with supporting startups and working with the venture capital industry to attract investors to fund startups. At the end of 2017, the Ministry of SMEs and Startups hosted the Startup Festival to bring young entrepreneurs and potential investors together.
Innovating for a Better Society
In addition to propping up entrepreneurs in an effort to create a flourishing startup ecosystem, South Korea is focusing on bringing a more human approach to technology and manufacturing.
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The government is rolling out new initiatives that are shifting the focus from the product to the process of creating technology. These new initiatives encourage South Korean startups to contribute to the country’s innovation landscape by looking for ways to improve the social and environmental value of technology.
In their vision for the future, technology will be increasingly centered on the welfare of people and not just the production of more things. The ultimate goal is to successfully implement new technology, while also increasing wages, fostering healthier workers and taking care of the environment.
The South Korean government sees startups as playing a vital role in meeting these lofty goals and is taking deliberate steps to support local entrepreneurship. For young entrepreneurs, it is an exciting time in South Korea.
