South Korea’s business prowess has helped it get a good ranking in the global entrepreneurship index 2020, and the Ministry of SMEs and startups in South Korea shares details of the growing Korean startup ecosystem. Impact of COVID-19 on businesses in South Korea is the theme for events to be held to celebrate the ’33rd Small and Medium Business Week .’ A film festival calls for entries to tell stories of small businesses in times of pandemic. Also, the Seoul city government to offer office spaces to some enterprising FinTech startups.
South Korea has ranked ninth among 44 countries in the global entrepreneurship index 2020, rising six notches from a year earlier, the government said May 6. Asia’s fourth-largest economy won 5.49 points out of the full 10 in the Global Entrepreneurship Monitor’s National Entrepreneurship Context Index, up from 5.13 in 2019, according to the Ministry of SMEs and Startups. South Korea was ranked first in the internal market dynamics category with 7.9 points but came in 29th in the professional and commercial infrastructure access section with 4.8.
First presentation of analysis of Korean startup ecosystem, “Confirming the arrival of the ‘2nd venture boom’”
Source: Electricity Newspaper
The Ministry of SMEs and Startups (Minister Kwon Chil-seung) announced the results of ‘Analyzing Changes in the Korean Startup Ecosystem’ on the April 26th. This announcement is significant as it is the first data to be released externally by comprehensively analyzing the process of change in the Korean startup ecosystem, which has developed rapidly over the past 30 years.
As a result of analyzing the Korean startup ecosystem, it was found that the growth trend centered on the 4th industrial revolution-related fields. In particular, it is evaluated that 27,000 new corporations were created over the past four years, leading the growth of the domestic startup ecosystem.
The city of Seoul is recruiting 20 fintech startups to move into Seoul Fintech Lab located in Yeouido.
Seoul offers office spaces for up to two years and incubating and accelerating programs for the tenant companies from upcoming July. pic.twitter.com/ILxdJkkNZA
— Seoul Government (@Seoul_gov) May 5, 2021
Source: Financial New
It was announced on the May 7th that various events will be held in 17 cities and provinces nationwide from the 10th to 14th May to celebrate the ’33rd Small and Medium Business Week’ of the Small and Medium Business Administration. During this year’s SME Week, which is co-hosted by 33 small and medium-sized organizations and support organizations and sponsored by 26 government ministries and regional local governments, ‘The Power to Turn Crisis into Opportunity’ is the theme of events. The events will be held to support sales channels and restore vitality for small and medium-sized businesses and small business owners who are suffering from Corona 19.
A special film festival will be held with the theme of the story of a small business man suffering from the Corona 19 impact. The Ministry of SMEs and Startups announced on May 9th that it will accept videos to be submitted at the ‘1st Sodam Film Festival’ by Mat 11th. The ‘Sodam Film Festival’ is the first ‘small business digital film festival’ (video contest) to be held this year with the support of the People of Delivery and Naver by the Ministry of Commerce. The theme is ‘Small Businessmen’s Corona Overcome.’