South Korea is conveniently located in East Asia, between China and Japan, with Hong Kong and Taiwan to the south. For a small country of 100,210 square kilometers (38,691 square miles), its capital is the world's second largest metropolitan area with almost half of all Koreans Living in Seoul.
The country sets apart a larger percentage of its GDP (4.36%) for research and development than any other country in that world, and its gross domestic expenditure on research and development (GERD) ties for first place (9.4%) with China. As a result, South Korea is a leading manufacturer in cutting edge electronics but is also one of the biggest consumers of these digital products. It is the world's most connected country with 95% of the country covered by Wi-Fi, has the fastest average internet connection in the world, and has the highest number of broadband services per capita. This type of hyper-connectivity is especially important in a country where four out of every five people use smartphones. South Korea's highly advanced technology infrastructure allows for quick consumer consumption of new services. In other words, everyone is an early adopter.
Moreover, cultural feat manifested into another attraction to Korea. With Korean Wave, encompassing K-Pop, dramas, fashion designs, cosmetics and arts, Korea made another declaration to the world as a major cultural power. It is an alluring country, fascinating Asia, Americas, Europe and even the fortitude of Islamic cultural sphere.
Intangible assets like passion, creative ideas and propulsion created intensive synergy with cutting-edge ICT technology and inclusive governmental support. The Korean government has defined that establishing new businesses as key to survival in the next generation and has given enormous subsidies to prospective business owners.
As a result, Mergers and Acquisition activities and induced investments increased drastically, recording 369 instances among which 347 investment commitments have been logged. 249 companies participated in investing activities, proving the dynamic quality of Korean market.
Corporations like Wemakeprice, Ticket Monster, Yellow Mobile or 4:33 Creative Lab thrived under generous governmental subsidies and economic policies focused on startups, inflating the ample possibility of the emergence of unicorn corporations, which exceed the value of 1 trillion KRW (approx. 0.8 billion U.S. dollars).
Currently there are around 40 startup accelerators in Korea providing funding for entrepreneurs in diverse sectors. As the funding of Korean venture capital firms increase and the number of Korean startups climbs, South Korea is poised to become the startup hub in Asia.