20 years since South Korea witnessed its first venture boom, the country is flourishing again with newly created companies creating new jobs and new industries.
Welcoming the second venture boom during an event called "K Add Venture" on Thursday, President Moon Jae-in announced that South Korea will aim to become a global venture powerhouse.
“Venture companies, the government will continue to support you. We will become one of the world’s top four venture powerhouses by closely supporting startups in terms of growth, recovery, and those that aim to try again."
President Moon outlined the government's policies to reach such a goal.
First, it will focus funds in new, promising industries to revitalize startups coming up with innovative techologies.
To back rapid growth of venture companies, the country will nurture human resources personnel and promote an inflow of funds.
That includes a new fund worth 850 million U.S. dollars for high-risk startups.
The government will also revitalize the mergers and acquisition market by making a new M-and-A fund worth 170 million dollars to help listed companies actively use funds to merge venture companies.
South Korean ventures have been exploring diverse sectors including bio, health, manufacturing and service of information and communication technologies, and retail.
Many are successfully entering the global market too including the e-commerce company Coupang which has been listed on the New York Stock Exchange.
The travel and leisure platform Yanolja has secured 1.7 billion dollars from Softbank Vision Fund.
The number of unicorn companies, or startup companies valued at over 1 billion dollars, has increased five times from three in 2017 to fifteen this July.
These newly created companies have contributed to creating new jobs.
In just a year from June 2020 to June 2021, startups have created 67 thousand new jobs in South Korea.
Around 70 people including venture investors, the heads of unicorn companies and other entrepreneurs took part in the "K Add Venture" event virtually.
During which they were able to listen to some success stories and receive advice from heads of successful startups and investors.
Hong Yoo, Arirang News.