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November 17, 2019

Korean startups consider funding as biggest problem

PUBLISHED : October 22, 2019 - 15:43

UPDATED : October 23, 2019 - 11:50

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South Korean startup organization Startup Alliance announced on Oct. 22 that the domestic startup industry considers funding as the most important area that needs some improvement during its annual trend report event.

The survey questions were asked among 149 startup CEOs, 500 workers of big companies, 200 college job seekers and 250 information technology industry workers. 


A panel discussion held at the Startup Alliance event
Startup Alliance



According to the survey, which was conducted jointly by Startup Alliance and Open Survey, which is an institute that has been surveying the startup industry over the last five years, 53.5 percent of respondents answered that deregulation is the most crucial issue that has to be tackled in 2018. This year, however, 41.6 percent of respondents answered that funding is the most crucial factor to be addressed, while 39.6 percent answered deregulation.

Among startup CEOs, over 50 percent of respondents said out of all government-backed programs for startups, the “Pre and Post-Tips program,” which assists startups with funds depending on the stage of development, is most helpful.

“We see that this result was also due to money issues,” startup accelerator MashUp Angels official Choi Yoon-kyung said during a panel discussion held at the Startup Alliance event. “The program funds around 500 million won ($427,000) for tech-based startups, which is usual.”

During the event, Open Survey also announced that among overseas markets, Korean startups were most interested in entering a Southeast Asian market this year.

“It seems like the trend is changing from the US and Chinese market to Southeast Asian markets,” head of Startup Alliance Lim Jung-wook said.

“This is probably because, in many of the already developed countries, there is not much that Korean startups can do. But in the Southeast Asian market, where the economy and the mobile-based market is growing, Korean startups have more room to try new and existing services.” Chae added.

By Song Seung-hyun (ssh@heraldcorp.com)

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