NEWS: Think Seoul for your startup

One of the 10 best cities to launch your startup.

Seoul was selected as the 10th best startup city in the world. According to the Global Startup Ecosystem Report 2022 released on Tue, Jun. 14 (local time in London) by Startup Genome, a global startup ecosystem evaluation agency located in the US, Seoul’s ecosystem value was estimated to reach KRW 223 trillion (USD 177 billion), achieving the highest rank for Seoul on record.

Seoul rose 4 points to 9 points for “funding” among the six evaluated factors, leading to a rise in Seoul’s total rank. This growth is seen to have been contributed by continuous investments of KRW 2.9 trillion from 2018 through the Future Innovation Growth Fund fueled by the SMG, along with active investment efforts by the central government’s fund of funds and the private sector.

Additionally, it was seen that Seoul’s active and aggressive overseas investment attraction and bold startup policies to foster innovative companies centered on ‘Invest Seoul’, a foreign investment promotion agency, also contributed to the growth potential of the startup ecosystem. Furthermore, the Global Startup Ecosystem Report 2022 selected AI & Big Data and Analytics, Life Sciences, and Advanced Manufacturing & Robotics as Seoul’s sub-sector strengths.

With the goal of becoming one of the world’s top five economies by 2030, Seoul will continue to build a startup ecosystem through widespread support to create a startup ecosystem which produces 40 global unicorns.

Journalist: Shawn
Transaltor: Shawn
Source: Seoul Metropolitan Government

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