Did you know the first business incubator opened in the U.S. was in 1959? Now flash forward to today and there are more than 7,000 incubators worldwide For decades, incubators have help startups with everything from technology training, crafting pitches, gaining knowledge from advisors, networking, office space and obtaining seed money.
When Park Geun-hye was running for president, she told South Koreans that their country was in dire need of new growth sources. Youth unemployment was reaching new highs, and people were keenly aware some of their tech powerhouses were struggling against global competition. Her solution was a “creative economy” drive to reform job creation and create a startup ecosystem from scratch.
The South Korean government’s $3bn investment in becoming a regional tech startup hub is paying off, attracting the likes of Google and Facebook, among others.
Bloomberg News recently published the Bloomberg Global Innovation Index and ranked South Korea first among all nations by comparing a group of indicators such as research & development capability, productivity, tech density and patent activity. South Korea’s ranking is not a surprise. In recent decades, South Korea has transformed into an economic heavyweight, having systematically applied substantial resources to research and development. As a result, South Korea has become the world leader in patent activity, and information and communication technology. The country has the highest broadband penetration in the world at 97 percent and is a leader in broadband speed with an average peak connection of close to 50 megabits per second.
It is logical for South Korea to follow this path. The country is smaller than the state of New York, is not rich in oil or other natural resources, and has limited agriculture and manufacturing capacity.
South Korea has indeed followed this path and active measures have been put in place to becoming a Global Hub For Tech Startups.
