Korea's startup economy is growing fast, helped by the country's reputation for technological innovation
Kim identifies B2B software services as a transformational investment space for Korean companies looking to grow overseasVisit Business Insider's Transforming Business homepage for more storiesFrom K-Pop to K-Drama and even an Oscar win for Best Film, Korea is doing an impressive job in terms of global soft power. And there is one other area where Korea is beginning to emerge globally against its Asian peers: the startup scene.
"The key thing we found was that although Korean companies are very innovative and leaders in their field, startups have a hard time going abroad, seeking overseas markets," says Kim. "The problem we found was that entrepreneurs in the early stage really have a hard time trying to scale up so Spark Labs was founded on this premise to help entrepreneurs go global."
For Kim, the mentorship element during this process is crucial. "We tell people that we can't show you how to succeed, but we can definitely tell you how to fail," he says. "Mentorship is first of all being a soundboard. Helping entrepreneurs crystalize what that essence of the business is. Each company we attach them to on average five mentors who can give them insight. The whole essence of the mentorship is having someone to talk to and someone to bounce your ideas off.
In terms of companies with the potential to break global markets, Kim points to Spark Labs-funded beauty platform MBX who launched their Kaja brand in the US with Sephora. "MBX is a Korean data-driven cosmetics company, they've raised about $190 million to date," says Kim. "Kaja is going global right now. The whole thing of K-culture right now, K-Beauty is definitely a part of this. I think you'll see a stream of companies that will extend that boundary.
ING_news I’d say that Korea’s success is based on their massive investment in education from primary to tertiary sectors, including from the private sector (18%).