James Jung, Founder and CEO at beSUCCESS, stepped up to the plate here at Startup Asia to share with us some of the insights into Korea’s startup ecosystem.
#12:15: And now James is stepping on stage. He says the South Korea is the 3rd ranked in the world in terms of economic dynamism.
#12:17: PSY (of Gangnam Style) has given us encouragement. Although he’s not very good looking, but he overcame adversity. So it washed away the fear of a language barrier to access the global market.
#12:20: Internet penetration in South Korea is very high and advanced (over 104 percent). And almost 70 percent of the population is using smartphones. That’s huge!
#12:21: South Korea is also almost 50 percent using 4G LTE, that’s the highest in the world.
#12:23: James advises that startups who are working in the mobile space, should focus on Android first, get user feedback on their apps, and then move forward into iPhone.
#12:25: In 2012, there was a renaissance of Korean angel investors and accelerators. And also, foreign investors like CyberAgent Ventures are getting really active in the space.
#12:26: The current e-commerce market is also huge. It’s more than KRW 30 billion. All in all, it’s a really powerful and compelling market and I wish you luck in getting into the market.
Here’s James’ presentation just in case you wanted to see it.
