James Jung of beSUCCESS sheds light on Korean startup opportunities

James Jung, founder and CEO of beSUCCESS

beSUCCESS is doing for Korea what Tech in Asia is doing for other parts of Asia. The company is an online media about startups and tech investments in Korea. It introduces new Korean ventures to a global audience through its media partners. But beSUCCESS also shares business ideas and trends from all over the world. In an effort to serve the ecosystem, the company offers opportunities for Korean startups to meet partners and investors in Korea and abroad via events and other initiatives.

beSUCCESS’s founder and CEO James Jung took the stage today at Tech in Asia Singapore 2015 to share with the audience insights and startup opportunities in Korea. Jung says:

The Korean startup ecosystem is very hot […] We have around 10 to 15 accelerators and more than 30 Korean investors. It is all developing much faster than three years ago.

According to Jung, Seoul is emerging as a tech startup hub partly due to an outpouring of support from the Korean government. Similar to the Singaporean government, Korea has set up schemes to fund startups by partnering with private investors and contributing money without taking any equity. Much of this is done through the public-private effort called Tech Incubator Program for Startups (TIPS).

More spaces and events

In April, Google opened Campus Seoul where local entrepreneurs can go to learn, share ideas, and launch startups. Jung says the move by Google is important for the Seoul tech scene as it has galvanized the local startup culture. Additionally, many new co-working spaces are opening up in other neighborhoods around town, namely the Gangnam district.

See: Korean startup gobbler Yello Mobile acquires 5 travel apps

Jung says Seoul also has a growing number of networking events that are connecting entrepreneurs with partners, investors, and more. Startup Weekend is a popular one, according to him, and so is Startup Alliance. beSUCCESS also has its own event called beLAUNCH, which has attracted nearly 3,000 Korean startup players in recent years.

Big companies are also starting to interact with entrepreneurs

Jung says there has been a three-pronged influx of talent to startups from elite schools, consulting firms, and big companies. This has lead to Korean startups picking up speed like never before.

He cites Korean Y Combinator company Memebox as a point of pride for Seoul’s startup scene. Another one is ecommerce firm Coupang, which was recently invested in by global venture firm Sequoia Capital. Jung also says that Koreans have been charged up recently with Yello Mobile’s fast growth and rapid acquisition of 71 startups across Asia.