SEOUL, May 26 (Korea Bizwire) – Starting a new business in South Korea requires an average 200 million won (US$178,491) in starting money, and it takes about four years to break even, a stage that more than 60 percent of the startups don’t reach because they are forced to close before then, a report said [...]
SEOUL, May 26 (Korea Bizwire) — The government plans to raise 500 billion won (US$447.5 million) in funds to help entrepreneurs at venture startups restart business when they fail, officials said Thursday. In South Korea, a failure in a venture startup often leads to ruin, prompting young entrepreneurs to shun risk-taking, which has been cited [...]
SEOUL, May 25 (Korea Bizwire) – South Koreans are among the least interested in pursuing new business ventures, as many still fear failure could result in the loss of their entire savings. Among 34 OECD member countries, South Korea ranked 33rd in business opportunity perception, ahead only of Japan, according to the report ‘Small, Medium, Strong: [...]
SEOUL, May 22 (Korea Bizwire) – A customized shopping app created by a South Korean startup company that recommends clothes for customers based on their body shape, skin tone and the occasion has made its debut in New York’s fashion industry. 42 Media, a startup company consisting of young South Koreans in their 30s who have [...]
SEOUL, May 17 (Korea Bizwire) — South Korea lags behind rival industrialized countries in attracting talented foreign workers, various industry data showed Tuesday, despite the government’s effort to ease its visa issuance system to cope with the country’s declining labor force. The number of foreigners residing in South Korea jumped from 1.4 million in 2011 [...]
SEOUL, Apr. 10 (Korea Bizwire) — South Korea’s vice trade minister called for strengthened cooperation in technology with Israel Sunday to cope with the technology-driven fourth industrial revolution, the ministry said. Speaking to a forum in Tel Aviv, Jeong Marn-ki said South Korea and Israel can create synergy by combining Israel’s technological prowess and startup [...]
SEOUL, April 6 (Korea Bizwire) – Five new projects from Samsung Electronics’ incubation program, C-Lab, will soon launch as startups, the tech giant announced on Wednesday. Bebefit is a smart baby carrier that makes it easier for parents to carry their children, with a “convertible hipseat” structure that allows the wearer to adjust the center [...]
SEOUL, March 27 (Korea Bizwire) – South Korea will establish a 113.5 billion-won (US$101.8 million) fund to nurture startups and venture firms in the bio sector to secure new growth engines, the science ministry said Monday. Under the comprehensive plan finalized during a government meeting presided over by Acting President and Prime Minister Hwang Kyo-ahn, [...]
SHENZHEN, China, Mar. 16 (Korea Bizwire) — Makeblock Co., Ltd, the STEM education and robotics startup, today announced it has closed a $30 million Series B round at a $200 million valuation led by Evolution Media China and Shenzhen Capital Group Co., Ltd. The funding supports Makeblock’s expansion into new markets, further product development and [...]
SEOUL, March 8 (Korea Bizwire) – South Korea’s top financial regulator said Wednesday authorities will expand “systemic” support for nascent fintech firms in the country, with 3 trillion won (US$2.6 billion) earmarked for a three-year support project. South Korea, known for its information and communication technology prowess, launched a government-led campaign in early 2015 to [...]