Introduction To Korea's Technology & Startup Ecosystem - Spring 2016
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Transcript of Introduction To Korea's Technology & Startup Ecosystem - Spring 2016
Seoul’s Technology & Startup Ecosystem
Nathan Millard, CEO G3 [email protected] / +82 (0)10 87237702
Samsung & LG hold 60% m/swhile Apple 33% in device market
95 % m/s for Kakaotalk (of 73% smartphone penetration in S. Korea) & 4% for LINE in messenger service (as of Apr.2014)
68%Revenue from apps plus other digital
content comes from games
$5.27Per user per month in gaming
Per user per month across all digital content
$2.92
• Around 1,000 Angels
• Seed Investment: KOISRA, DEV Korea, 500 Startups, The Ventures
• Series A: Capstone, CCVC, Venture Port, Formation 8, K Cube Ventures, Strong Ventures, Smilegate Investment
• Series B: Altos Ventures, CyberAgent Ventures, Softbank Ventures, Qualcomm Ventures, IMM Investment, NeoPlux, Stonebridge Capital, DSC Investment, SL Investment
Investors
• $12B USD pledged for building “creative economy”
• Legitimizing entrepreneurship
• Innovation centers in major cities
• TIPS program (1:5 & 1:7 matching)
Park GeunHye & ‘The Creative Economy’
• IT infra that supports IT development
• Quality engineers, with strong work ethic
• Leaving corporations & appreciation of risk
• Global vision, bigger, better quality ideas
• Mentor networks and Angel investors
• Government support (money, PR, education, economic diversity)
• Exchange of students & ideas (Korea – West)
• Korean Americans returning to join startups
• Economic conditions that can support entrepreneurship
Why The Boom? Why Now?
• Maturing platform situation (dominated by 1 – 2 players)
• Global competition (hardware, software, services)
• Opportunities in IoT & smart home
• Korean tech startups & SMEs more determined globally
• Korean consumers will lead global mobile trends
• Closer relationship with China
Everyone Loves a Trend…
Nathan Millard, CEO G3 [email protected] : +82 (0)10 8723 7702