Seoul, South Korea - Despite a temporary decline of 3,196 startup companies in 2022, the Ministry of SMEs and Startups released promising statistics on the state of startup companies in South Korea.
The 35,123 startup companies recognized for their growth potential are responsible for 810,000 jobs and 211 trillion won in revenue.
More than 50% of the startups are in high-tech sectors such as software development and ICT services.
This is six times higher than the average SME and indicates that startups tend to be innovative.
Not only are these companies innovative, but they also create stable jobs.
By 2022, startups are expected to employ 810,000 full-time professionals.
This is more than the 746,000 employed by the Samsung, Hyundai, LG, and SK conglomerates.