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Korea Brews Start-ups for Sustainable Growth

South Korea for years was the country famously dominated by large conglomerates, as these laid the foundations for the country’s tigerish successes. But today, the country is now badly in need of structural reform. Many start-ups didn’t survive the 2008 crisis.

Today, Park’s administration has a plan for private- public ownership structures to help start-up companies grow. 17 centres for creative economy and innovation were established. Each backed by a conglomerate and will assist SME’s in developing their own idea and bringing them to market. While SK is into smart farms with an innovation center in Daejeon, Samsung cooperates with the government to open an incubation center in Daegu.

The Tech Incubator Program for Startup or TIPS is a private capital-driven and government-backed initiative to support new start-ups. 18 start-ups have been subsidized since 2013.

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