6 Reasons to Enter the South Korean Market

South Korea is a growing powerhouse for companies within Asia. As one of the most vibrant tech ecosystems in the world, South Korea has worked to become one of the top startup ecosystems in the world, reaching the #10 rank according to Startup Genome in 2022. To reach this ambitious goal, the government has funded a large, well-designed startup ecosystem that has gained the attention of global investors, corporations, accelerators and incubators—making it an ideal launchpad for companies in the APAC region.

Through our dedicated Rainmaking Expand: South Korea program, we aim to drive growth, impact and commercial leads to accelerate market entry for companies interested in entering the South Korean market.

Furthermore, companies can gain great benefits by entering the South Korean market, some of which we have listed below:

Welcomes International Startups

South Korea welcomes high potential startups like yours through initiatives like the K-startup Grand Challenge and established Free Economic Zones (FEZs).

Global Innovation Hub

South Korea has produced 17 unicorns and has topped the Bloomberg Innovation Index for seven of the nine years that it has been published.

Strong Government Support

The government plays an active role in promoting and nurturing the local startup ecosystem and boasts some of the world’s most generous grant funding programs for entrepreneurs.

Growing Despite COVID-19

South Korea’s 4% growth rate in 2021 is expected to remain robust through 2022 and 2023. Under the Korean New Deal, the government is investing $133bn to accelerate the transition towards a digital and green economy.

Major Trend & Tech Testbed

Consumer trend-sensitivity and strong purchasing power makes South Korea an ideal market for global brands wanting to test and refine new products and technology, giving rise to the idea that where the “Korean-wave” goes, the rest of the world follows.

Proximity to Key Asian Markets

Located in the centre of Northeast Asia, South Korea acts as a launchpad for accessing 2 billion tech-savvy potential customers.

Interested in scaling your business to new markets?

Rainmaking Expand is for growth stage startups & SMEs looking to accelerate market entry into multiple locations, focusing on business development and leveraging genuine commercial opportunities. Our Rainmaking Expand framework aims to accelerate companies’ speed to market while de-risking market expansion.





Interested in scaling your business to new markets?

Rainmaking Expand is for growth stage startups & SMEs looking to accelerate market entry into multiple locations, focusing on business development and leveraging genuine commercial opportunities. Our Rainmaking Expand framework aims to accelerate companies’ speed to market while de-risking market expansion.

Our programs are accepting applications on a rolling basis. Explore our current markets available and apply now:

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Written by
Meghan Bridges
January 24, 2023
Marketing Director, Rainmaking Expand

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