Korean start-ups have grown over the past eight years with 416 companies now having annual revenues of more than 100 billion won ($89.3 million). Companies such as Nexon and NHN now have yearly sales of over 1 trillion won.
The Small and Medium Business Administration (SMBA) and the Korea Venture Business Association (KOVA) released the Venture 100 Billion Club yesterday, an annual survey of start-ups with sales of more than 100 billion won. Despite the ups and downs of the economy since the 2008 global financial meltdown, start-ups showed notable gains in the past eight years. Six companies currently report 1 trillion won in sales annually and 54 companies reached the 100 billion won sales mark last year.
Meanwhile, 19 companies saw their sales dip below 100 billion won. Among the 54 companies, 14 of them were in the computer, semiconductor and electronic components industry and 11 were in food and beverage, textiles and non-metals industries.
For full article, see Joongang Daily.