Korea’s weak on start-ups: survey

2015_01_weak startup

Korea is behind Latvia and Colombia when it comes to entrepreneurship, according to report from a local research institute. The report released Sunday by the Korea Economic Research Institute (KERI) said that Korea was ranked 32nd out of 120 countries in entrepreneurship last year. The study was an analysis based on the Global Entrepreneurship Index 2015, which was compiled by the international non-profit Global Entrepreneurship and Development Institute.

Each of the 120 countries got scores based on 15 sub-indexes that assess both start-ups and how their society embraces them. They include start-ups’ business skills and networking abilities and each society’s cultural openness to accepting failures and risks. In 32nd place, Korea was classified in the third of eight classes, on the same level as Romania and Bulgaria but lower than Latvia and Colombia, when it comes to social understanding and support of entrepreneurship. Korea was ranked 26th out of 79 countries in 2012 and 37th out of 118 in 2013.

For full article, see Joongang Daily.


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