South Korea

Busan

Activation Phase

From creating a regulation-free sandbox for startups to test within to the Inbound Program facilitating soft landings in our complex economy, the local government plays a critical role in supporting grassroots innovation.

H.K Cho
Director General at Busan Center for Creative Economy and Innovation

Sub-sector Strengths

Marine Tech

Broader Busan is home to about 90 percent of South Korea’s shipbuilding companies, including Hyundai Heavy Industries, Samsung Heavy Industries, and STX. STEM Village, a proposed marine science and technology industry innovation center, will be equipped with an incubation center, marine equipment, sensor inspection and calibration center, STEM fusion research center, and startups. Just over half of the country’s marine companies are based in Busan.

Smart Cities

Busan Metropolitan City and the Busan Center for Creative Economy and Innovation recently announced the Busan Smart City Living Lab, which attracts global smart city startups. The government will operate a Smart City Tech Sandbox in Eco Delta City and has earmarked $894 million from the Korea Water Resources Corporation for Busan.

Why you should invest in Busan

SOFTWARE STARTUP OUTPUT
200-400
GLOBAL AVG.
1,010
ECOSYSTEM VALUE
$161 m
GLOBAL AVG.
$5 bn
Top 15 Global Ecosystem
Knowledge
Top 20 Global Ecosystem
Affordable Talent
1
Exit Growth
INDEX
10
Output Growth
INDEX
1
Funding Growth
INDEX

Reasons to move your startup to Busan

EARLY-STAGE FUNDING PER STARTUP
<$50 k
GLOBAL AVG.
$284 k
TOTAL EARLY-STAGE FUNDING
<$50 m
GLOBAL AVG.
$837 m
SOFTWARE ENGINEER SALARY
$36.6 k
GLOBAL AVG.
$58.3 k

Tax Incentives

High-tech, foreign-invested companies receive 100% exemption from corporate income tax for five years. Tax credits are available for technology commercialization investments and merger or acquisition of technologically innovative SMEs.

Strong Infrastructure

Home to 17 startup incubators and 10 accelerators, 12 angel groups, 21 funds worth about $302 million, and the global startup conference Startup Bounce Busan.

Startup Community

Startup Genome
Partners & Members

Able Ventures
Busan Economic Promotion Agency
Busan IT Industry Promotion Agency
Busan Techno Park
Founders Busan Startup Association

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