Seoul Business Agency and Startup Genome have teamed up to spotlight Seoul’s entrepreneurial ecosystem in the Global Startup Ecosystem Report:

• Ranking as the #9 Global Startup Ecosystem, moving up three spots from GSER 2023

• The ecosystem created $237 billion in Ecosystem Value from Jul 01, 2021 to Dec 31, 2023, representing 21% compound annual growth compared to Jul 01, 2019 to Dec 31, 2021 time period. Ecosystem Value is a measure of economic impact, calculated as the value of exits and startup valuations.

• #5 Global Ecosystem in Funding — measures innovation through early-stage funding and investor’s activity

• Top 10 Global Ecosystem and #3 Asia Ecosystem in Talent & Experience — measures long-term trends over the most significant performance factors and the ability to generate and keep talent in the ecosystem

• Top 10 Global Ecosystem and #3 Asia Ecosystem in Performance — measures the size and performance of an ecosystem based on the accumulated tech startup value created from exits and funding

• Top 10 Global Ecosystem and #4 Asia Ecosystem in Knowledge — measures innovation through research and patent activity

• The AI, Big Data & Analytics, Life Sciences, and Advanced Manufacturing & Robotics sectors are highlighted for their density of talent, support resources, and startup activity

“Seoul's vibrant innovation ecosystem, powered by world-class companies and dynamic startups, provides superior infrastructure and unique cultural experiences. Launch your business here and thrive!” says Hyun woo Kim, CEO, Seoul Business Agency.

Seoul is South Korea’s central breeding ground for innovation, excelling in the AI, Big data & Analytics, Life Sciences, and Advanced Manufacturing and Robotics sectors. Collaborations with global giants like Google and initiatives such as the AI Startup School highlight Seoul's commitment to tech advancement. With significant investments in R&D and partnerships like the Denmark-Korea Biotech Project, Seoul is a frontrunner in Life Sciences. The city's market access, top-ranked universities, and eased regulations for foreign investors further enhance Seoul's appeal as a global innovation destination.

"Congratulations to all stakeholders — entrepreneurs, investors, researchers, corporate executives, and more — for their pivotal roles in Seoul's ascent into the elite group of Top 10 startup ecosystems," says Stephan Kuester, Startup Genome Managing Partner. "Special commendation to the Seoul Metropolitan Government and the Seoul Business Agency for their sustained policy efforts over the years, guiding Seoul towards this extraordinary success. As we celebrate this achievement, I firmly believe Seoul holds even greater potential for further growth, leveraging its outstanding foundations in technology innovation and its still somewhat untapped capacity to foster a larger segment of scaling companies and global category leaders."

For more insights and an overview of Seoul’s startup landscape, visit the Seoul ecosystem page.