Scaling Seoul:
A $237B Ecosystem fueled by vision and policy
Between 2020 and 2024, Seoul’s startup Ecosystem Value skyrocketed from $40 billion to $237 billion — an extraordinary fivefold increase in just four years. This exponential growth is the result of a sustained, data-driven strategy led by the Seoul Metropolitan Government in partnership with Startup Genome.
Seoul's startup value grows 6X in 4 years
Seoul’s nearly sixfold growth in startup Ecosystem Value reflects not only local ambition, but a sustained, data-driven partnership with Startup Genome.
Through ongoing assessments, performance monitoring, and strategic advisory, Startup Genome has helped Seoul align policy with opportunity, strengthen its innovation infrastructure, and accelerate global scale-up success.
Client: Seoul Business Agency
The Seoul Business Agency (SBA) has played a key role in driving ecosystem development, offering strategic support to local startups and working closely with the city and global partners to accelerate innovation and global market entry.
Mapping Seoul’s Startup DNA
In 2019, the Seoul Metropolitan Government partnered with Startup Genome to conduct an in-depth assessment of the city’s startup ecosystem. This foundational research delivered a comprehensive diagnosis—benchmarking Seoul’s position globally while identifying both its strengths, like a robust R&D base, and critical growth gaps.
The findings were presented to the Deputy Mayor for Economic Policy, forming the strategic springboard for Seoul’s transformation.
Securing global positioning and data insights
Since 2019, Seoul has been an active member of Startup Genome’s Global Startup Ecosystem Report.
Beyond global promotion initiatives, the city has benefited from regular performance monitoring and deep analysis of global ranking factors. This ongoing collaboration ensures that Seoul’s policies are continuously evaluated for effectiveness—sustaining momentum and enabling agile, evidence-based decision-making as the ecosystem evolves.
Seoul’s $1.6B Bet on Innovation and its first ecosystem strategy
Building on the insights from the assessment, Startup Genome developed a mid- to long-term strategy focused on scaling strengths and addressing systemic gaps.
The plan emphasized expanding sector-specific innovation clusters and deepening Seoul’s edge in research and development. Backing this was a bold commitment—1.85 trillion won ($1.6 billion) allocated over three years to grow the startup ecosystem, positioning Seoul as a globally open platform city for founders, investors, and innovators.
Seoul opens its doors to global innovation
As part of its partnership with Startup Genome, Seoul committed to becoming a world-leading startup destination. A foundational survey brought together input from hundreds of founders, investors, and policy leaders—laying the groundwork for a shared vision and data-backed roadmap. Deputy Mayor Dong Cho emphasized the city's intent to be a magnet for global entrepreneurial talent, aligned with South Korea’s national goal to host 20 unicorn startups and rank among the top five global ecosystems.
From Local Capital to Global Scale
Although Seoul's startup scene was vibrant, most ventures lacked international scale. A critical bottleneck was the concentration of domestic-only venture capital. Startup Genome helped identify this barrier, steering a focused effort to attract global investors and foster meaningful collaborations with foreign VC firms. This marked a shift from inward growth to global integration—a necessary evolution for a world-class ecosystem.
Deep Tech as Seoul’s global calling card
Startup Genome launched an in-depth qualitative study into Seoul’s deep tech landscape in 2023. The findings affirmed that Seoul’s world-class R&D infrastructure could serve as a launchpad for deep tech companies with global potential. These strengths are now translating into real-world impact, as more deep tech startups scale beyond Korea.
Add Stephan’s quote: Seoul’s strength in R&D and deep tech innovation is truly remarkable. What stands out even more is the city’s sustained commitment to smart policy—never one-off initiatives, but focused, long-term strategies.
Turning Founders into Global Players
Seoul’s High-Growth Program kicked off with its first mini-cohort of scaleups in 2024. The initiative offered hands-on mentorship—focusing on U.S. market expansion. This milestone translated years of strategy into tangible founder support, empowering Seoul-based startups to take bold steps on the international stage.
Seoul Today
$237B
GLOBAL AVERAGE: $29.4B
$104B
GLOBAL AVERAGE: $8.9B
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