In April 2021, there were some 200 unicorns in the Asia Pacific region, second only to the United States which had 290 startups each valued at $1 billion or more.
Leading startups in Asia Pacific are making a global impact, whether by influencing new business models or by tackling universal challenges, according to Mike Kim, head of Google for Startups APAC.
During a press event Tuesday, Kim laid out several South Korean companies that are leading global startup trends and the particular challenges they are facing.
In e-commerce, live commerce platforms will continue to expand their foothold in the region where customers of all demographics are moving online to get their shopping done. The blurring line between sellers and buyers is also adding to their popularity.
Grip Co. is South Korea's industry leader with an ambitious plan for global expansion.
Hanna Kim launched the country’s first live commerce marketplace in Feb 2019 with seven of her former colleagues after years of working as a marketer for Naver Corp.
The big draw was that anyone can sell on the platform; regardless of the seller's citizenship or business size. It also facilitates real-time communication between buyers and sellers.
Grip is a beneficiary of the Google for Startups’ Immersion: Women Founders program in Seoul.
Google’s Kim named five sectors in which startups in the Asia Pacific region are thriving – artificial intelligence, decentralized finance (DeFi), fintech or e-commerce, health technology, and sustainability.
Seoul is providing considerable backing to the country's AI ecosystem.
The Ministry of Science and ICT created the Metaverse Alliance last May to assist the development of virtual and augmented reality platforms. Approximately 500 companies including big kahunas like Samsung Electronics Co., Hyundai Motor Co. SK Telecom Co. and KT Corp. have joined the alliance.
When it comes to DeFi, DA: Ground is actualizing connected finance on a blockchain platform. Its digital asset banking service Sandbank offers investment and loan services worldwide.
In healthcare, South Korean and Japanese entrepreneurs are paying special attention to the rapidly aging population in their respective countries.
Korean platform Caredoc shares information on nearly 46,000 elderly care facilities.
UNIQUE CHALLENGES
“Korea is a really unique market,” answered Kim when asked about the challenges distinctive to South Korean startups.
While South Korea is a trendsetting market, it is also a smaller one in terms of population. So while taking a business abroad is hard, it is almost a must for entrepreneurs here.
From the very early stage, startups in Korea need to think about the overseas market – and how and when to venture outside the peninsula.
Google for Startups said it can provide ample advice in this regard thanks to the multinational nature of its parent company Alphabet Inc.
“Google itself was a startup 20 years ago and our founders believe it’s important to give back,” said Kim.
