South Korean business environment and startup ecosystem
Pajala, Nina (2018)
Haaga-Helia ammattikorkeakoulu
2018
All rights reserved
Julkaisun pysyvä osoite on
https://urn.fi/URN:NBN:fi:amk-2018053111415
https://urn.fi/URN:NBN:fi:amk-2018053111415
Tiivistelmä
Many Western companies have the potential and interest to expand their businesses to South Korea but it takes quite a lot of effort unless there is a native in the team or a lot of background research done beforehand. Understanding the Korean culture is very important as the nation is one of the most homogeneous in the world.
This thesis researches what the South Korean business culture and startup ecosystem are like and works as a small guidebook for Lexit Inc, a blockchain powered marketplace for startups. This PEST type market research focuses on what Lexit should take into consideration when entering the markets in South Korea. The research concentrates on some of the most important cultural, political and economic factors that have the most influence on the startup scene and doing business with the locals. Understanding these factors eases working on the entry plan and successfully adapting to the markets.
Plenty of different secondary sources, cultural theory as well as a few interviews from the people in the boundary surface of the startup scene are used in order to get an overview of the current market and understanding the local ways of doing business in South Korea. The thesis has been written between 2017 and 2018. More interviews or even a survey could’ve been conducted but it is rather difficult without the right connections. The lack of that sort of research is compensated with a variety of news and interviews from other sources.
The conclusion of this study is that South Korea has a bubbling startup culture that lays loads of business opportunities in it for foreign companies like Lexit. The ICO scene and startup ecosystem in South Korea are progressing full speed and the future of the South Korean economy seems rather bright. The M&A markets are also expected to heat up in the near future so it is the right time for Lexit to start planning their entry. When Lexit overcomes all cultural and legal obstacles, they have the chances for huge success in the Korean markets.
This thesis researches what the South Korean business culture and startup ecosystem are like and works as a small guidebook for Lexit Inc, a blockchain powered marketplace for startups. This PEST type market research focuses on what Lexit should take into consideration when entering the markets in South Korea. The research concentrates on some of the most important cultural, political and economic factors that have the most influence on the startup scene and doing business with the locals. Understanding these factors eases working on the entry plan and successfully adapting to the markets.
Plenty of different secondary sources, cultural theory as well as a few interviews from the people in the boundary surface of the startup scene are used in order to get an overview of the current market and understanding the local ways of doing business in South Korea. The thesis has been written between 2017 and 2018. More interviews or even a survey could’ve been conducted but it is rather difficult without the right connections. The lack of that sort of research is compensated with a variety of news and interviews from other sources.
The conclusion of this study is that South Korea has a bubbling startup culture that lays loads of business opportunities in it for foreign companies like Lexit. The ICO scene and startup ecosystem in South Korea are progressing full speed and the future of the South Korean economy seems rather bright. The M&A markets are also expected to heat up in the near future so it is the right time for Lexit to start planning their entry. When Lexit overcomes all cultural and legal obstacles, they have the chances for huge success in the Korean markets.