S. Korean start-up scene an 'ugly duckling' waiting to blossom

Hurdles include obsession with local market, lack of resources for global commercialisation

A Yozma Group Korea brainstorming session in Seoul. The Israeli venture capital firm, founded in Tel Aviv in 1993, set up its South Korean arm in 2015 and now has offices in Hong Kong and Singapore as well.
A Yozma Group Korea brainstorming session in Seoul. The Israeli venture capital firm, founded in Tel Aviv in 1993, set up its South Korean arm in 2015 and now has offices in Hong Kong and Singapore as well. PHOTO: YOZMA GROUP KOREA
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Technologically advanced South Korea may be home to IT giants such as Samsung and LG but the country is still an "ugly duckling" waiting to blossom when it comes to its start-up scene, according to Israeli venture capital firm Yozma Group.

The firm set up base in Seoul in 2015 after South Korea impressed it with tech advancements that were ahead of global trends.

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A version of this article appeared in the print edition of The Straits Times on July 11, 2020, with the headline S. Korean start-up scene an 'ugly duckling' waiting to blossom. Subscribe