South Korea is seeing a remarkable transformation in its startup ecosystem, with venture companies in the fields of energy, batteries, biotechnology, and autonomous driving emerging as the next generation of unicorns. The South Korean Ministry of Small, Medium and Small Business and Startups announced that it has finalized the selection of 15 “pre-unicorns” and 50 “baby unicorns” for the Global Unicorn Project. Notably, the selected startups span key growth industries such as the energy, battery and bio sectors. teeth is expected Succeed in the global market.
Since its launch in 2019, the Global Unicorn Project has selected 250 baby unicorn companies and 111 promising giant startups (unicorns) every year. This year, 199 companies were selected for the Baby Unicorn Development Project and 107 for the Reserve Unicorn Special Guarantee, with fierce competition at ratios of 4:1 and 7:1, respectively.
High stakes support and growth
Pre-unicorns receive a special guarantee of up to 20 billion won (US$14 million) each, with the top 30% receiving an additional 30% guarantee limit. On average, these companies have attracted 38 billion won (US$27 million) in investments and reported sales of 20.9 billion won (US$15 million). Meanwhile, baby unicorns receive up to 300 million won in market development funds as well as a special guarantee of up to 5 billion won from the Technology Guarantee Fund to support their growth.
Notable Startups
Companies to watch include GreenergyA manufacturer of LTO (lithium titanate) batteries. FRDFspecialty gas manufacturers, and Hylium Industriesprovides liquefied hydrogen drones and charging stations. Greenergy, with the support of the UK Research and Innovation Agency, is preparing to establish a joint venture with Snapfast, a UK solar and wind power solutions company.
Companies to watch in the bio sector include: Bio OrchestraHe specializes in drug delivery systems targeted to the central nervous system. First Bio Therapeuticsfocusing on treating degenerative brain diseases. Organoid ScienceA pioneer in regenerative medicine.
Success in the global market
Several startups have already made great strides in the global market. DotDot, a manufacturer of Braille information terminals, is poised to become a global unicorn with over 80% of its sales coming from exports. Dot supplies the U.S. Department of Education and has been celebrated at the World Blind Congress and CES 2023. Other notable companies include: LaporaboShe is the operator of the women’s clothing platform Queen It. Yorume Companyspecializing in peace investment STOs. Autonomous A2GWe are focusing on autonomous driving technology.
Check out and follow the latest news from Korea’s startup ecosystem LinkedIn, Facebookand twitter Stay tuned for more exciting updates and insights.
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