We start off with the Republic of Korea as the 10th best country to start a business, which scored 5.7 on the NECI according to the GEM report. Entrepreneurial activity in this part of East Asia saw six Framework Conditions ranked in the top 10 of the 51 economies, as ranked by experts in the National Expert Survey, and just one in the lower half of ranks: Commercial and Professional Infrastructure.
The majority of adults aged 18-64 in the country saw household income somewhat decrease during the pandemic. Despite this, the country had the lowest proportion of residents seeing good opportunities who would be deterred by failure, with just less than one in five entrepreneurs declaring this. Additionally, the economy proved to have the highest rate of Established Business Ownership (EBO) globally, with one in five adults founding and owning an established company, and it received the highest average score from participants for entry dynamics among all countries (7.8).
In terms of investment, the Republic of Korea led the way in the median amount of investment ($US) by those investing in someone else’s new business, with over $22,000. This demonstrates a strong tendency for collaboration in the country, which is boosting business opportunities. However, the proportion of adults investing in someone else’s start-up was less than 3 per cent.