[Column]“If I stayed in South Korea, I would have gone bankrupt”-Chosun Online Chosun Ilbo

▲ “CES 2023” Integrated Korean Pavilion.Photo: Korea Trade-Investment Promotion Corporation (KOTRA) January 6, 2023

Recently, many Koreans have visited Silicon Valley in the United States after visiting CES 2023, one of the world’s largest technology trade fairs. From representatives of startups (venture companies) to investors, people involved in large companies, members of the Diet, and heads and vice ministers of government departments (ministries and agencies), Silicon Valley has been visited. It takes about an hour and a half to fly from Las Vegas, where CES was held, to Silicon Valley. Every year after CES, I stop by Silicon Valley and then return home.

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▲ “CES 2023” Integrated Korean Pavilion.Photo: Korea Trade-Investment Promotion Corporation (KOTRA) January 6, 2023

Recently, many Koreans have visited Silicon Valley in the United States after visiting CES 2023, one of the world’s largest technology trade fairs. From representatives of startups (venture companies) to investors, people involved in large companies, members of the Diet, and heads and vice ministers of government departments (ministries and agencies), Silicon Valley has been visited. It takes about an hour and a half to fly from Las Vegas, where CES was held, to Silicon Valley. Every year after CES, the schedule of going to Silicon Valley and then returning home is not new, but this year the scale of the event was particularly large and the excitement was extraordinary. About 600 people, twice as many as three years ago, gathered at an event organized by 82 Startup, a community of Korean startups, held in Silicon Valley on the 9th (local time).

The speed at which Korean companies are entering the global technology industry is remarkable. At CES 2023, which took place early in the new year from the 5th to the 8th of this month, Korean big companies and startups are filling in the gaps for Chinese companies in the US-China conflict. South Korea has the second largest number of participating companies after the United States. There were also a record 111 CES Innovation Awards given to companies that announced noteworthy technologies and products. Even in Silicon Valley, the reputation of Koreans is skyrocketing. A representative of a venture investment firm said, “Since the COVID-19 pandemic, Silicon Valley’s entrepreneurial enthusiasm is not as high as it used to be, and engineers are more satisfied with being employees of big tech companies than entrepreneurs. There are many cases. Only Koreans work hard until late at night.” A representative of a startup said, “I feel that Korean talent is superior to Silicon Valley talent when looking at the average level, except for special A-class talent.”

In fact, the growth of Korean startups is the result of the personal sacrifices and efforts of founders and engineers, rather than systematic support. CEOs of Korean startups that have achieved some success in overseas markets often say, “If I had stayed in South Korea, I would have gone bankrupt.” Every time, we talk about narrow markets, regulations, and the tyranny of big companies. Now the government spends more money on the growth of startups than before, tries to get rid of unnecessary regulations, and big companies are calling for coexistence, but it is still not enough. South Korea ranks 26th in the “World Innovation Rankings” announced on the 9th by the Consumer Technology Association (CTA), which hosts CES. It received a high evaluation of A or higher in items such as “research and development investment,” “remote medical care,” “digital assets,” and “drones,” but “diversity of opinion (D),” “tax incentives (C),” and “environment.” (B)” and “Cyber ​​Security (F)” were given low scores. “South Korea has one of the highest tax rates,” the CTA said.

Innovative companies are unlikely to be born and stay in countries where it is difficult to start a business. In South Korea, there are many startups that have succeeded in developing products after years of research, but are unable to bring them to the market due to regulations. Entrepreneurs can’t stand the situation and leave South Korea to survive. If Korean entrepreneurs succeed in the global market, they will be left with empty pride that “Koreans have succeeded in entering the global market.” We need a systematic roadmap for creating innovative companies, growing them, and internalizing them in all domestic industries.

Silicon Valley = Correspondent Kim Sung-min

Chosun Ilbo / Chosun Ilbo Japanese version

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