According to the Ministry of SMEs and Startups, venture and startup companies in South Korea employed 74.6 million people in 2022, a significant increase of 8.1 percent from the previous year.
This jump in employment contrasts with the 2.4 percent increase in employment for all companies over the same period.
The employment growth rate was even higher for companies that received venture capital investment, with a 29.8 percent increase in employment.
Unicorns, or unlisted companies valued at KRW 1 trillion or more, contributed to this growth, employing about 9,000 people in 2022.
Venture and startup companies employed primarily young people and women.
In 2022, the youth employment rate in these companies increased by 3.6%, while the female employment rate increased by 10%.
By industry, the fastest-growing sectors included content and digital-related industries such as video, performance, and music (15.4% growth), games (14.9%), and ICT services (12.3%).
Despite concerns over the recent bankruptcy of Silicon Valley Bank, the Ministry of SMEs and Start-ups remains optimistic about supporting venture and start-up companies to secure growth funding and create quality jobs.
Please also read.
South Korea and Saudi Arabia sign cooperation agreement to facilitate SMEs’ entry into local market
Ministry of SMEs and Startups Launches Task Force to Promote Cooperation with UAE.
S. Korea’s Ministry of SMEs and Startups shifts focus to privately-led innovation with government support in 2023
South Korea pledges $2.8bn annual investment to nurture deep-tech unicorns.
S. Korea Announces KRW 146.2bn Smart Manufacturing Project.
S.Korean Ministry of SMB and Startups reveals its 2023 budget proposal.
FTC is considering changing the retail SME protection policy.