KOREA STARTUP INDEX 2018 - BORN2GLOBAL
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Startup Korea 2018 Index Korea Startup Index 2018
2018 KOREA STARTUP INDEX
A out the Korea Startup Index 2018
3
lo al ap of Startup cos stems
STARTUP
GLOBAL TREND
Business nvironment Startup nvironment
ankings Countr ankings Countr
4 5
5 11
8 19
9 25
11 28
24 30
32 53
39 93
46 94
54 114
77 137
109 140
4 5
www.born2global.com
www.facebook.com/born2global
1
www.linkedin.com/company/born2global
Foreword
A Virtuous C cle of unding merging in the Startup Industr
Depending on the business,
it is sometimes better for
a company to be acquired
by a bigger company to
realiz e a synergy effect
and increase its market
share. In addition, small
companies can engage in
strategic mergers to boost
their market value. This
is the reason mergers and
acquisitions ( M& As) are
important in the venture
capital industry.
11
We look forward to the day when global startups that are working tirelessly to pioneer new markets go beyond their unicorn status to reach the level of decacorns. 12
www.born2global.com
www.facebook.com/born2global
2
www.linkedin.com/company/born2globalBorn2Global Annual Report
Born2Global Annual Report
Startup Innovative Hub
Born2Global
STATISTICS
B2G Labs B2G Partnership
Partner with in top-tier companies using
Provide innovative, best-in-class consulting
an open innovation approach
2013.9-2018.12
B2G Magic Strategy B2G Market Fit
Share insights and guidance from Discover and match business
dedicated mentors and key decision makers with the target customers
B2G Access B2G Road Show
Demonstrate and scale industry solutions Deliver innovation globally
B2G Pioneering B2G Discovery
Expand and establish business
Build innovative solutions with speed and agility
in various countries from bottom to top
B2G Studios B2G Startup Hub
Build a creative system designed
Uncover industry trends and drive insights
to inspire creative ideasB2G Labs verseas Incorporation Corporate overnance Accounting
Provide innovative, best-in-class consulting
axation
verseas Business Contract evie egal Advice
egal isk anagement
Valuation
Investment inancing Contract evie
egal Advice on Corporate estructuring
A
I
verseas atent Application
I isk anagement
I Strateg Consulting
International rademark esign atent Cop right
igital arketing
Financial support for startups is relatively weak,
and we needed support from other organizations.
Born2Global’s legal and accounting
consultations were of great help to us.
- NEOFECT -B2G Partnership B2G Magic Strategy B2G Market Fit
Partner with in top-tier companies using an open innovation approach Share insights and guidance from dedicated mentors and key decision makers Share insights and guidance from dedicated mentors and key decision makers
23 39
4 3
1233 1868
19 13
2018 China ov
Southeast Asia and SA ec
Through road shows that have helped us find customers as well as its assistance
with patent applications, overseas press releases, and other matters necessary for our
advancement into overseas markets, Born2Global has been a major source of support for ulalaLAB.
Born2Global’s support was instrumental in
- ulalaLAB-
carrying out our experimental strategy to target the global market.
- SendBird -B2G Access B2G Pioneering B2G Startup Hub
Demonstrate and scale industry solutions Expand and establish business in various countries from bottom to top Build a creative system designed to inspire creative ideas
19 22
B2G DiscoveryB2G Discovery
Build innovative solutions with speed and agility
Build innovative solutions with speed and agility
324 186
It was possible for us to expand our business overseas thanks in large 201 Singapore ul ok o- apan Sep SV- SA ov
201 A C- SA e Brussels ille ar ondon- ngland un
part to Born2Global. We promoted our company, GSIL, at road shows in
Bei ing-China Aug ok o- apan Sep - SA ct SV- SA ov
V ietnam and Dubai, as well as at a demo day in India, and met with Shanghai-China ec
investors and local companies to create business opportunities. 201 aris- rance un A- SA Aug SV- SA un A- SA Aug
- GSIL - SV- SA ct Bei ing-China ec
201 osco - ussia un SV- SA ov Shanghai-China ec
B2G Studios
2018 e elhi-India un SV- SA ov Shen hen-China ec
B2G Road Show Uncover industry trends and drive insights
Deliver innovation globally
3 27
Born2Global’s systematic support has been a huge help for
24 118 JLK Inspection’s advancement into the global market. Thanks to the multifaceted
201 elsinki- inland a ashington C- SA Sep ok o- apan Sep
support we received, we have been able to accelerate our plans for global market entry.
Singapore ct Bei ing-China ct elsinki- inland ov - JLK Inspection -
201 ok o- apan a Amsterdam-the etherlands a aipei- ai an ct
atar ec Ku ait ec ok o- apan ec elsinki- inland ec
2018 anoi-Vietnam ar u ai- A ar Amsterdam-the etherlands a
ondon- ngland un Bangkok- hailand un ong Kong ul
aipei- ai an ul Bogota-Colom ia Sep u ai- A ct ok o- apan ov
ong Kong ec uang hou-China ec Singapore ec Shen hen-China ecApposter
ocoos
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K Inspection
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28 29Sk a s BICu e
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Inno ules
30 312013.09-2018.12
2018 01
02
2018 07
03
08
09
04
10
05
11
06
07
32 332018 11
2017 04
12 05
06
2017 01
02
07
03
08
04
34 3511
2017 09
12
10
2016 02
03
11
04
05
36 372016 05
2016 09
10
06
11
07
08
38 392016 11
12
2015 04
05
2015 01 06
07
02
08
03
09
40 412015 09
2014 02
03
10
11
12 04
2014 01
42 432014 05
06
2014 12
07
08
2013 09
10
11
09
10
11
12
44 452013 12 46
www.born2global.com
www.facebook.com/born2global
3
www.linkedin.com/company/born2globalStartup Investment Trends in Korea
e venture capital
investment dou les
in four ears
Amount of e VC Investment in Korea ear
35,000
34.249
30,000
25,000
20,000
21,503
20,858
20,211
18,375
15,000
16,393
13,845
12,608
12,333
10,000
10,910
9,917
8,913
8,671
7,573
7,247
7,333
5,000
6,306
6,044
6,177
0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
51um er of companies
receiving investment
increasing rapidl
apid Investment in the ealthcare Industr
um er of Companies eceiving e Investment from VC irms
9,000 8,417
8,000
1600 7,000
1,399
1400 6,000
1,266
1,191 5,000
4,686
1200
1,045 4,000 3,170
1000 2,928
901 3,000 3,788
800 755 2,000 1,468
933 1,052
840
600 1,000
0
400
2010 2011 2012 2013 2014 2015 2016 2017 2018
200
0
2013 2014 2015 2016 2017 2018
Investment in
manufacturing and
Investment in healthcre game industries
industr ounces ack eakens
hile investment in I
services increases steadil
52 53ivergent Investment rends in IC anufacturing and istri ution roportion of VC Investment in iddle-stage Companies
7,000
40.0%
6,000 34.8%
35.0%
5,000
30.0% 27.9% 28.7% 28.0%
26.2% 25.5%
4,000 24.8%
25.0% 23.5%
3,000
20.0%
2,000
15.0%
1,000
0 10.0%
2010 2011 2012 2013 2014 2015 2016 2017 2018
5.0%
0.0%
2011 2012 2013 2014 2015 2016 2017 2018
p ard trend
of proportion of
investment in earl -
stage companies
eakens
um er of VC funds
increases rapidl
54 55Increase in the um er of VC unds
Angel investment
reaches highest
in 18 ears
900
800
807
700
718
600
605
500 529
400 447
381 402 apid Increase in Angel Investment
300
200
100 5,000
0 4,500
2012 2013 2014 2015 2016 2017 2018 4,394
4,000
3,500
3,000
3,035
2,500
2,000 2,126
1,500
1,605
1,000
917
500
581 608
346 326 305
0
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
56 57um er of angel I s
investors increases
rapidl
um er of I s Startups ear
160
ecover in Angel Investment um er of Investors
140 134
120
105
35,000
100
30,000
80
28,875
25,000 58 61
60 52
46 47
43 40
20,000 37 35 33
40 34
29 29 26
23
15,000 17
20
14,827
12,560
10,000
12,002
4,870
4,717
3,964
0
2,727
2,610
2,246
9,648
2,170
2,107
1,742
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
1,243
7,063
5,000
748
619
0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
58 59imited role of
VC firms
ack of
A action and
dependence on
over-the-counter
sales
VC oles evel of Support
VC Investments xit pes roportion
6.6%
2018 32.5% 52.1%
2017 35.5% 47.6%
2016 31.6% 45.1%
2015 23.6% 41.3%
20.3% 56.8%
93.4%
2014
2013 15.7% 49.8%
2012 17.8% 56.0%
2011 18.1% 61.3%
2010 14.2% 56.2%
0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
60 61eakened gro th of
e uit cro dfunding
Cro dfunding rend
1,400
1200
1,200
1,000
800
600
600
400
250
200
183 185
115
0 50
0
2015 2016 2017 2018
62 63Korea Investment artners Smilegate Investment
I Investment
SoftBank Ventures Korea
B Investment
64 65www.born2global.com
www.facebook.com/born2global
4
www.linkedin.com/company/born2globalKorean Startup Ecosystem
esearch vervie
esearch Sample
40 18 4
151 72
71Status of Startups rofile of a pical 93.9% 85.7%
35.7% Startup ounder
2.9 42.2% 42.9%
61.2%
51.7%
43.2%
25.2% 57.1%
30.6% 71.4% 33.0%
30.6%
Korean Startup
cos stem
Startup
Characteristics
93.7%
22.2% 15.8% 15.3%
he most preferred regions for startups are angnam-gu Seoul and Seongnam-si eonggi rovince Startup activit is vi rant and concentrated in
these regions on the map
72 73roportion of oreign Amount of Initial
mplo ees Investment
1.598 4.457
16.3%
18.7%
20.4%
798.33 303.97
roportion of companies that have hired 1 or more foreigners
Startup
Characteristics
omen founders roportion of omen emplo ees Investment Stage
roportion of
omen in the Startup
cos stem
67.1%
66.3%
64.3%
6.1%
8.5%
8.3%
um er of companies
151 72 40 18 4
roportion of companies that have hired 1 or more omen
74 75Analysis of Korean Startups
Comparison ear
ear of sta lishment
ear of otal
117 founding o of companies
39.3 39.8
52 117 39.8
52 17.7 32.7
55
55 18.7
23.4
28 28 9.5 19.718.7 18.7
16.7 17.0 17.7
40 13.6 15.0
40 13.6
294 100 9.5 10.8
6.8
Pre Seed Seed Series A Series B Exit
• •
•
Comparison ear
um er of eam em ers
um er of eam At the time of founding Current
em ers o of companies o of companies
86 29.3 37 12.6
54 18.4 13 4.4 32.3
124 42.2 76 25.9 29.1 28.7 28.8 28.7
25 8.5 69 23.5 25.2 23.7 24.0
23.5
1 0.3 95 32.3
294 100 294 100
18.717.7 18.3
Pre Seed Seed Series A Series B Exit
• •
As the percentages in the ta les of the Anal sis of Korean Startups have een rounded up to the
nearest hundredth the sum of the su sections ma e different from the total amount
•
•
79ocation
otal Comparison ear
63.6%
36.3
17.0%
187 27.8
25.5
8
9
3.1% 3.1% 3.1% 14.0
21
50 9 9 9 10.711.2 9.5 9.8 9.1 8.5 9.6 9
4 4 4 3 3 2 2 1 1 1 1 1 1 1 1 8.6 7.9 7
3.7
6.0 4.8 6.0 5.6
5.0 3.3
34 82
•
•
50
Seoul
Change in C
Comparison ear
17.7%
7.1% eplacing otal
6.1% 275 the C o of
52 companies 96.3 96.0 93.5
5.4% 275 93.5
4.4%
10 10 3.4
21 18 17 9 9 8
16 13 4 4 3 3 3 2 1 1 1 1 1 7 2.4 1.7 2.3 3.4 2 1.7 2.4
7
294 100
• •
•
80 81a or Investment hemes Changes in uit Capital at time of founding
90 At time of founding
59 50 uit Capital
38 36 35 44 46.1 45.7
28 28 o of startups 42.2
12 14 13 5 4 3 2 3 38.7 39.5
36.3
124 42.2
116 39.5
Automation
nerg
17.315.7 16.3
o ile of Cloud V A Smart igital Autonomous C er Advanced ene a le one o
Categor Io AI Blockchain printing storage ther
internet kno ledge technolog space healthcare things securit materials energ response
technolog 48 16.3
ork
90 59 50 38 36 35 28 28 12 14 13 5 4 3 2 44 3 0.3
30.6% 20.1% 17.0% 12.9% 12.2% 11.9% 9.5% 9.5% 4.1% 4.8% 4.4% 1.7% 1.4% 1.0% 0.7% 15.0% 1.0% 294 100.0
•
•
•
•
•
Comparison ear
50.8
44.9
30.6
18.8 20.9 20.1
13.9 12.9 15.7
12.2
7.6 6.8
1.6 1.8 1.4
•
82 83um er of Co- ounders ith Shares Composition of Startup eam em ers
Comparison ear
o of people ith shares
223 omen ith shares echnical professionals ith shares
100 73 73 124
39 63 72 59 34
6 3 2 1 90
30.6
28.1
27.7
71
26.1
25.8
24.1
24.3
61
21.3
20.7
15.7
10.9
32
9.2
Average 1 people Average 0 people Average 1 people
6.4
14
4.1
4.8
4.4
1
3.3
8
2.7
2.7
2.7
2.3
6
2.0
o of people ith shares omen ith shares echnical professionals ith shares
o of people 30.6% 24.1% 20.7% 10.9% 4.8% 2.7% 2.0% 0.3%
o of companies o of companies o of companies
39 13.3 223 75.9 72 24.5
100 34.0 63 21.4 124 42.2
73 24.8 3 1.0 59 20.1
73 24.8 2 0.7 34 11.6
6 2.0 0 - 1 0.3 • •
294 100.0 294 100.0 294 100.0
•
•
•
Startup egion and reference Comparison ear
Comparison ear
o of people ith shares omen ith shares echnical professionals ith shares
187
52.0
179
71.9
48.0
42.2
38.6
36.9
34.0
80.7
28.1
24.8
24.8
26.1
75.9
25.7
26.1
24.5
23.7
21.4
72.9
60.9
20.1
20.7
60.3
20.3
18.7
18.3
14.7
14.2
13.3
11.6
9.3
7.3
5.4
3.8
5.1
0.7
1.4
2.0
1.0
0.3
1.0
0.3
0.3
1.0
98
89
35.3
39.0
30.3
32.3 35.7
26.8
31.3
22.0 25.2
9
201 average Average 2 people 201 average Average 0 people 201 average Average 1 people 5
1.9
1.7
1.3
63.6% 60.9% 33.3% 30.3%
201 average Average 1 people 201 average Average 0 2 people 201 average Average 1 1 people
2018 average Average 1 people 2018 average Average 0 people 2018 average Average 1 people
Pre Seed Seed Series A Series B Exit Pre Seed Seed Series A Series B Exit Pre Seed Seed Series A Series B Exit
• •
•
•
•
• •
84 85easons for Choosing egion for Compan ocation ounder s ender
Comparison ear
245
54 276
33 27 24 18 16 12 11 11 91.5 91.7 93.9
Categor 18 8.5 8.3 6.1
93.9% 6.1%
54 33 27 24 18 16 12 11 11 245
18.4% 11.2% 9.2% 8.2% 6.1% 5.4% 4.1% 3.7% 3.7% 83.3%
• •
•
ounder s Age
Average Comparison ear
actors Considered in Choosing Compan ocation
Comparison ear ears old
126
49.2
48.0
112
42.9
38.1
125
34.3
42.5%
49.7
46.4
28.1
42.5
22.8% 67
18.6
26.3
26.1
35
22.8
10.2
11.9%
26 28
8.8
9.3
16.7
8.3
15.3
11.9
2
4.1
10.0
4.4% 13
8.0
5.1
4.4
8.8% 42.9% 38.1% 9.5% 0.7%
4.3
4.1
3.1
1.7
1.7
1.7% 5
16.7% 49
• •
• •
•
86 87ounder s ighest evel of ducation ield of ccupation rior to ounding a Startup
Comparison ear Comparison ear
152 127
43.2
40.7
60.7
56.7
33.6
51.7
27.1
26.3
24.5
88 72
29.9
29.0
25.4
15.9
14.6
12.5
12.7
43
11.9
35
10.0
13
11.2
33
10.3
4
7.0
6.4
9.8
3.7
11
4.1
4.4
4.0
2.4
2.3
4.4%
1.4
2
0.7
1.0
51.7% 29.9% 11.2% 1.4%
2
43.2% 24.5% 14.6% 3.7%
• •
• •
ounder s ield of Stud xperience in startups
Comparison ear Comparison ear
114
48.9
otal
57.1
156 Categor
38.8
51.6
51.0
35.0
o of
103
37
companies
35
103 35.0
22.8
20.4
60
15.8
114 38.8
14.5
19.8
19.1
10.5
17.0
54
7.6
60 20.4
7.0
12.7
12.4
6.7
10.6
5.4
4.5
29 31
6.7
6.7
14 31 10.5
5.1
11 9
57.1% 19.8% 10.6% 5.1% 4.0% 16 5.4
16
• • • •
43.2
40.7
33.6
88 89
27.1
26.3
24.5
15.9
4.6
2.5
2.7
1.9
.0Second anguage roficienc easons for ounding a Startup op choice
Comparison ear
otal
210 Second otal
anguage o of 97 easons for ounding a Startup
o of companies
companies
210 71.4 48 97 33.0
74.0
13
71.9
71.4
13 4.4
23 48 16.3
22 23 7.8
5 5 1.7 22 7.5
17
56 19.0 17 5.8
56 12
19.0
12 4.1
18.3
18.0
294 100
4 4 1.4
6.4
6.0
4.4
2.0
1.7
1.7
1.7
4 4 1.4
Pre Seed Seed Series A Series B Exit 3 3 1.0
5 5 1.7
59 20.1
• • 59 294 100
• •
verall rankings
evel of Second anguage roficienc otal
190 easons for ounding a Startup
o of companies
85 otal
133 190 64.6
evel of Second anguage roficienc 72 133 45.2
o of
64 companies 70 72 24.5
85 37.3 50 70 23.8
47 50 17.0
35
64 28.1 17 35 11.9
32
16 17 5.8
47 20.6
16 5.4
Pre Seed Seed Series A Series B Exit 5
32 14.0 5 1.7
4
4 1.4
228 100 8
8 2.7
59
59 20.1
•
• •
90 91rominent Characteristics of Startups Comparison 1 ear um er of ersons ith rior Startup xperience
Comparison ear
Average
otal
Characteristics of Startups o of
companies
22.2
61
21.7
um er of otal
114 18.2
18.6
ersons ith rior
18.2
o of
15.8
15.3
15.3
Startup xperience companies
14.9
14.5
99 15.8 56
14.0
13.9
13.7
40.7
12.5
12.0
10.9
10.2
98 33.3
10.1
33.3
8.4
8.1
96 15.3
8.2
27 61 20.7
27.5
6.1
5.6
5.3
3.6
22.7
22.3
56 19.0
21.7
20.7
19.0
86 13.7
28 27 9.2
78 12.5
10.5
28 9.5
9.5
9.2
8.1
17
7.0
5.8
63 10.1
4.0
17 5.8
3.3
2.7
51 8.1 294 100
0
98
33 5.3
• •
•
•
um er of ech ersonnel
ust- ave Skills for Startup ounders Comparison ear
Comparison 1 ear
Average people
otal
ust- ave Skills for Startup ounders o of
otal
26 um er
28.7
28.2
companies
40.8
40.3
27.0
24.8
of ech o of
159 28.2
22.4
22.8
22.1
ersonnel
33.3
companies
19.9
126 22.4 120
29.7
26 8.8
14.5
14.3
12.8
112 19.9
12.3
120 40.8
20.7
20.3
72 12.8 98
18.3
17.6
7.2
17.0
16.3
98 33.3
5.4
5.3
4.5
3.9
3.9
3.7
3.5
3.4
30 5.3
2.8
1.4
1.1
1.0
1.0
1.0
50 17.0
8.8
8.8
8.1
22 3.9 50
7.7
7.3
294 100
4.8
22 3.9
6 1.1 Pre Seed Seed Series A Series B Exit
6 1.4
8 1.1
33 5.3 • •
• •
•
92 93Startups ith ech ersonnel at the ime of ounding Soft are eveloper Salaries
Comparison ear Comparison ear
Average K 0 million
238
59.3
45
55.8
Soft are eveloper otal
52.7
52 Salaries o of
81.0
companies
78.7
32.2
75.6 155 45 15.3
21.1
18.3
15.3
Startups ith ech
14.3
11.6
otal 155 52.7
ersonnel at the ime of
8.0
7.8
62
0.4
ounding o of companies
62 21.1
238 81.0
24.4 21.3 23
23 7.8
52 17.7 17.7 294 100
294 100
• •
• •
pe of ersonnel
roportion of companies
Comparison ear
ith one or more of the 18 20
follo ing personnel
ime of iring ech ersonnel
Comparison ear emale personnel elecommuters oreigners
pe of ersonnel o of o of o of
Average 8 months companies companies companies
35.7
32.9
94 32.0 235 79.9 230 78.2
32.0
27.8
54 18.4 33 11.2 38 12.9
52
22.0
otal 41 13.9 14 4.8 14 4.8
66.0
ime of iring
18.4
58.5
16.6
35 11.9 3 1.0 4 1.4
15.6
o of
15.0
ech ersonnel
13.9
172
11.9
companies
12.0
19 6.5 2 0.7 2 0.7
10.2
52 17.7
9.7
7.8
46 15.6 3 1.0 2 0.7
6.5
5.7
4.7
38 172 58.5 294 100 294 100 294 100
31.4
28.6
38 12.9 2.7 0.3 0.3
19.1
6
17.7
16.4
6 2.0
13.7
12.9
12.3
7 2.4
7
6.1
4.5
3.7
3.3
2.4
2.0
18 6.1
1.0
Pre Seed Seed Series A Series B Exit 201 average Average 2 people
294 100
18 201 average Average 2 0 people
2018 average Average 2 people
• •
• •
•
•
•
94 95Comparison ear Comparison ear
ffering of or Intention to ffer Stock ption
ffering stock option incentives Intention to offer stock option incentives
83.7
81.3
79.7
79.9
78.2
70.5
17.3
13.3
12.9
204
12.9
11.7
11.2
7.5
4.0
4.8
4.8
2.7
4.3
1.7
1.0
0.7
1.7
1.0
1.0
1.0
1.0
0.7
1.4
1.4
0.3
0.7
0.7
0.3
128
1
90
76
201 average Average 0 people 201 average Average 0 people
30.6% 69.4% 62.7% 37.3%
201 average Average 0 people 201 average Average 0 people
2018 average Average 0 people 2018 average Average 0 people
• • Pre Seed Seed Series A Series B Exit Pre Seed Seed Series A Series B Exit
•
•
um er of ersons ith Appraisal ights
otal
um er of ersons ith
23 Appraisal ights o of
companies
19 23 7.8
19 6.5
13
13 4.4
7 7 2.4
31 31 10.5
192 65.3
192
294 100
•
96 97Business inancing um er of Companies Investment ound
Comparison ear
150 otal
otal
Business inancing 151
141 o of companies
o of
companies
65.3
128 150 51.0 72 151 51.4
53.9
51.4
141 48.0 72 24.5
78 40
128 43.5 40 13.6
31.5
66
24.5
78 26.5
19.7
18 18 6.1
13.6
11.9
10.3
63 66 22.4 4 1.4
6.1
4.7
1.7
1.4
63 21.4
61 4 294 100
1
61 20.7
42
42 14.3
29 • •
29 9.9
17
17 5.8
•
esired Investors re Seed ound
Comparison ear
Comparison ear 27 esired Investors o of
companies
26 27 17.9
25.2
25.2
24.8
23.2
24 26 17.2
20.0
17.9
23 24 15.9
17.2
15.9
15.2
14.5
23 15.2
21.9
16
20.9
11.9
11.2
19.9
10.6
19.3
16 10.6
18.1
7
17.2
17.0
8.8
16.5
7 4.6
6.3
5.7
14.3
4.8
6
4.6
4.0
13.0
4.0
3.3
3.1
3.1
2.5
2.4
6 4.0
2.4
2.4
2.0
10.3
0.6
6 6 4.0
10
9.0
8.5
8.6
8.1
8.3
7.9
7.2
5
6.5
5 3.3
6.2
5.4
5.6
3.9
3.7
3.4
3.4
3 3 2.0
2.2
2.0
1.4 151 100.0
• •
•
•
98 99esired Amount of Initial Investment re Seed ound ost ecent ear in hich Startups Attracted Investment Seed ound
Comparison ear Comparison ear
Average K 8 million
ost ecent ear otal
1 in hich Startups
Attracted Investment o of
companies
otal
63.2
14 esired Amount of
5 1 1.4
Initial Investment
54.8
o of
companies
7 5 6.9
9 14 9.3
43.4
42.1
38.4
7 9.7
40.7
9
37.3
9 6.0
33.3
33.3
9 12.5
25.8
25.6
15 14
15 9.9 14 19.4
19.4
15.3
24
9.9
12.5
9.3
8.8
24 33.3
7.2
11.1
39 39 25.8
6.0
3.8
2.4
9.7
1.9
1.6
8.6
6.9
8 11.1
5.1
58 38.4 8
2.2
1.4
1.7
1.1
58 151 100 72 100
• • • •
•
Amount of Investment ecentl Attracted Seed ound
Comparison ear
Current ifficulties in Attracting Investment re Seed ound
Avarage K 0 million
1
otal
6
Amount of Investment
ifficult finding investors ifficult ith investor relations I 18 ecentl Attracted o of
25.8
25.4
25.0
companies
23.7
23.6
18 25.0
9
2 Investment decisions are ased on short-term
7
16.9
ifficult proving effectiveness of profit model 9 12.5
15.3
sales results
13.9
17
12.9
12.5
11.9
17 23.6
9.7
3 8
8.6
8.3
ifficult securing the marketa ilit of the profit
7.6
7
6.8
ack of information on attracting investment
7 9.7
4.3
model
0.8
10
4 9 ifficult convincing investors of the profita ilit 10 13.9
ifficult procuring funding
of pro ects 6 8.3
6
72 100.0
5 ack of net ork
• •
•
100 101esire to Attract Investment from Venture Capital VC irms Seed ound otal Investment Attracted from VCs Series A ound
Comparison ear Comparison ear
Average K 1 illion
esire to Attract otal
Investment from
otal
55
Venture Capital VC 88.2 otal Investment
irms
o of
76.3 76.4 6 Attracted from VCs
40.0
companies o of
companies
6 15.0
4
30.0
55 76.4
25.8
25.7
4 10.0
22.6
22.5
19.4
9
17.5
16.1
16 22.2
15.0
16.1
14.3
14.3
23.7 22.2 9 22.5
10.0
16 11.8
72 100 12 12 30.0
5.7
7 17.5
7
40 100.0
• •
• •
•
ifficulties in Attracting Investment from VCs Seed ound
C s Share Ac uisition ate Series A ound
1 6
Investment decisions are ased on short-term ifficult proving effectiveness of Comparison ear
sales results the profit model Average
2 ifficult making value estimations
7 ecessit of preparing for performance
management
otal
4 C s Share
48.6
3 8 VCs tend to make conservative investment Ac uisition ate o of
ifficult connecting ith VCs companies
decisions 9 4 10.0
30.0
4 9 ifficult attracting investment due to small 9 22.5
ack of net ork 7
22.6
22.6
22.5
compan si e 7 17.5
19.4
17.1
17.5
16.1
15.0
12.9
11.4
5
12 30.0
11.4
10 12
10.0
ro ects are in areas ith hich VCs are
ifficult procuring funding
8.6
6.5
unfamiliar 6 15.0
2.9
6 40 100.0
11 unding is limited to certain areas
• •
•
102 103Current ifficulties in Attracting Investment Series A ound C s Share Ac uisition ate Series B ound
Comparison ear
Average 0
1 ecessit of preparing for performance
management 6 ifficult deciding on stock multiple and
shareholding percentage
5 C s Share otal 40.6
2
36.9
7
Investment decisions are ased on short-term Ac uisition ate
ifficult receiving continuous investments o of
sales results companies
30.4
7 5 27.8
3 ifficult convincing investors of the profita ilit
of pro ects
4
7 38.9
4 22.2
4 ifficult proving effectiveness of the profit
model 1 1 5.6
5 ifficult finding investors
• •
•
Current ifficulties in Attracting Investment Series B ound
Si e of ollo -up Investment Attracted from VCs Series B ound
Comparison ear
1
Average K illion Investment decisions are ased on short-term
ifficult proving effectiveness of the profit model
sales results
1
Si e of ollo -up
Investment Attracted
o of
otal
2 ifficult deciding on stock multiple and
shareholding percentage
ecessit to prove high gro th rate
from VCs
1
companies
44.6
1 5.6 39.3 Investors are hesitant a out investing in certain
ecessit of preparing for future gro th
industries
1 1 5.6
28.4
VCs tend to make conservative investment iscordance et een the time funds are exhausted
1 5.6
5 decisions and the time investment funds are deposited
5 27.8
7 7 38.9
ifficult meeting investment conditions
• •
•
104 105a ack eriod xit um er of Investments eceived from VCs xit Startup Business pes
Comparison ear
Average 8 ears
otal
Startup Business
139
otal um er of otal
pe o of 53.6
1
companies
a ack eriod
o of 2 Investments eceived
o of 47.3 47.7 44.2
companies from VCs companies
139 47.3 41.4 40.7
1 1 25.0 2 50.0 130
130 44.2
1 25.0 1
1 25.0
1 1 25.0 23 7.8
11.7
1 25.0 23 5.1 7.8
1 25.0 294 100.0
1 1
4 100.0 4 100.0
• • • •
erception of Startups on ossi ilit of easons for egative erception on the ossi ilit of
aunches of roducts and Services
ecovering Investment Costs xit ecovering Investment Costs xit Comparison ear
otal
1
aunches of roducts
Startups erception otal
on ossi ilit
Increase in the num er of polic support programs 221 and Services o of
companies
75.0 75.2
of ecovering
67.8
3
2
Investment Costs o of
companies Increasing market demand for mergers and 221 75.2
ac uisitions
71 24.1
71
3
3 75.0
rior experience 294 100.0
32.2
1 1 25.0 25.0 24.1
4 Compelled to agree to merger
in order to succeed
ith capital increase
4 100.0
Pre Seed Seed Series A Series B Exit
• t est rtu sint ee itst e ercent ns eredt tt e e t ositive •
outt e ossi i it o recoverin investmentcosts • •
•
106 107um er of roduct Service anguages Sales evenue
Comparison ear Comparison ear
um er of
roduct
otal 243
82 Service o of
anguages companies 82.0 82.7
50
62 82 37.1 69.5
48.0
62 28.1 Companies arning otal
33 Sales evenue o of companies
37.1
35.1
33 14.9 30.5
33.8
28.1
28.0
43 243 82.7
43 19.5 18.0 17.0
19.6
19.5
50 17.0
14.9
12.0
12.0
11.6
294 100.0
Pre Seed Seed Series A Series B Exit
• •
• •
• ime to irst Sale Comparison ear
otal
87 ime to irst Sale
nglish esources o of
51.2
companies
45.1
68 87 35.8
196 181
35.8
54 68 28.0
97
28.0
71 69 62
24.4
42 54 22.2
22.2
27
21.5
2 1 1 1 27 11.1
17.5
15.9
18
11.1
6.3
Pre Seed Seed Series A Series B Exit
roduct- roduct
Compan Investment arketing romotional roduct uman cloud
Categor e site related ne s ress kit literature
profile roposals plan video catalog report
media catalog
o of
companies • •
ercentage
•
•
108 109Value of Sales in revious ear Comparison of atents ith revious ears
Comparison ear
Comparison atent registration atent application
of atents
otal
80 Value of Sales in ith 201 201 201 201 201 201
233
revious ear o of revious
companies ears o of o of o of o of o of o of
149
146
companies companies companies companies companies companies
41
76
69
46.8
80 32.9
40
43
19
32
22
23
32.9 77.7 149 49.7 146 49.7 152 50.7 147 49 155 52.7
16
14
41.5
9
3
26 41 16.9
16.9 7.7 40 13.3 43 14.6 44 14.7 32 10.7 43 14.6
32.9
26 10.7
33 10.7 10.7 76 25.3 69 23.5 78 26.0 79 26.3 58 19.7
25.8
33 13.6
19.5
13.6 3.0 19 6.3 22 7.5 13 4.3 19 6.3 16 5.4
18.5
17.1
16.9
45
13.6
45 18.5
152
11.4
155
147
11.1
13.6 1.0 16 5.3 14 4.8 13 4.3 23 7.7 22 7.5
10.7
10.6
9.5
78
6.8
79
13.6 100 300 100 294 100 300 100 300 100 294 100
58
43
44
22
23
32
13
19
13
16
Pre Seed Seed Series A Series B Exit
•
• •
• atents
148 165
256 232
73
47 52 56
19 7 13 20 4 1 12 9 18 28 12 4
atent registration atent application
um er of
Korea verseas Korea verseas
patents
o of companies o of companies o of companies o of companies
148 50.3 256 87.1 165 56.1 232 78.9
47 16.0 13 4.4 52 17.7 18 6.1
73 24.8 20 6.8 56 19.0 28 9.5
19 6.5 4 1.4 12 4.1 12 4.1
7 2.4 1 0.3 9 3.1 4 1.4
294 100 294 100 294 100 294 100
•
110 111tilit odel rademark ight
279 288 192 263
35 56 16
9 3 5 6 10 1 3
4 1 1 1
Korea verseas Korea verseas
um er of tilit odels um er of rademark ights
o of companies o of companies o of companies o of companies
279 94.9 288 98.0 192 65.3 263 89.5
9 3.1 3 1.0 35 11.9 16 5.4
4 1.4 1 0.3 55 18.7 10 3.4
1 0.3 1 0.3 5 1.7 1 0.3
294 100 294 100 6 2.0 3 1.0
294 100 294 100
•
•
esign atent
Cop right
252 285
14 21 5 1 3 5 263 292
13 13 1
4
Korea verseas
um er of esign atents
o of companies o of companies Korea verseas
252 85.7 285 96.9 um er of Cop rights
o of companies o of companies
14 4.8 3 1.0 263 89.5 292 99.3
21 7.1 5 1.7 13 4.4 1 0.3
5 1.7 - - 13 4.4 - -
1 0.3 - - 4 1.4 - -
294 100 294 100 294 100 294 100
•
•
112 113Comparison of the ate of ro th in egistered Intellectual ropert ights
tilit odel um er of atent tilit model esign rademark
atent egistered Intellectual
ropert ights 201 201 201 201 201 201 201 201 201 201 201 201
28,315 22,305 25,087 1,312 910 615 16,741 16,408 16,646 40,225 45,693 46,855
28,275 22,750 23,381 1,607 1,064 987 16,705 15,962 16,464 17,294 22,497 24,895
97,294 76,318 82,400 4,682 3,073 2,694 49,856 49,936 50,242 80,645 95,487 99,934
98.0
49.7
92.9
92.7
41.4
37.1
25.3
24.5
atent tilit odel
23.1
23.7
14.3
12.2
13.3
11.9
5.3
6.3
6.1
0.8
5.4
4.0
1.7
0.3
0.3
1.0
0.3
3.0
-7.20%
12.5% 6.5% 8.0% -18.90% -12.30%
-3.4% 1.7% -18.1%
201 average 2 201 average 01 -3.6% -20.8% -21.60%
-4.1% -4.0% -15.7%
201 average 28 201 average 0 2.8% -27.90%
-30.60%
2018 average 2018 average 02 -21.2% -21.6% -32.40% -34.40%
-19.5% -33.80%
Average annual gro th rate among startups over three ears - 0 Average annual gro th rate among startups over three ears -21
esign atent rademark ight
Average annual gro th rate among startups in 2018 2 Average annual gro th rate among startups in 2018 1
esign rademark ight
85.7
86.4
84.0
65.0
58.7
48.1
26.4
21.3
21.8
30.1%
13.7%
22
12.3
16.0%
8.0
7.5
6.3
7.8
5.1
5.4
3.7
5.0
9.8%
3.4
1.4
1.7
1.7
0.7
2.7
0.7
0.7
2.0
1.0
3.1% 13.6% 15.3% 18.4%
4.8%
0
3.1%
1.5% 4.9% 0.6% 2.5% 10.7% 7.8%
0.2% 5.2% 4.7%
-2.0% 5.2% 0.3%
-4.4% 0.4%
201 average 0 201 average 1
201 average 0 201 average 1
2018 average 0 2018 average 1
Average annual gro th rate among startups over three ears 8 Average annual gro th rate among startups over three ears 8
Average annual gro th rate among startups in 2018 2 1 Average annual gro th rate among startups in 2018 -
•
114 115Startups ith Intellectual ropert ights Investment ound argeted and referred Countries egions for verseas xpansion
Categor re Seed Seed Series A Series B xit arget and referred referred countr region Countr region to hich startups
Countries egions for have alread expanded
2016
verseas xpansion o of companies o of companies
91 64.5 54 62.1
57 40.4 35 40.2
49 34.8 39 44.8
45 31.9 29 33.3 2017
36 25.5 28 32.2
12 8.5 14 16.1
9 6.4 11 12.6
2018
7 5.0 9 10.3
• • •
•
•
verseas xpansion
Comparison ear
otal ifficulties in xpanding verseas
Compan lans to
xpand verseas
65 o of
companies
1 6
65 22.1
60 66.1 ifficult securing sufficient funding ifficult finding partners
56.4
2
60 20.4
81 48.0 arketing difficulties
7 ack of information on the region
81 27.6
22 22 7.5 21.4
29.0 29.6
22.1 3 anguage arrier
8 igh la or costs
12.5 14.7
65 65 22.1 4 ifficult finding ne distri ution channels
customers and markets 9 igh marketing costs
5 10
294 100
ifficult finding professional personnel ifficult receiving product certification
• •
•
116 117mplo ees ith o or ore ears of verseas xperience Activities to each argeted Customers
otal otal
Activities to each argeted Customers
121 em ers ith o or ore ears of
Average 1 hours
o of
verseas xperience o of companies
companies 151 69.6
27 73.8% 106 48.8
121 41.2 217 0.9% 2
106 48.8
128 36.9% 80
27 9.2 73 33.6
63 29.0
17 128 43.5
26.7% 58 64 29.5
12.9% 28 52 24.0
Pre Seed Seed Series A Series B Exit 17 5.8 42 19.4
26.2% 19.8% 43 34 15.7
294 100 77
12 5.5
Pre Seed Seed Series A Series B Exit
10 4.6
2 0.9
• 15 6.9
10 4.6
•
•
•
Social edia Sites sed for arketing and romotion •
otal
167 Social edia Sites sed for arketing and
112 romotion o of a or Sales Strategies and Strengths
companies
84
167 56.8
52 112 38.1
otal
48 96 Sales Strategies and Strengths o of
84 28.6
33 52 17.7
71 companies
5 48 16.3 50 96 32.7
4 33 11.2 71 24.1
3 29
5 1.7 50 17.0
2 4 1.4 13 29 9.9
2 3 1.0 12 13 4.4
14 2 0.7
79 9 12 4.1
2 0.7
9 3.1
2 14 4.8 6
6 2.0
79 26.9 1
thers aver Blogs eChat edium 2 0.7 1 0.3
3 3 1.0
• 4 4 1.4
•
118 119A areness of Competitors Stakeholders aking arge Contri utions to Startup evelopment
Comparison ear
218 otal
A areness of otal
161
Stakeholders Contri uting
Competitors
to Startup evelopment o of
o of companies
63.3
companies
74
54.8
161 54.8
53.2
218 74.1 74 25.2
73 28
33.2
28 9.5
25.2
17.3
73 24.8 10 10 3.4
9.5
9.3
8.5
7.7
7 2.4
3.7
4.8
3.4
2.4
2.3
1.4
7
14 4.8
14 294 100
•
• •
Assessment of Support olicies from the Central and ocal overnment for Korean Startups
140 Central government ocal government
120
105 esponses
o of o of
85 companies companies
21 31 31 21 21 7.1 17 5.8
17 17
105 35.7 85 28.9
120 40.8 140 47.6
31 10.5 31 10.5
Pre Seed Seed Series A Series B Exit
17 5.8 21 7.1
294 100 294 100
•
•
120 121reatest Advantages of Korea s Startup nvironment actors structing Startup ro th and Vitali ation
Comparison ear
otal otal
otal anking actors structing Startup ro th and Vitali ation o of actors structing Startup ro th and Vitali ation
Advantages of Korea s Startup nvironment o of Advantages of Korea s Startup nvironment companies
o of
companies
companies 201 201 2018
138 46.9 90 30.6 177 60.2
4 1 1
120 40.8 71 24.1 160 54.4
1 2 2
117 39.8 48 16.3 107 36.4
103 35.0 2 3 3
22 7.5 91 31.0
69 23.5 3 3 4
20 6.8 89 30.3
68 23.1 5 6 5 17 5.8
83 28.2
60 20.4 6 5 6 10 3.4
64 21.8
60 20.4 7 7 7 8 2.7
30 10.2
8 2.7 8 8 7 6 2.0
28 9.5
6 2.0 2 0.7
- - 9 2 0.7
2 0.7 294 100.0
17 5.8 - - 10
• •
• •
Comparison ear
pe of Support rograms and vents in hich Startups articipated
anking anking
otal actors structing Startup ro th and Vitali ation actors structing Startup ro th and Vitali ation
pe of Support rograms and
133 201 201 2018 201 201 2018
vents in hich Startups articipated o of companies
114 1 1 1 2 1 1
133 45.2
104 114 38.8 5 2 3 1 2 3
100 104 35.4 2 3 2 3 3 2
72 100 34.0 6 3 6
3 3 6
70 72 24.5
4 5 4
6 5 5
54 70 23.8
4 6 4 5 6 5
43 54 18.4
43 14.6 7 7 7 7 7 7
68
68 23.1 8 8 8 8 8 8
2
2 0.7 9 9 9
2 2 0.7
9 9 9
• •
•
122 123www.born2global.com
www.facebook.com/born2global
5
www.linkedin.com/company/born2globalSuccess Stories of Born2Global Member Companies
NEOFECT
Profile Summary
Timeline Status
2010 • Staff
50
2014 •
2015 •
•
2016 • Sales
•
•
4.4
•
•
lo al xpansion
2017 •
•
•
•
•
•
•
2018 •
•
•
•
•
•
•
129C
Seeing the effects on the
elderly members of his
family, he became keenly
aware of the need for low-
cost products and services
that help with sustainable
stroke rehabilitation.
130 131C
SendBird
Profile Summary
Timeline Status
Staff
2012
70
•
2014 •
•
Investors
2015 •
NEOFECT officially began 2016 •
trading on the KOSDAQ Su scri ers
e stresses that Born2 lo al Centre s accounting marketing and legal consultations ere •
this year. Ban, the CEO,
particularl helpful Startups often have difficult getting management support and Ban recogni es
says that its debut was
meaningful as listing the necessit of receiving help from supporting organi ations in these areas hen companies ant
•
45000+
provides stability to the to hire a la er the don t reall kno the specifics like ho the good ones are and ho much the
lo al chatting A
cost Ban explains e ere a le to receive advice and recommendation on such things 2017 •
employees and increases
customer confidence. •
45
inked apps
2018 •
12000+
•
•
132 133SendBird
We poured our hearts and
souls into providing a
first-class product to our
clients.
Since its inception,
SendBird has pursued
global and scalable
services for large
corporations.
As a result, SendBird now
has main cloud servers
in six regions around the
world.
134 135SendBird
ulalaLAB
Profile Summary
Timeline Status
Staff
20
2011 •
•
2015 •
or SendBird hich as struggling at the eginning the Born2 lo al Centre as a elcome relief • Sales
he relia ilit of its support ith glo al advancement allo ed SendBird to engage in an experimental
300
strateg targeting the glo al market
SendBird, which ranks No. Kim sa ithout Born2 lo al Centre s incu ator program SendBird ould not have een a le to 2016 •
1 in the chat API sector ecome a 201 finalist at the Slush 100 itching Competition the largest pitching competition for lo al xpansion
•
that generates an annual
startups in urope
revenue of USD 2 billion. •
•
2017 •
•
•
s Contracts
•
•
•
•
2018 •
•
ther Achievements
•Secureddomestic
investment
•
•
•
•
•
136 137ulala AB
It took us nearly seven
years to test our products
at production facilities,
trying to understand the
manufacturing system, and
listening to manufacturers
themselves.
138 139ulala AB
JLK Inspection
ulalaLAB will do our best
to make ulalaLAB Korea’s Profile Summary
first hardware unicorn.
Timeline Status
Staff
2014
21
•
•
the Born2 lo al Centre continued to support and encourage ulala AB in la ing 2015 •
2016 •
the foundation for glo al market entr through participation in pitching contests and exhi itions to find •
2017 • Sales
glo al partners and clients pu lication of foreign press releases and filing of patents overseas in the •
•
nited States uropean countries China Singapore Vietnam and hailand
•
•
595.01
lo al xpansion
2018 •
•
•
•
•
•
•
•
•
•
140 141K Inspection
I knew that AI would
bring revolutionary
changes, and I
dreamed of starting a
business in AI.
I felt that improving the
technology for diagnosing
strokes would improve
people’s quality of life and
also reduce the related
social costs, since Korea
has become an aging
society.
142 143K Inspection
12CM
Profile Summary
Timeline Status
Staff
2013
49
Born2 lo al Centre s s stematic support has een •
•
of great help for K Inspection to enter foreign markets he Centre provided multifaceted support
offering glo al advancement strateg seminars arranging meetings ith foreign u ers providing legal •
Sales
2014 •
consulting services on foreign la s and regulations issuing articles a out companies through glo al •
6.38
press agencies introducing agencies and helping the compan develop marketing strategies
•
hanks to the Centre s support K Inspection s entr into international markets is accelerating
• lo al xpansion
2015
•
2016 •
•
2017 •
• ther Achievements
• •
2018
•
•
•
• •
144 14512C
一齐韩游
Based on its peerless
technology, 12cm is
currently collaborating
with Samsung, SK
Broadband, Paybank, and
other innovative Korean
companies, as well as
Tencent, China’s largest IT
company.
146 14712C
GSIL
Instead of stopping at
simple loyalty marketing,
Profile Summary
vouchers, and promotional
services, we hope to open
a new chapter for our
company by providing a
variety of fintech and data-
related services. As 12cm continues to gro Born2 lo al Centre has een orking ith the compan in a range
of areas uilding distri ution channels and securing capital ne of the important a s the Timeline Status
Born2 lo al Centre provided support as through exposure to foreign media hich allo ed 12cm Staff
2013
12
•
to leave a strong impression on orld-class glo al enterprises In addition the Centre facilitated
•
12cm s participation in exhi itions overseas to enter ne
markets providing a foothold for the compan to expand
2014 •
lo al xpansion
glo all
2015 •
2016 •
Suppl Achievements
•
70+
Certification
2017 •
•
2018 •
•
•
148 149SI
GSIL’s smart safety
management system is able
to pinpoint the locations of
workers in real-time.
150 151SI
SecuLetter
Profile Summary
SI s de ut in glo al markets as made possi le largel through the assistance of the Born2 lo al Timeline Status
ast ear SI participated in the Vietnam- A oad Sho and India emo a and promoted Staff
2015
17
itself in the iddle astern and Southeast Asian markets he compan s participation in these •
•
ke events resulted in meetings ith investors and local companies as ell as ne usiness
opportunities
2016 •
• Sales
•
800
•
•
lo al xpansion
•
•
•
Investors
•
•
ther Achievements
2017 •
•
•
2018 •
•
•
•
•
•
2019 •
152 153Secu etter
We are continuously
gaining new clients
because our solutions can
be used by companies
that do not have their
own email server without
the need to purchase
additional equipment or
worry about maintenance.
154 155Secu etter
Sodacrew
Profile Summary
Timeline Status
Staff
13
2015 •
2016 •
In October 2016,
2017 • lo al xpansion
SecuLetter received
an investment of KRW
2018 •
2 billion from Korea
Investment Partners and
• Su scri ers
UTC Investment; just last
year, SecuLetter attracted
an investment of KRW 1 2019 •
17000+
billion from Woori Bank. •
Investors
hen the compan first egan Secu etter •
•
received support from the Born2 lo al Centre in the form of legal consultations on investments and
financial auditing im said e learned a out Born2 lo al hile e ere searching for institutions
that fund startups ith Born2 lo al s help e ere a le to secure our o n office space for the ther Achievements s Cotracts
first time at a ver reasona le rental fee Since e hope to gro significantl in the next fe ears
e are currentl focusing much of our attention on financial auditing Born2 lo al s accounting
consultation services have een and continue to e ver helpful
e noted that the support provided Born2 lo al as ver helpful in
this regard im said Securit solutions are usuall ver expensive and cost several hundred million
on Also ecause there is a need for regular maintenance purchases must e made ith a long-
term perspective hich in turn results in a high-entr arrier to the market Additionall people
al a s seem to expect that ne companies ill soon go ankrupt Born2 lo al s active promotion
of Secu etter in the media as the most helpful t pe of support offered Born2 lo al
156 157Sodacre
70 percent of customers
re-used our services within
three months, with the
user pool growing by 30
percent each month.
Sodacrew provides a user-
friendly money transfer
experience with minimal
fee and mid-market
exchang rate.
158 159Sodacre
afun interactive
Profile Summary
Timeline Status
Staff
2014
17
•
•
2015 •
2016 •
• lo al xpansion
•
•
•
•
•
2017 • s Contracts
•
• •
•
•
he legal consultations offered the Born2 lo al ere a great help especiall hen •
•
doing a comparative revie of legal procedures in Korea and the S and hen revie ing contracts ther Achievements
ith our foreign partners he Born2 lo al s assistance also helped us avoid conflicts related to •
• •
intellectual propert rights cop rights patents etc
•
•
• •
2018 •
•
•
•
• •
•
•
•
•
2019 •
•
160 161afun interactive
In 2017, as the company
celebrated its second
anniversary and its
first year as an official
corporation, afun
interactive earned a total
of approximately KRW
900 million in profits. In
short, the curiosity many
companies had about afun
interactive’s technologies
has translated into
substantive profits.
162 163afun interactive
MEDI FUTURES
Profile Summary
Timeline Status
Staff
10
2016 •
•
e are impressed the one-stop support s stem offered Born2 lo al that •
ena les Korean startups to gro and enter foreign markets Born2 lo al as a huge help especiall lo al xpansion
in terms of helping us complete the corporate value assessment needed to attract investors
su mitting an application for a glo al trademark revie ing overseas usiness contracts and helping 2017 • 5+
us complete ever thing else that as necessar for us to ranch out e ond Korea Su scri ers
•
• 200+
Investors
•
2018 •
•
•
2019 •
164 165I S
Since our products are
based on actual, real-
life needs, they bring in
profits as soon as they are
developed. We determine
these needs by consistently
communicating with
people in the field, and we
respond to these needs in a
flexible and timely manner.
166 167I S
ith the help of the Born2 lo al Centre e ere a le to appl for
a good C patent cooperation treat and are uilding up our patent- ased assets ased on the
road map e drafted during the consultation process e are currentl receiving consultations for
the esta lishment of an office overseas he fact that e can meet and seek advice from experts at
an time gives us a huge advantage
MEDI FUTURES is
quickly achieving its
goals, as can be seen by its
designation as one of the
“Final Three Partnership
Companies” at last
year’s Medtronic Asia
Innovation Conference.
This is a significant
accomplishment, given
Medtronic’s reputation
as the world’s number-
one company for barbed
sutures.
168www.born2global.com
www.facebook.com/born2global
6
www.linkedin.com/company/born2globalAfterword
Conclusion of the Korea Startup Index 2018
Average Sales of Venture-Backed Companies
74
72
72.2
71.9
70
70.3
69.2
68 68.4 68.5
66 67.2
64 64.5
64.0
62
60
58
2009 2010 2011 2012 2013 2014 2015 2016 2017
173174
Publisher
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