KOREA STARTUP INDEX 2018 - BORN2GLOBAL

 
KOREA STARTUP INDEX 2018 - BORN2GLOBAL
Startup
Korea

2018
Index

Korea Startup Index 2018
KOREA STARTUP INDEX 2018 - BORN2GLOBAL
2018
KOREA STARTUP INDEX
KOREA STARTUP INDEX 2018 - BORN2GLOBAL
A out the Korea Startup Index 2018

                                     3
KOREA STARTUP INDEX 2018 - BORN2GLOBAL
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
KOREA STARTUP INDEX 2018 - BORN2GLOBAL
KOREA STARTUP INDEX 2018 - BORN2GLOBAL
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KOREA STARTUP INDEX 2018 - BORN2GLOBAL
Foreword
KOREA STARTUP INDEX 2018 - BORN2GLOBAL
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
KOREA STARTUP INDEX 2018 - BORN2GLOBAL
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
KOREA STARTUP INDEX 2018 - BORN2GLOBAL
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Born2Global 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 ideas
B2G 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 ec
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30                                                          31
2013.09-2018.12

2018                     01

                         02
                              2018   07

                         03
                                     08
                                     09

                         04

                                     10

                         05
                                     11
                         06

                         07

32                                   33
2018   11
            2017   04

       12          05

                   06

2017   01
       02

                   07

       03

                   08
       04

34                 35
11

2017   09

                   12

       10

            2016   02

                   03

       11

                   04

                   05

36                 37
2016   05
            2016   09

                   10

       06

                   11
       07

       08

38                 39
2016   11

       12
            2015   04

                   05

2015   01          06

                   07
       02

                   08
       03

                   09

40                 41
2015   09
            2014   02

                   03
       10

       11

       12          04

2014   01

42                 43
2014   05

       06
            2014   12

       07

       08
            2013   09
                   10

                   11
       09

       10

       11
                   12

44                 45
2013   12

46
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Startup 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

                                                                                                                                                                                        51
um 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                                                                                                                                                                                              53
ivergent 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                                                                                                                                                                                                                     55
Increase 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                                                                                                                                                                        57
um 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                                                                                                                                                                                                                                                                                 59
imited 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                                                                                                                                                                  61
eakened 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                                                                                         63
Korea Investment artners   Smilegate Investment

                                I      Investment

     SoftBank Ventures Korea

                                    B Investment

64                                                     65
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Korean Startup Ecosystem
esearch vervie

esearch Sample
                            40   18   4
                 151   72

                                          71
Status 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                                                                                                                                                                                                 73
roportion 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                                                                                                                                                                                                75
Analysis 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
                                                                                                  •

                                                                                                  •

                                                                                                                                                                                                                                                  79
ocation
                                                                                                   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                                                                                                                                                                                                                                                                     81
a 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                                                                                                                                                                                                                                                                                                                               83
um 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                                                                                                                                                                                                                                                                                                                                               85
easons 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                                                                                                                                                                                                                                                                                   87
ounder 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
                                                                                                                                                                                                                                                                                        .0
Second 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                                                                                                                                                                                                                                                                                  91
rominent 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                                                                                                                                                                                                                                                                          93
Startups          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                                                                                                                                                                                                                                                                                                                             95
Comparison        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                                                                                                                                                                                                                                              97
Business 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                                                                                                                                                                                                                                                                  99
esired 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                                                                                                                                                                                                                                                                                                                               101
esire 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                                                                                                                                                                                                                                                                                         103
Current 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                                                                                                                                                                                                                                                                                                  105
a      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                                                                                                                                                                                                                                                                                                        107
um 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                                                                                                                                                                                                                                                                                                                                                                        109
Value 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                                                                                                                                                                                                                                                                                                                                                        111
tilit       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                                                                                                                                                                                                                                                        113
Comparison 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                                                                                                                                                                                                                                                                                           115
Startups   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                                                                                                                                                                                                                                                                            117
mplo 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                                                                                                                                                                                                                                                                                             119
A 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                                                                                                                                                                                                                       121
reatest 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                                                                                                                                                                                                                                                                                                              123
www.born2global.com
www.facebook.com/born2global
                                       5
www.linkedin.com/company/born2global
Success Stories of
Born2Global Member Companies
NEOFECT
 Profile   Summary

           Timeline        Status
              2010    •                     Staff

                           50
              2014    •

              2015    •

                      •
              2016    •                     Sales
                      •
                      •

                           4.4
                      •
                      •

                                    lo al xpansion
              2017    •

                      •

                      •

                      •

                      •

                      •

                      •
              2018    •
                      •

                      •

                      •

                      •

                      •
                      •

                                          129
C

          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                                    131
C

                                                                                                                              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                                                                                                                                                                       133
SendBird

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                                                   135
SendBird

                                                                                                                                 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                                                                                                                                                                                137
ulala 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                                   139
ulala 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                                                                                                                                                                             141
K 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                                                 143
K 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                                                                                                                                                              145
12C

       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                                        147
12C

                                                                                                                                    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                                                                                                                                                                             149
SI

      GSIL’s smart safety
      management system is able
      to pinpoint the locations of
      workers in real-time.

150                                  151
SI

                                                                                                         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                                                                                                                                                      153
Secu 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                                    155
Secu 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                                                                                                                                                                                                     157
Sodacre

                            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                                                    159
Sodacre

                                                                                                              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                                                                                                                                                        161
afun 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                                           163
afun 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                                                                                                                                                             165
I   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                                     167
I             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.

   168
www.born2global.com
www.facebook.com/born2global
                                       6
www.linkedin.com/company/born2global
Afterword
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

                                                                                                173
174
Publisher
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