South Korea’s economic model has for decades leaned on export-led manufacturing operated by family-owned corporate giants. A 2015 report from McKinsey outlined how the country would need small companies to drive an innovative model in preparation for the next phase of economic growth. “The key to fostering such innovation is a vibrant startup community. … Currently, the Korean startup community falls far short of this ideal,” the report said.
South Korean conglomerates like Samsung, LG, and Hyundai still play significant roles in Korea’s primary economic growth; most o