The Entrepreneurial Ecosystem in South Korea: A Review from the 1960s to the 2010s
Survey of Development in South Korea over the decades
Emerging from the devastation from the Second World War and the Korean War with poverty, high illiteracy, lack of resources and competencies, South Koreatransformed from being one of the poorest of nations to become one of the Four Asian Tigers. This is the “Miracle of the Han”. In the past half century, South Korea began as a recipient of OECD’s ODA and became a donor to ODA. Today South Korea has a creative economy with the nation being ranked number one in innovation by OECD in 2014.As creativity and innovation are often synonymous with entrepreneurship, this article aims to examine the entrepreneurship ecosystem of South Korea longitudinally for the past half century. This chronological narrative review describes the evolution of the entrepreneur ecosystem, specifically economic policy, human capital, and market forces, from the 1960s to the present. We discover a number of systematic patterns over timethat shape the currententrepreneurial status of the country. We conclude with recommendations for improving the entrepreneurial ecosystem in the future.
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