Drs. Sussan's and Daily's Work Presented in a New Book Launch at Birmingham Business School in the U.K.

Drs. Sussan's and Daily's Work Presented in a New Book Launch at Birmingham Business School in the U.K.

This work is one of the publications from a larger research project about Korean management. Korean Management is a reserach initiative wtih the Center's Advisory Board Member Dr. Ki-chan Kim and his team of researchers at Catholic University of Korea. 

The entrepreneurial ecosystem in South Korea: a review

Fiona Sussan, Louis Daily and Ki-Chan Kim

 

Introduction

According to the Global Entrepreneurship Index (www.thegedi.org), South Korea ranks 28 globally. In Asia, South Korea’s ranking is trailing behind that of Taiwan and Singapore. In 2014, South Korea ranked number one in innovation among Organisation for Economic Co-operation and Development (OECD) countries, spending the highest percentage of gross domestic product (GDP) on research and development (R&D) and dethroning Israel, who had been first since 2012 (www.oecd.org/sti/msti.htm). In spite of their innovativeness, entrepreneurship in South Korea is not remarkably strong. In fact, entrepreneurship in South Korea is relatively weak in competition, opportunity perception, internationalization and lacks cultural support (www.thegedi.org). The GEI report only provides a snapshot of the status of entrepreneurship in South Korea in 2015. In order to understand the status of South Korean entrepreneurship today, one approach is to review what happened in the past or what patterns emerged from the past leading to today’s entrepreneurship ecosystem. The purpose of this chapter is to use a chronological narrative approach (Baumeister and Leary, 1997) to describe the evolution of the roles of government policy, markets, human capital and culture in the entrepreneurial ecosystem in South Korea for the past 50 years. Through descriptive lenses, we offer readers both aerial and landing views of the landscape of entrepreneurship in South Korea. In the following section, we begin with describing the economy in South Korea from 1960 to 2010, with the emphasis on policy and human capital that shapes the entrepreneurial ecosystem.

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