Is Seoul a Good Place to Launch a Startup?

Where you start your company still matters – but sticking too closely to one location might limit what you’re able to build. In today’s startup landscape, geography shapes your path – but it doesn’t have to define your potential.

Seoul has emerged as a strong hub for entrepreneurship, offering access to funding, talent, and infrastructure. But with growing competition, rigid local programmes, and support often reserved for the most polished startups, relying solely on what’s nearby can slow you down – or hold you back.

In this article, we’ll explore what Seoul gets right – and where founders often run into friction. We’ll also show how EWOR offers an alternative: a global, remote-first platform that gives you access to funding, mentorship, and community – no matter where you’re based.

1. Access to Funding in Seoul

Funding is one of the most critical ingredients in building a successful startup – and Seoul offers a growing ecosystem of support. From venture capital firms to government grants and angel investors, founders in this region have several pathways to raise capital and gain early traction.

Seoul's early-stage funding scene is dynamic, supported by both active VC firms and government initiatives. Notable VCs like Bon Angels and Kakao Ventures are key players in seed and early-stage investments. The government also provides significant backing through programs like the K-Startup Grand Challenge and the Ministry of SMEs and Startups' various funds, aiming to boost innovation and global expansion. However, challenges exist, including intense competition and a recent trend of decreased early-stage funding as some investors shift focus to later-stage, more stable companies. Data from early 2024 showed a sharp drop in seed funding compared to previous years, highlighting a potential gap for the earliest startups. Despite this, overall venture investment in Korea saw a rebound in 2024.

A More Flexible Path Forward

In the wake of these challenges, founders don’t have to rely solely on local funding options. EWOR offers a more flexible path – providing up to €500,000 in early-stage capital But EWOR is more than a cheque. Our capital comes bundled with personalised support, investor-ready storytelling, and access to a network of over 400 active European investors – many of whom regularly participate in our Grand Pitch events. On average, EWOR fellows who complete the programme and pitch go on to raise €2 million in follow-on funding – over 10x more than founders from comparable European initiatives.

2. Innovation and Startup Culture  

Seoul has become a centre of innovation, with numerous tech hubs, coworking spaces, and accelerators that foster creativity and new ideas. The local startup culture is vibrant, with a growing community of entrepreneurs working together to push the boundaries of what’s possible.

Seoul has a dynamic startup ecosystem with a strong focus on technological innovation, supported by the government and corporations. The city is home to numerous coworking spaces, including large hubs like Seoul Startup Hub and global names like WeWork, catering to various needs from freelancers to early-stage startups. Entrepreneurial activity is high, with a growing number of startups across diverse sectors like tech, biotech, and social innovation. Seoul hosts many tech events, conferences, and networking opportunities, such as Startup Grind Seoul and various tech-focused meetups. The ecosystem offers support for startups at different stages. Government-backed initiatives like KISED and Seoul Startup Hub provide tailored support, including education, mentorship, funding, and workspace, for pre-startups, early-stage, and scale-up companies. Programs like TIPS specifically target early-stage tech startups with funding and commercialization support. While competitive, there are resources aimed at nurturing early-stage founders alongside support for more mature startups.

For many entrepreneurs, the energy and resources available in Seoul can provide the ideal environment to test new ideas and gain early traction. The collaborative atmosphere allows founders to connect with fellow innovators and build networks that can help their startups grow.

While the local startup culture is vibrant, the support founders actually receive can be hit or miss. VCs might offer funding but little time. Angel investors often give advice, but it’s scattered and inconsistent. What’s more, many accelerators rely on a one-size-fits-all model that doesn’t reflect the needs of exceptional founders. In fast-moving, competitive ecosystems like Seoul, standing out is hard enough – getting the right kind of support shouldn’t be.

The Alternative to Cookie-Cutter Programmes

Finding a programme that truly adapts to your journey, not the other way around, is rare. However, EWOR offers the kind of depth and flexibility that many local programmes simply can’t match. Instead of following a fixed curriculum, our fellowships are modular and tailored – giving you the right support at the right time, based on where you are in your journey.

But the real strength of EWOR goes beyond structure. Fellows often describe the community as the most unexpected – and valuable – part of the experience. As some have put it: “The real magic lies in the community: the kind of conversations, insights, and connections that lead not only to breakthroughs – but to lasting friendships with some of the most fascinating people they’ve ever met”.

3. Talent and Workforce Availability

One of the greatest assets of launching a startup in Seoul is access to a skilled and diverse talent pool. With universities producing top-tier graduates in technology, business, and other fields, startups can tap into a wealth of expertise to help grow their teams.

Seoul boasts a highly educated talent pool, ranking third globally for knowledge. Over 50 universities contribute to a strong workforce, with South Korea having a high tertiary qualification rate. This provides startups with access to skilled professionals. The talent pool possesses strong technical skills, particularly in areas like AI, big data, cloud computing, and programming languages such as Python, C++, Java, and JavaScript/TypeScript, crucial for the growing tech and deep tech startup sectors. Local talent supports entrepreneurial growth through a strong foundation in R&D and innovation. Universities actively nurture entrepreneurial spirit and collaborate with industry. Government initiatives and organizations like the Seoul Startup Hub also provide support, fostering a dynamic ecosystem. However, some reports indicate challenges in finding highly specialized tech talent locally, leading startups to consider global hiring.

Like funding, competition for talent can be fierce, especially for highly specialised roles in fields like software development or AI. For startups looking to scale quickly, hiring the right people at the right time can be a challenge, leading some founders to look outside the region for remote talent solutions.

Get Global While Local

While hiring locally in Seoul can be competitive and slow, EWOR gives you instant access to a global network of exceptional talent. Built by founders for founders, the EWOR team has launched and exited companies worth over €12 billion – and they bring that experience directly into your venture. It's not just about funding or surface-level advice; it's akin to having a co-founder from day one. 

The team collaborates closely with you to refine your idea, challenge your thinking, and support you through real-world decisions – just like a hands-on partner would. Moreover, with EWOR’s exclusive co-founder pool, you can find the right person to build with, regardless of their location.

4. Infrastructure and Support Systems

Seoul boasts a strong infrastructure that supports the growth of new businesses. From modern office spaces to high-speed internet, entrepreneurs have access to everything they need to run their startups smoothly. Government policies may also provide tax breaks, legal support, and other incentives that make starting a business more attractive in this region.

Seoul offers a robust infrastructure and extensive support for startups, fostering a thriving ecosystem. This includes numerous coworking spaces, incubators, and accelerators providing resources, mentorship, and networking opportunities. The Seoul Startup Hub is a key government-initiated platform offering comprehensive support. Government initiatives play a crucial role. Programs like the K-Startup Grand Challenge attract global startups with funding and market entry support. The TIPS program supports tech startups with R&D grants. The Seoul Metropolitan Government actively invests in the ecosystem through funds like the Seoul Vision 2030 Fund and the Future Innovation Growth Fund, aiming to create unicorns and support growth stages. These resources, combined with a highly educated talent pool and advanced infrastructure, help businesses thrive in Seoul.

But what looks good on paper often proves more complicated in practice. Bureaucracy can be time-consuming and opaque, especially for first-time founders unfamiliar with local laws. Incorporation takes longer than expected. Accessing public funding often means navigating slow processes, strict requirements, or hard-to-reach advisors. And operational costs – from accounting to regulatory compliance – can quickly eat into early budgets. 

A System That Moves With You

With access to expert guidance, practical legal resources, and a network of experienced entrepreneurs who’ve built across a range of regulatory systems, EWOR is well positioned to help founders navigate the bureaucratic and legal complexities that often come with building in Seoul. Instead of wasting time figuring things out alone, you’ll have the tools and support to stay focused on what matters most – growing your venture.

And while we’re remote-first, our support is anything but distant. Through in-person gatherings like the EWOR House, city-based meetups, and our twice-yearly Grand Pitch event, you’ll still build meaningful relationships with investors, peers, and mentors. It’s a system that helps you focus on building – not just dealing with paperwork.

Can Seoul Be Considered the Best Place to Launch a Startup?

There’s no doubt that Seoul provides a vibrant environment for startups, with access to funding, innovation, talent, and infrastructure that can help entrepreneurs build successful businesses. For many, it’s a strong contender for the best place to launch a startup, thanks to its growing entrepreneurial ecosystem and support systems.

Entrepreneurs launching startups in Seoul face significant challenges. Competition is intense within South Korea's highly competitive business environment, with thousands of startups vying for market share. The cost of living in Seoul is notably high, particularly for housing and office space, leading many entrepreneurs to commute or utilize co-working spaces. Regulatory issues can also pose hurdles; while the government supports startups, navigating local regulations and laws can be difficult, and proposed regulations targeting online platforms have raised concerns among startups. Additionally, securing top talent in specialized fields is competitive despite a highly educated workforce.

However, it’s important to remember that the location of a startup is no longer the be-all and end-all. In today’s digital age, location-independent options like EWOR allow entrepreneurs to access world-class mentorship, funding, and resources from anywhere in the world. Whether you’re based in Seoul or elsewhere, EWOR’s remote programmes are designed to support founders no matter where they are located.

So, while Seoul offers significant advantages, it’s worth considering options like EWOR that enable you to launch and scale your startup with global support – whether you’re in the heart of a bustling startup hub or working from a quiet corner of the world.

Image credits: by Andreas Brücker on Unsplash