As more and more students in Korea pursue entrepreneurship, more Universities in Korea are creating accelerator and incubator programs to support them. It is becoming clear that entrepreneurship will be the main driver for a healthy economy in South Korea moving forward. The aim for 2023 will be the bring back the entrepreneurial spirit and Korea University’s KUBS Startup Station is one of the few entrepreneurial programs in Korea that is doing it right.
KUBS Startup Station at Korea University runs one of the best startup incubation programs in Korea. The program does a great job of nurturing entrepreneurship skills that will help the next generation thrive in innovation and digital expertise. These programs will be crucial in 2022 as more and more students are looking to create innovative startups in the digital space. With most learning moving online in South Korea, students are starting to understand that the future is to go offline and businesses that go digital have a higher chance for success.
The Future of Korea’s Startup Ecosystem
The future of Korea’s startup ecosystem will rely on Korean students who are problem solvers that are both creative and adaptive. Programs like KUBS are the future of teaching the kind of agency that everyone will need, entrepreneurship. It is crucial for more Universities in Korea to adapt to a rapidly-changing world. Korea needs more entrepreneurial thinkers that can come up with radical and innovative new approaches. These entrepreneurial thinkers will not only help big corporate companies in Korea but also will start their own businesses that might end up becoming startup unicorns in Korea. Korea University understands this which is why they created the KUBS Startup Station.
The Top University in Korea for Future Entrepreneurs – Korea University
Universities in Korea can offer young entrepreneurs not only seed funding but also safety and flexibility. This paves the way for students to pursue their dreams and create world-changing innovations. Korean Universities overall do not have enough entrepreneurial programs or startup accelerators to help promote entrepreneurship. Most of the programs are offered by private companies or the Korean government. Korea University is one of the few that offers a program focused on startups. They have a pool of very capable and innovative students and they offer them a very supportive ecosystem and campus environment where they have access to a vast amount of resources from co-working spaces to access to early-stage investors (Korea University Alumni).
Students at Korea University don’t have to choose between an education and their entrepreneurial ambition. They can still pursue their traditional form of education while also learning the ins and outs of business development and starting a startup in Korea. Students will be able to take more risks through these programs because they will be in a more protected environment that is built for learning rather than making a profit. This will go a long way in helping entrepreneurs at an early stage discover what matters to them most.
A Great Talent Pool for Accelerators in Korea
There are many startup accelerators in Korea that are constantly looking for fresh talent. University programs such as KUB Startup Station can help large-scale accelerators such as Sparklabs find better-prepared students with more mature ideas. The more startup programs started by Universities in Korea the bigger the talent pool will grow. This will ultimately lead to more options for students. They can choose to take their talents to some of the top corporations in Korea, start a startup through an accelerator in Korea, or bootstrap their startup business on their own. Having more options is the key so students in Korea don’t feel they are stuck in one single crowded path.
KUBS Startup Station’s Focus
KUBS Startup Station is extremely focused on increasing the agency of students and optimizing them for their future work. These entrepreneurial skills are also beneficial for young Koreans who will choose traditional work because they teach them to own a problem and work it out. This will help develop some of the best possible future employees in Korea. The aim in Korea should be to give every University student the preparation they need so they can help solve the problems of the future.
To date, KUBS Startup Station has supported 69 startups that were able to raise a combined $8 million. The startups have a combined valuation of $45 million.
The Korean government is creating new funds to push the development of new growth industries. The main objective of these funds will be to help support the Korean startup ecosystem. It will be called the K-New Deal which will invest in both the digital and green sectors. The Korean government will invest an estimated $9 billion in startups and ventures over the next 3 years as part of its plan for innovation and economic growth. In addition, South Korea is desperate for innovative and versatile talent especially post-COVID as many industries are looking for new solutions for doing business post-COVID.
Therefore, entrepreneurship is critical not only to benefit students in Korea but also to help the Korean economy by creating jobs and driving economic growth.
Let us take a closer look at the best entrepreneurial program in Korea, KUBS Startup Station.
KUBS Startup Station comprises two centers:
Seung Myung-Ho Center for Entrepreneurship Education
This center is for entrepreneurship education. It provides educational programs focused on startups and entrepreneurship. Furthermore, the Center holds a biannual venture contest called Startup Express. Aspiring entrepreneurs first need to propose an innovative business idea. Their team must have at least one current student or graduate (including graduate students) of Korea University Business School. Startup Express gets around 40-50 submissions per semester and only 4-5 teams get selected. Expert judges review these submissions. Then they each are provided office space at the Iljin Center for Startup Incubation, an operation budget grant, and a variety of support to start their business.
“I hope that you look far and wide, rather than being satisfied with the status quo. This is tied to the mission of KUBS Startup Station. Find work you love and challenge with your heart and soul. Sometimes, you need to boldly choose and concentrate. President of Donghwa Group, Myung-Ho Seung
Iljin Center for Startup Incubation
This is a center for startup incubation. It offers a wide range of services, office spaces, mentoring, and networking programs for student entrepreneurs. Furthermore, the center also holds a biannual startup demo day event called “Choo Choo Day.” This demo day is hosted by KUBS Startup Station to support startups to successfully find their place in the market. KUBS has a train motif to show that they are pioneers of the Fourth Industrial Revolution. In addition, at the Iljin Center for Startup Incubation, teams will get support from expert mentors. Moreover, they will get a chance to showcase their products/services and their business model to investors, company representatives, and media for future communication and networking.
Iljin Center for Startup Incubation offers free office space for awardees of the venture contest Startup Express and teams selected through a rolling-basis open call procedure. In addition, startups can register their business with the address of the Iljin Center for Startup Incubation.
“I hope that the newly opened KUBS Startup Station becomes home to entrepreneurs with integrated thinking skills. I believe our students will find opportunities for success through the fearless challenge.” President of Iljin Group Sangil Lee
Benefits of KUBS Startup Station
- Mentor Network consisting of entrepreneurs, industry experts, and venture capitalists
- Communication with investors and business experts
- Sharing experience through startup networks
- External consulting services
- Partnership with industrial leaders including Samil PwC, Kim & Chang, Amazon Web Service, and CROWDY
- Designated seats for each startup team
- Convenient facilities including meeting rooms and lockers
- Space rental services for entrepreneurship-related seminars and lectures
- Multi-purpose rooms for future entrepreneurs
- Series of inspiring lectures on entrepreneurship and innovation
- Series of practical lectures for startups including law, tax/accounting, pr/marketing, and UX/UI
Connecting Present and Future Young Entrepreneurs in Korea
KUBS Startup Station connects startups and entrepreneurs in Korea. Startup teams are working and growing together with other Korean companies that support each other’s innovative values. Therefore, young and innovative entrepreneurs in Korea share their knowledge and know-how without boundaries at KUBS Startup Station. Furthermore, they also have great alumni who have pioneered entrepreneurship in Korea. They understand the purpose of KUBS Startup Station and fully support young entrepreneurs taking on new challenges.
Korea needs more problem-solvers who are creative, flexible, and entrepreneurial in their thinking. Therefore, entrepreneurial programs like KUBS offer a space to explore a range of options. Therefore, giving them the chance to grow and expand their minds and develop critical thinking. Furthermore, expect to see more and more entrepreneur programs like KUBS represent at least a part of future education in Korea. In addition, their ultimate goal is to create a startup ecosystem where young entrepreneurs can optimize themselves for their future.
“KUBS Startup Station wants to create a startup ecosystem community that connects entrepreneurs in Korea so they can support each other and learn from each other” Shijin Yoo, Director at KUBS Startup Station
Startup Essential Education
Startup Essential Education is a project that supports startup education in Korea. Therefore, their aim is to educate new startups in Korea in the early stages of their business. They help establish networks, hold training sessions/workshops, have lectures on startup business models, and bring on speakers to talk about the current state of the Korean startup ecosystem. In addition, the program is for 3 days and takes place early in the year.
The Future of Entrepreneurship in Korea
Korea needs more entrepreneurship programs like KUBS Startup Station. Furthermore, entrepreneurship does not just mean starting your own company. Koreans that will choose traditional office jobs for Korean corporations can learn a lot from these programs. Therefore, the goal of programs like this is to let students have the training, resources, and access to either find or create meaningful, well-paid work. To become great partners and leaders. Furthermore, to become contributing members of their communities and their society. Therefore, let’s give every Korean student the preparation they need so they can help to solve the problems of the future.
