South Korea Experiences Record Number of Start Up Businesses

David Lee, Jan. 29, 2016, 7:54 a.m.

A record number of startups were registered last year, especially by women and young people. The Small and Medium Business Administration on Thursday said 93,768 startups were established in 2015, up 10.7 percent from the previous year. In December, startups rose 10 percent on-year to 8,679, surpassing the 8,000 mark for the month for the first time.

Entrepreneurs in their 20s and women led the growth. Businesses launched by people under 30 years increased at the fastest rate (28.3 percent). The number of startups by women increased 12.7 percent to 22,229, higher than the 10.1 percent increase among men. An official with the government agency said the increase has been especially marked in online and mobile shops run by women in their 20s.


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