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The thriving startup ecosystem in Seoul, recently recognized as the 10th best city for startups worldwide, is facing obstacles and stagnation amidst global conflicts and reduced government funding, according to insights shared by Mr. Yang, the CEO of KRYPTON, Korea's pioneering startup accelerator.

Mr Yang said “Despite the immense growth of Korean startups, due to the government’s withdrawal of funds after the pandemic, the startup ecosystem has entered a period of stagnation.” 

He also stated “The Russo-Ukrainian war and the conflict between the United States and China increased the risk of startups.”

The article, Seoul ranked 10th best city for startup ecosystem in 2022, stated that “the Global Startup Ecosystem Report 2022 by the firm, dedicated to improving the startup ecosystem of each city, surveyed 280 cities across some 100 nations…”

Also, the Ministry of SMEs and Startups noted that the number of people working in startups amounted to about 760,000 in 2022.

Mr. Yang has been working as a startup accelerator for about 20 years. He founded the very first startup accelerator in Korea. 

Like the definition of the word “accelerate” would suggest, an accelerator aims to increase the amount or extent of startups. 

Throughout his career, the economic circumstances for startups have had ups and downs. 

The late 1999s to 2000 was the time of the economic bubble which led to a dark age for startups. 

As Korea’s economic situation improved, startups rose again in 2008. 

In the past 20 years, Korean startups have been increasing in their strength and economic impact . 

As an accelerator, Mr. Yang expects that the startup ecosystem will recover in the long-term. 

Mr. Yang says that startups are an important tool to change and develop the world. 

For his vision of a better world, he is putting effort into his job with willingness and professionalism. 

As the first accelerator in Korea, Mr. Yang is hoping to work until 70, which would make up 40 years of his career in the industry. 

Lastly, these are some tips from Mr. Yang for those who are interested in startups.

Number one: you have to clearly identify what you want to achieve through your business. Also, to achieve that goal, you will need a team to serve in diverse aspects outside your profession. 

Number two. Startups are part of reality. You need a sense of reality in order to face the hardships in the process of starting your own business. 

Mr. Yang emphasized the importance of startups in one sentence: “Civic movement was needed to change the world in the 1970s, and startups are needed to change the world in the 21 century.”