Seoul ranks 9th in ranking of easiest cities to start a business in South Korea

It was revealed on the 10th that Seoul, South Korea, was ranked 9th in a ranking of 300 cities around the world as the "best city for starting a business." This ranking is based on the ecosystem of business startups.
The report was released by StartupGenome, a US organization that evaluates startup ecosystems, and ranked Seoul among the top 10 in its Global Startup Ecosystem Report.
was ranked 9th, its highest ever ranking, up from 10th in 2022. The highest-ranked city was Silicon Valley in the United States, with New York and London in joint second place.
In fourth place were Los Angeles in the United States and Tel Aviv in Israel. Singapore was the highest ranking city in Asia at seventh place, followed by Beijing (8th), Seoul (9th), and Tokyo (10th).
The report gave Seoul a perfect score of 10 in the fundraising category out of five evaluation items. This is a high ranking, equivalent to first in Asia and fifth in the world, and shows Seoul's high competitiveness.
The city plans to create 3.6 trillion won from 2019 to 2022 through the Future Innovation and Growth Fund and actively provide funding to 1,372 companies.
Last year, the city established the Seoul Vision 2030 Fund, which has raised 1.3 trillion won by March 2024. The city plans to increase the size of the fund to 5 trillion won by 2026.
The report also highly praised Seoul for its ecosystem vitality, creative experience and human resource development, and knowledge accumulation.
In terms of the entry category, there was a significant improvement from 1 point last year to 7 points. Startup Genome said that the improvement in exit performance of startups that have successfully scaled up has led to Seoul's startup scene.
"Seoul is ranked ninth in the world as the easiest city to start a business," said Lee Hae-woo, head of the Seoul Metropolitan Government's economic policy office.
The city of Seoul's recognition is the result of its steady efforts to create an innovative startup environment and the creation of a startup ecosystem where startups in various fields can cooperate and grow," he said.
With the goal of becoming one of the top five global startup cities by 2025, we will build a one-stop cutting-edge technology commercialization system, intensively foster innovative technology-based companies in areas such as AI, bio, robotics, and quantum technology, and promote domestic and international startups.
"We will strengthen exchanges and cooperation between the two countries," he said.