S Korea grabs Google's first Asian 'campus'

S Korea grabs Google's first Asian 'campus'

SEOUL - Google formally opened its first Asian start-up "campus" in Seoul on Friday - a marquee-name nod to South Korea's aspirations as a regional hub for a new generation of tech entrepreneurs.

Opened by President Park Geun-Hye who has touted establishing a "creative economy" as a key policy for her administration, Campus Seoul is housed in the capital's upscale Gangnam district which has become a focal point for the Korean start-up community.

As well as providing a space for people to work and network, it offers mentoring and training by Google teams and experienced entrepreneurs, as well as access to other start-up communities in Asia and beyond.

"We feel we're at a tipping point where Korean start-ups will begin going global," said Jeffrey Lim, who heads the Seoul Campus operations.

It's a point that has been touted as tipping for some time, nudged by a highly educated, hard-working community in a country with some of the world's fastest broadband speeds and highest smartphone penetration rates.

But despite the domestic success of some start-ups, Korean firms have struggled to take their products to the global market.

There are a variety of reasons, including a lack of funding and know-how, well-intentioned but overly regulated government involvement, and the absence of any real role models.

Fear of risk and failure

There are also challenges that are particular to South Korea because of its recent history.

The Asian financial crisis that rocked the country in the late 1990s and the bursting of an initial dotcom boom in 2001 served to reinforce the widely held view that taking risks and running your own business was to invite volatility, insecurity and potential bankruptcy.

"When bright, young Korean graduates want to create their own start-ups, the biggest challenge they face is often their parents," said Lim.

"They still push them towards the security of jobs with the big conglomerates like Samsung and LG. They still feel that's the gold standard for how they raised their kids," he added.

But for those with the courage to take the plunge, there are encouraging signs that things are changing.

"And the good thing about Korea, is that when we change, we have shown we can change very fast," said April Kim, co-founder and CEO of ChattingCat - a start-up providing an instant English-language correction service for non-native speakers.

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