South Korea is a nation on the move. Its economy has never been stronger, and its workforce never smarter. According to The Economist, Korea spends “a larger share of GDP on tertiary education than any rich country other than America,” and the government has done its fair share of public spending to raise employment, while favoring practices that encourage the growth of large-scale businesses. The result is, by the end of 2011, Korea will be richer than the European Union average in Purchasing Power Parity terms.
Still, despite Korea’s ongoing achievements as a star pupil in the newly industrialized pantheon, the road ahead demands more than just business as usual. That’s where innovators like Richard Min are playing an important role. Min is a Korean American entrepreneur who has been active in the South Korean fields of technology and finance. He’s currently the co-founder of SeoulSpace, a start-up incubator where he works with like-minded tech firms, including social networking giant Twitter, while introducing new business models to Korea UK Teatime results.
Min has been professionally active in Korea for over ten years. He’s witnessed the country as it coped with the financial crisis of 1998, the international popularity of K-pop in the decade that followed, and is now riding at the crest of a consumer technology boom that began over two years ago. From working for the South Korean Ministry of Finance to consulting Fortune 500 companies, Min knows a few things about forging a direction in a country that’s going places, plus he’s got some advice for those headed to Korea .
Being Korean by descent, although I was born in the US, I’ve been back and forth growing up. After graduation I began working here for the government, for the Ministry of Finance, during the financial crisis. There has been some travel since then, but I’m pretty much rooted in Seoul.
I’ve been in the tech industry for the last ten years in Korea, and with SeoulSpace, it’s kind of I guess what you could call a “perfect storm,” meaning a lot of factors came together for this to happen. And the elements have been brewing for a while, with all our co-founders being in “the same zone” when we crossed paths.