{"id":2197268,"date":"2022-07-06T16:52:37","date_gmt":"2022-07-06T07:52:37","guid":{"rendered":"https:\/\/www.nknews.org\/pro\/?p=2197268"},"modified":"2023-04-05T16:12:11","modified_gmt":"2023-04-05T07:12:11","slug":"how-foreign-firms-thrive-in-south-koreas-startup-ecosystem","status":"publish","type":"post","link":"https:\/\/koreapro.org\/2022\/07\/how-foreign-firms-thrive-in-south-koreas-startup-ecosystem\/","title":{"rendered":"How foreign firms thrive in South Korea\u2019s startup ecosystem"},"content":{"rendered":"

One of the most challenging aspects of running a tech startup is hiring developers. Though the current economic crunch may make things a little easier, there is undoubtedly a long-term mismatch between demand and supply for coding talent, resulting in inflated salaries and bonuses.<\/span><\/p>\n

The California Bay Area is the center of this phenomenon, but similar conditions exist here in Seoul too: Among startup employees, developers are by far the best paid and hardest to hire, as well as the quickest to jump ship.<\/span><\/p>\n

South Korean startups are often at a disadvantage in the competition for coders, unable to pay the requisite high salaries or less appealing to would-be employees due to their focus on the domestic market.<\/span><\/p>\n

But foreign firms can find niches where they can thrive by hiring local talent. Identifying those areas can be key to building a successful startup and attracting investment.<\/span><\/p>\n

INDUSTRY ARBITRAGE<\/b><\/p>\n

It is difficult to overstate the leverage that coders have when looking for work. Developers are sometimes called the new investment bankers, but even that undersells it: Developers also get to have a life outside of work.\u00a0<\/span><\/p>\n

This author directly experienced this phenomenon in 2019 when hiring a team of three to build a Korean-language meditation app. Despite being able to pay reasonable salaries, it took six months to complete the task.\u00a0<\/span><\/p>\n

One interviewee even turned up wearing a T-shirt and shorts and said that though he lived mostly in Thailand, he would be able to work remotely and visit the office once a month. Though our firm rejected him, it is likely he ended up getting what he wanted somewhere else.<\/span><\/p>\n

\"\"

Lines of code | Image: Pixabay<\/p><\/div>\n

Well-funded foreign firms can enjoy an unfair advantage if they are willing to open an office in Seoul or tech hub Pangyo and fill it with Korean developers, while maintaining marketing and other functions back home.\u00a0<\/span><\/p>\n

This is particularly true for startups from the U.S., where the median seed funding round was for over $2 million on a <\/span>pre-money valuation<\/span><\/a> of over $11 million in Q1 2022 \u2014 three or four times what a Korean equivalent might achieve. Quite simply, they can outpay local startups and match even the top Korean tech firms like Naver, Kakao and Baedal Minjok, while still saving a lot of money versus what they\u2019d pay for developers in the States.\u00a0<\/span><\/p>\n

One Korean American entrepreneur building a platform to develop cosmetics brands for social media influencers called it a form of <\/span>arbitrage<\/span><\/a>.\u00a0<\/span><\/p>\n

\u201cEntry-level salaries here [in Seoul] are around the equivalent of $45-50,000, but back home [in the U.S.], I might have to pay $130-140,000, plus signing bonuses and other benefits,\u201d said JL, who asked that their full name not be used due to the sensitivity of the issue.\u00a0<\/span><\/p>\n

There is an element of risk aversion among prospective employees here. Candidates perceive virtually no incentive to joining a small local startup and tend to value a low-risk high salary over stock options and the vague promise of a brilliant future, unless the founder is uniquely persuasive. A developer worth their salt can easily find work at one of the local giants and gain both a good salary and stability, a kind of holy grail situation in Korean society.<\/span><\/p>\n

A promising foreign startup can often overcome this by its very nature as an international entity. Even giant Korean tech firms are largely confined to the domestic market, meaning an outsider can offer an advantage for developers with any kind of global ambition while matching what the likes of Kakao can pay.<\/span><\/p>\n

The typical case is of a firm led by a bilingual Korean or Korean American who has a network in both countries, able to raise money in the U.S. and then hire in Seoul. One recent successful example is Radish Fiction, a web fiction app that sold last year for $350 million.\u00a0<\/span><\/p>\n

Radish targeted the English-speaking market but was built by Korean developers and led by a Western-educated Korean founder. Such entrepreneurs take advantage of the huge global market on one side, and reasonably priced, high-quality Korean coding talent on the other. For the same money, they are building teams two or even three times the size.<\/span><\/p>\n

It is important to note that they do not consider themselves to be engaged in mere outsourcing. Hires are team members in full, and investors \u2014 who may run from a founder who claims they can scale up by contracting coders across multiple countries \u2014 know the difference.\u00a0<\/span><\/p>\n

\"\"

Roll of American dollars | Image: Karolina Grabowska via Pexels<\/p><\/div>\n

SPACE TO FLOURISH<\/b><\/p>\n

There are in fact plenty of venture capital firms who look very favorably on what entrepreneurs like JL are doing, and there are even venture capitalists whose main focus is on bridging Korea and the U.S., such as <\/span>Strong Ventures<\/span><\/a> and <\/span>SparkLabs<\/span><\/a>.<\/span><\/p>\n

JL noted the important caveat that opportunities can be quite sector-specific. Developer arbitrage works very well for his particular industry.<\/span><\/p>\n

\u201cOur company is engaged in social commerce, where Korea is a year or two ahead of the U.S.,\u201d he told <\/span>Korea Pro<\/span><\/i>.\u00a0<\/span><\/p>\n

This gives him a double benefit \u2014 the developers he has hired here are not only cheaper to hire but also better. Gaming is another obvious area for such hiring. But JL added that \u201cwere I running a fintech startup, I wouldn\u2019t hire from Korea.\u201d<\/span><\/p>\n

Fintech is one area in which Korea is still a tech Galapagos, with all manner of regulations that has made the industry develop in unique ways that are not necessarily compatible with other countries.\u00a0<\/span><\/p>\n

Certain cornerstones of the Western startup ecosystem \u2014 such as Stripe, the payment provider that legions of startups consider a default, are regulated out of existence in Korea. Developers working in fintech in Korea may need to go through a readjustment period before being able to build services for another market.\u00a0<\/span><\/p>\n

But for those who are operating in the right space and possess cross-cultural skills, it is possible to gain a huge advantage by opening a Korean office and hiring a team of Korean developers. For those without such positioning and skills, there is always the option of investing in those who do.\u00a0<\/span><\/p>\n

Edited by Bryan Betts<\/span><\/i><\/p>\n

Business & Economy<\/span><\/a><\/div>","protected":false},"excerpt":{"rendered":"

One of the most challenging aspects of running a tech startup is hiring developers. Though the current economic crunch may make things a little easier, there is undoubtedly a long-term mismatch between demand and supply for coding talent, resulting in inflated salaries and bonuses. 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