ENTREPRENEURSHIP AND INNOVATION IN SOUTH KOREA
ENTREPRENEURSHIP AND INNOVATION IN SOUTH KOREA

Summary/Abstract: Innovation and entrepreneurship are considered a necessity in any state’s development. In South Korea’s case, chaebols1 are the resistance structure of the economy and one of the most important forces in the state. However, their existence, together with the traditional culture such as Confucianism, has a great impact on the entrepreneurship development and innovation in the country. The article also aims to create an analysis of the Korean entrepreneurship environment and highlight the factors that lead to the development of research and development sector, facilitating entrepreneurs to open new businesses. The research is based on data provided by The World Bank, Dealogic, IMF, World Economic Forum and Entrepreneurship Barometer and the literature related to the Korean culture and social environment. The findings indicate that the Korean traditional culture together with the chaebols have a slowing impact on the South Korean entrepreneurship, although the country is considered one of the most innovative in the world.

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