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Scale-up Policy for Seoul

Author: 
Dalho ChoㆍIn Hye Yu

Newly established businesses are going through a very bumpy road, and many of them do not survive for quite some time. In Korea, only 8.2% of newly founded business firms survive and last for more than 10 years. Only a few survive and flourish, and hence, create substantial amount of value-added and employment for its own sake and for society.
Seoul Metropolitan Government(SMG) tries to help establishing new businesses by providing offices with free of charge, consulting and education opportunities. However, what really matters are how to select a few good business firms, how to mentor and educate them properly, how to connect them with other businesses including angel and venture capital, and hence, make them scale up and prosper. 
This research provides some case studies of good scale-up policies home and abroad, and suggests ways of scale-up policies for Seoul.