How Culture Fuels Business Growth

Similarweb simply launched a listing of the quickest rising digital firms in 2024, based mostly on year-over-year site visitors progress. Two firms jumped out at me proper off the bat:

💧Elorea: A high-end perfume firm with roots in South Korea that goals to problem the Eurocentric fragrance business.

👜 Musinsa: A web based market that caters to Korean vogue lovers, with curated picks of 1k+ manufacturers and its personal non-public label.

Their rankings are from completely different classes, magnificence and attire. Supply: Similarweb

Notably, Musinsa raised $190m final yr, at a time when VC cash is cooling on Asian startups.

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Their substantial progress is according to South Korea’s outsized affect on direct-to-consumer vogue and wonder. However the nation’s cultural affect goes past trying good or smelling good.

Something for that stunning glass pores and skin. Supply: Google Tendencies, six-months rolling common.

From the breakout success of Squid Video games, the mainstream-ification of Ok-pop, to the widespread recognition of Korean meals, Ok-culture has taken the world by storm

Listed below are two extra areas we’ll see Korean affect pattern up in 2024 and past: 

1. Tourism

Whereas its neighbor Japan stays high of the bucket record for a lot of vacationers, South Korea is having fun with its personal tourism buzz as nicely.

In 2023 the nation noticed 6.5m+ overseas guests – the federal government goals to triple that quantity and entice $24.5B in tourism income this yr.

Hefty purpose? Perhaps. However it’s heading in the right direction: The variety of guests of Jeju Island, a well-liked seaside vacation spot in South Korea, grew 9 instances yr over yr.

Seashore chillin’ in Jeju, anybody? Supply: Hills, Views and Valleys

However pure wonders aren’t the one drivers for Korean tourism in 2024:

🎫 For tradition followers: Cheer your idols on at Ok-pop live shows, go to your favourite Korean drama places, or attend packaged Ok-culture excursions that do all of it;

🛍️ For consumers: A serious occasion, Korea Grand Sale, gives promotions galore from mid-January to the top of February;

💼 For distant employees: South Korea introduced its digital nomad visa, inviting these making $65k+ per yr to remain there for as much as two years (they will even carry a partner or dependents).

2. Tech Startups

Korea’s spectacular report of way of life and cultural export doesn’t outshine its budding startup scene.

At this yr’s Client Electronics Present (the world’s greatest client electronics expo), 116 Korean ventures took residence the CES Innovation Awards, setting a report.

Stars are aligned for Korean enterprise builders all around the world:

  • The federal government is pouring in $10.7B by 2027 to nurture extra Korean-founded international unicorns, not simply native ventures;

  • Over 66% of South Korea VCs plan to speculate extra this yr, specializing in areas like robotics, AI chips, and well being tech;

Supply: Bloomberg

💬 Ultimate notice: There’s no denying that South Korea is turning into a worldwide powerhouse stuffed with enterprise alternatives. Entrepreneurs within the e-commerce, hospitality and startup house ought to particularly maintain their fingers on the heart beat.

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