South Korea:
A Global Gateway for Thai Startups
In a world where business expansion knows no borders, South Korea has established itself as a prime destination for startups worldwide. Its robust ecosystem is designed to accelerate growth, offering invaluable access to funding, expertise, partnerships, and international opportunities. A key player in this landscape is Y&Archer, a dedicated “Growth Partner” that systematically propels startups forward. Y&Archer primarily focuses on supporting startups at the Pre-Series A stage and beyond.
Over the past decade, Y&Archer has built a powerful network with over 30 partners, including government agencies, academic institutions, investors, and private companies. They have invested more than $40 million in over 200 startups and run over 80 support programs annually. Their network spans across South Korea, Southeast Asia, and Europe. Their goal goes beyond simply providing capital; they also focus on matching startups with strategic partners, developing new business models, and facilitating cross-border expansion.
A compelling example of this is the collaboration between Thai startup Jordsabuy, a parking reservation and sharing platform, and Korean startup Bestella Lab. The partnership was forged through a matching process, leading to a successful joint Proof of Concept (POC) that is currently being further developed. Y&Archer has also partnered with Thai agencies like the NIA through the Matching Fund program, which helps raise capital in collaboration with Thai government bodies such as the FTI and BOI.
A Thriving Startup Ecosystem
South Korea is home to one of the world’s largest startup communities, with over 1 million startups, of which more than 40,000 are in the technology sector. The country currently boasts 33 unicorns, and the government injects over $5 billion annually into the startup ecosystem. This has earned South Korea the 6th spot globally for the strength of its startup environment, which is highly conducive to long-term experimentation, development, and scaling.
One of the standout initiatives currently open to applications is the Global Market & Investment Link program. This program invites startups from Thailand and other ASEAN countries who want to establish a presence in South Korea. It offers access to government funding and provides an opportunity for in-depth interviews and market research to help startups determine their product-market fit. Participants also get 1-on-1 consultations with Korean experts in fields such as AI, MedTech, Sustainability, and EV. Successfully completing this program can help startups officially establish a company in South Korea.
A Testbed for Innovation
Beyond its supportive ecosystem, South Korea is an excellent testing ground for new platforms and technologies. With a population that is highly receptive to technology and has the world’s highest 5G adoption rate, startups in platforms, consumer internet, and mobile-based products can use the Korean market as a launchpad. This can serve as a steppingstone for efficient expansion into Japan and other countries across Asia.
Clearly, Hong Kong, Japan, and South Korea are ready to become partners with Thailand—not just as markets for Thai startups. The question is, are we ready to be brave enough to cross borders, move towards the future, and achieve our ambition of becoming successful players in the Asian market?
