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South Korea has a thriving business community with startups cropping up all over the place. The government has fueled its growth through government incentives like co-working spaces and accelerator programs.
Startup Grind Seoul hosted its ninth event at the newly opened Google Campus Seoul. The guest speaker that night was Ms. Bedy Yang, Managing Partner at 500 Startups. She was able to give us specific advice that related to 500 Startups and also general advice for entrepreneurs.
Before going into 500 Startups-specific advice, here is a brief introduction of the company. 500 Startups is a global company that not only invests in companies but creates a platform for startups to excel. As a seed fund and accelerator, they have invested in over 1,000 companies in 50 countries. As a global community and ecosystem, they have a founder network of 2,500 entrepreneurs and expert mentor network of 250.
On plans on entering Korea, she mentioned that 15M has been allotted for investing in the Korean market. They have already invested in 8 companies in Korea, but that number will soon grow. Ultimately, she said half-jokingly, that their goal is to conquer the world!
An important piece of information for those interested in being invested by 500 Startups was that even for early stage startups, they do care about monetization. She said that they prefer companies that think from early on how to make money. Even if the founders do not see it at the moment, they may be able to.