START-UP TREND REPORT 2021
Transcript of START-UP TREND REPORT 2021
This report is co-published by Open Survey, a mobile research platform, and Startup Alliance, a startup support network.The scope of work covered by this report is as follows.
✓ Open Survey : Project design, employees and job seekers survey, analysis and report drafting✓ Startup Alliance : Project design, founders survey, final report review
START-UP TREND REPORT 2021
START-UP TREND REPORT 2021
Part A. Survey Abstract ……………………………………………… 3
Part B. Summary of Results ……………………………………………… 4
Part C. Detailed Breakdown of Results
1. Founders …………………………………………………………….. 13
2. Startup Employees ……………………………………………………………… 35
3. Corporate Employees ……………………………………………………………… 53
4. Job Seekers ……………………………………………………………… 68
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START-UP TREND REPORT 2021
Title START-UP TREND REPORT 2021
Objectives To understand the perception and reality of those participating in South Korea’s startup scene, with a focus on the IT/knowledge service industry.
Target 1) 166 Founders
• Target: Founders/Co-founders
• Experience: 36 founders who started a business within 1 year,74 founders within 1-3 years, and 54 founders over 3 years ago
2) 250 Startup Employees
• Target: Employees of local startups/venture businesses
3) 250 Corporate Employees
• Target: Employees of local corporates with over 1,000 current employees
4) 200 Job Seekers
• Target: Job Seekers currently in college/graduate school 864 Total
Period August 5 – 19, 2021
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START-UP TREND REPORT 2021
B. Summary of Results
Most Preferred Investor(N=164, Founder)
Organization Providing Most Active Support for Startups(N=164, Founders)
Urgent Improvements for Startups* (N=164,Founders)Evaluation on Startup Ecosystem (N=164, Founders)
73.4 71.3 79.065.9 66.5 69.0
Overall Startup Ecosystem Government’s Role/Contribution
2019
2020
2021
(Unit: Points)
1st
2019 2020 2021Obtain initial capital/increase investment
(41.6%)
Obtain initial capital/increase investment
(46.4%)
Obtain initial capital/increase investment
(38.4%)
2ndDeregulation
(39.6%)Secure talents (36.7%)
Deregulation(34.8%)
3rdEncourage M&A/IPOs
(32.9%)Encourage M&A/IPOs
(29.5%)Secure talents (33.5%)
*Overlaps in 2019 (2 responses), 1st+2nd ranking responses in 2020, 2021
1st
Accelerator VC
• Primer (18.9%) • Altos Ventures (20.7%)
2nd• FuturePlay (10.4%)
• MashUp Angels (10.4%)• Kakao Ventures (18.9%)
3rd • SparkLabs (9.8%) • SoftBank Ventures (14.6%)
1st
Corporate Public Institution
• Naver (31.7%)• KISED (Korea Institute of Startup
and Entrepreneurship Development) (32.3%)
2nd • Kakao (15.9%)• SBA (Seoul Business Agency)
(14.0%)
3rd • Hyundai Motors (11.0%)• CCEI (Creative Economy
Innovation Center) (12.2%)
*Founders 2019(N=171), 2020(N=166), 2021 (N=164)
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START-UP TREND REPORT 2021
B. Summary of Results
Leaving for Startups (N=250, Corporate Employees) Startup Employment (N=200, Job Seekers)
Startup Life Satisfaction (N=250, Startup Employees)Startup Image
Positive (N=48, 1st)
Expectations on profit with stock options (33.3%)
Accomplishment from rapid growth(31.3%)
Negative (N=158, 1st)
Concerns on reduced welfare benefits (40.5%)
Anxiety towards job instability(34.2%)
Positive (N=61, 1st)
Accomplishment from rapid growth (31.1%)
Autonomous/horizontal organization culture(24.6%)
Negative (N=78, 1st)
Anxiety towards job instability (35.9%)
Uncertainties in career building (24.4%)
Satisfaction Factors(N=250, 1st)
Autonomous/horizontal organization culture (38.8%)
Prompt/flexible decision making (19.6%)
Dissatisfaction Factors(N=250, 1st)
Welfare benefits (30.4%)
Lack of leaders/role models (27.2%)
42.0
21.2 17.6 16.4
2.8
Do not consider
at all
Do not consider
Unsure ConsiderStrongly consider
21.5 17.5
30.5 27.0
3.5
Do not consider
at all
Do not consider
Unsure ConsiderStrongly consider
Negative39.0%
Positive30.5%
Negative63.2%
Positive19.2%
2.4
12.8
40.4 35.6
8.8
HighlyDissatisfied
Dissatisfied Unsure SatisfiedHighly
Satisfied
Negative15.2%
Positive44.4%
38.8
23.6
15.2 11.2
4.8 3.6 2.4
33.2
24.4
9.2
19.6
5.6 5.22.0
35.031.5
3.5
17.0
3.08.0
1.5
Creative/innovative
Young/fresh
Live/energetic
Unstable/uncertain
Promising Reckless/risky
Diversity
■ Founders (N=164)
■ Startup Employees (N=250)
■ Corporate Employees (N=250)
■ Job Seekers (N=200)
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START-UP TREND REPORT 2021
B. Summary of Results
Work Satisfaction Reward/Compensation Satisfaction
Severity of Startup Labor Shortage vs. Past Year (2020)Severity of Startup Labor Shortage/Difficulties in Recruitment
16.0
42.4 41.6
11.6
44.4 44.0
Dissatisfied Neutral Satisfied
29.2 37.2 33.6
20.8
41.2 38.0
Dissatisfied Neutral Satisfied
4.9
29.9
65.2
12.8
32.8
54.4
Not difficult/notrecognizable
Neutral Difficult/recognizable
3.7
26.2
70.1
15.2
38.046.8
Not severe Neutral Severe
■ Founders (N=164)
■ Startup Employees (N=250)
■ Corporate Employees (N=250)
■ Job Seekers (N=200)
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START-UP TREND REPORT 2021
B. Summary of Results
Actual Considerations in Changing Jobs(Those who changed jobs within 5 years)
Actual Difficulties in Changing Jobs(Those who changed jobs within 5 years)
Preferred Recruitment ChannelsConsiderations in Startup Employment
Monetary compensation
Awareness of founders/company
Company vision/founder
philosophy
Horizontal organization
culture
Welfare support
40.9
26.2 23.2
5.5 3.0
44.8
4.8
19.211.6
17.2
58.8
6.013.6 9.2 11.2
31.0
9.517.0
27.0
15.0
Internal reference
External reference
Year-round recruitment via hiring websites
Headhunting Seasonal open recruitment
39.0
26.2 24.4
5.5 2.4
15.610.4
47.2
11.215.6
11.2 12.4
22.430.8
22.4
1st
Startup Employees(N=192, 1st+2nd+3rd)
Corporate Employees(N=95, 1st+2nd+3rd)
Monetary compensation (65.6%) Monetary compensation (86.3%)
2ndHorizontal organization culture
(52.1%)Welfare support (67.4%)
3rd Welfare support (46.4%)Horizontal organization culture
(36.8%)
Company vision/philosophy (43.8%) Company vision/philosophy (29.5%)
1st
Startup Employees(N=192, 1st+2nd+3rd)
Corporate Employees(N=95, 1st+2nd+3rd)
Finding internal information on organization culture (47.9%)
Preparing job applications (e.g., performance, experience) (60.0%)
2ndFinding information on company's
monetary compensationFinding internal information on
organization culture (44.2%)
3rd Search for applicable companies (42.7%) Preparing for interviews (44.2%)
Preparing for interviews (38.5%)Finding information on the company's
monetary compensation (36.8%)
Founders:Most Effective Recruitment ChannelStartup/Corporate Employees: Most Preferred Recruitment Channel
Founders:Most Influential Factor on RecruitmentStartup/Corporate Employees: Most Significant Considerations
on Leaving for Startup JobsJob Seekers:Most Active Factor in Startup Employment
■ Founders (N=164)
■ Startup Employees (N=250)
■ Corporate Employees (N=250)
■ Job Seekers (N=200)
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START-UP TREND REPORT 2021
B. Summary of Results
Startup Founder’sThoughts
#Depressed atmosphere due to COVID-19 shifts towards positivity
#Urgent needs in securing capital/vitalizing investment/deregulation
#Severe difficulties in recruiting (research/development/IT)
#Company vision/founder philosophy and horizontal organizational culture used as recruitment lures
✓ The startup ecosystem atmosphere improves greatly compared to last year (71 points), with an approximate score of 79 points. Moreover, 79.9%
believe in further improvement of the atmosphere in the following year, a more positive recognition than the past year's rate of 57.8%. As the
COVID-19 prolongs, founders anticipate potential market changes after 'With Corona' and vaccination.
✓ While the evaluation on the government's role slightly increased to 69 points from last year's 66.5 points, there are needs in securing capital,
vitalization of investment, and deregulation. Founders believe that adequate regulation, remote medical care laws, and the reduction and modification
of the Labor Law and the Labor Standards Act would vitalize the industry.
✓ KISED, SBA, and CCEI among public institutions and Naver, Kakao, and Hyundai Motors among corporates are perceived as the most active
organizations in providing support for local startup activities. (Base: 1st)
✓ 65.2% of the total struggle to recruit personnel, and 70.1% recognize the growing severity of labor shortage compared to the past year.
During the recent year, founders recruited an average of 10 employees and expect to hire 6 additional employees on average within the year.
However, they experience difficulties recruiting talents from research/development, IT/computing, and marketing/promotion.
✓ While monetary compensation and founder/company awareness are perceived as influential factors in startup recruitment, founders utilize company
vision/founder philosophy and horizontal organizational culture lures for recruitment.
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START-UP TREND REPORT 2021
B. Summary of Results
Startup Employee’sThoughts
✓ 44.4% of the total employees are satisfied with their startup life, similar to the preceding year (-1.2%p).
While startup employees find the 'autonomous and horizontal organizational culture' satisfying, 'welfare benefits (e.g., wage),' and the 'lack of
leaders/role models' pose a negative influence.
✓ Approximately 33.6% recommend startup jobs at a similar level to last year (-0.8%p). Early-stage investment startups are recommended at the highest
rate, and the rate of recommending early-stage startups (+5.2%p) and large-scaled investment startups (+4.1%p) increased from the previous year.
✓ Nonetheless, startup employees tend to prefer local large corporate (24.8%) > public institutions/government/public enterprises (20.0%) > local mid-
scale enterprises (16.4%) over ventures/startups (8.0%) upon changing jobs.
✓ Although 41.6% of startup employees are content with their work, they are relatively less satisfied with compensation/rewards (33.6%). They expect
to consider the monetary compensation the most (44.8%) when changing to another startup job in the future.
✓ 76.8% of the total have changed jobs within the recent 5 years, and those who changed jobs prefer year-round recruitment via hiring websites the
most as a recruitment channel. Moreover, they consider monetary compensation (65.6%) > horizontal organizational structure (52.1%) and experience
difficulties in finding internal information on organization/team (47.9%) > finding information on company’s monetary compensation (43.2%) when
preparing to change jobs.
#Satisfaction on startup remain similar to the past year
#Concerns on welfare benefits (e.g., wage) perceived as barriers in changing to startup jobs
#Monetary compensation and horizontal organization culture are main considerations upon changing jobs
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START-UP TREND REPORT 2021
B. Summary of Results
CorporateEmployee’s
Thoughts
✓ While the rate of considering starting own business (34.0%) decreased compared to the past year (-8.4%p), the rate of considering changing
to startup jobs increased slightly (19.2%) from the previous year (+1.6%p). However, switching to startup jobs face obstacles regarding
'concerns on reduced welfare benefits' and 'anxiety towards job instability.' Corporate employees expect to consider monetary
compensation (58.8%) most significantly when changing to startup jobs in the future.
✓ Startups are associated with 'innovative/creative' (33.2%) at the highest rate and also perceived as 'young/fresh' (24.4%) at a high rate.
Compared to last year, it is less perceived as 'unstable/uncertain' (19.6%) and perceived more as 'promising' (5.6%).
✓ 44.0% of corporate employees are satisfied with their work, but their level of satisfaction towards compensation/rewards is relatively low,
with a rate of 38.0%.
✓ Only 38.0% of the total have experience of changing jobs within the last 5 years, and most change jobs to large local corporations (44.2%).
✓ 38% of the total changed jobs within the recent 5 years, and headhunting (30.8%) is most preferred as a recruitment channel among those
who changed jobs. Monetary compensation (86.3%) > welfare (67.4%) is considered upon turnover. Moreover, preparing job applications
(e.g., performance, experience) (60.0%) > preparing for interviews (44.2%) = finding internal information on the organization, team culture
(44.2%) are identified as difficulties corporate employees experience when getting ready for job switching.
#Intent to start business decreases, while the intent to change to startup job increases
#Startups are perceived less as instable, but risks on the downscaling of welfare benefits exist
#Monetary compensation and welfare are main considerations upon turnover
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START-UP TREND REPORT 2021
B. Summary of Results
Jobseeker'sThoughts
✓ 35.5% of job seekers consider starting a business, an identical rate to last year, but the rate of considering startup employment significantly
increases compared to the previous year (+7.5%p).
The positivity results from a sense of ‘accomplishment from rapid growth’ (31.1%), but job seekers still have concerns due to ‘anxiety
towards job instability’ (35.9%).
✓ Content/media (23.9%) > eCommerce/distribution (16.9%) are mainly considered industries for starting a business, while job seekers take
interest in content/media (23.9%) > Finance/FinTech/blockchain (15.5%) for startup employment.
✓ Monetary compensation (31.0%) and horizontal organization culture (27.0%) are expected to be considered significantly upon startup
employment.
#More positive towards startup employment than last year
#Content/media industry preferred for employment or starting a business
#Monetary compensation and horizontal organization culture are mainly considered for startupemployment
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START-UP TREND REPORT 2021
B. Summary of Results
Startup Ecosystem2021
#Positive changes in the atmosphere from COVID-19 depression
#Expect more positivity for 2022
#Comparatively lower monetary compensation than other institutions play asignificant barrier in entering the startup
#Severe labor shortage in research/development and IT/computing
✓ According to the founder's perception of the startup ecosystem atmosphere, startups employees' satisfaction, and corporate employees'
and job seekers' intent on startup employment, the 2021 ecosystem appears to be gradually escaping the COVID-19 depression of 2020. A
high rate of founders are optimistic about 2022.
✓ Although the overall recognition of startups has grown positive, startups face a significant barrier for active employment due to welfare
benefits (e.g., wage) concerns. Monetary compensation is identified as the main consideration in startup employment at the highest rate.
✓ In contrast to 34.4% of startup employees receiving an annual salary of under 30 million won, only 6.8% of corporate employees receive
under 30 million won as a yearly salary. Such an aspect demonstrates clear disparities between the monetary compensations between
startups and other organizations.
✓ Due to the difference, founders recognize significant difficulties in recruitment (65.2%) and experience a more severe labor shortage than
the preceding year (70.1%). Founders sense a much apparent labor shortage is in research/development and IT/computing industries.
✓ Although founders perceive monetary compensation (40.9%) and founder/company awareness (26.2%) as influential factors in startup
recruitment, they utilize company vision/founder philosophy (72.6%) and horizontal organizational culture (61.6%) as lures for recruitment.
START-UP TREND REPORT 2021
1. Founders
• Size:
• Target:
• Experience:
164 Total
Founders/Co-Founders
36 founders, under 1 year of founding (Between 2020-2021)
74 founders, 1-3 years of founding (Between 2017-2019)
54 founders, over 3 years of founding (Before 2016)
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START-UP TREND REPORT 2021
C-1. Responses from Founders
The ecosystem atmosphere score significantly increases from last year, and the increase is highest among those founded within 1 year.
The overall mean amounts to 79.0 points, and the rate increased from 71.3 points of the previous year (+7.7 points). While
the difference is not significant among the years of experience, the increase was greatest among those who started the
business within 1 year. (+8.8 points)
2019
2020
2021
75.7 74.4 72.1 71.2 71.0 71.8 80.0 77.5 80.4
Total Mean: 79.0 points
(2020 : 71.3)(2019 : 73.4)
Under 1 year of founding(N=36)
Over 3 years of founding(N=54)
1-3 years of founding(N=74)
▲8.8 ▲6.5 ▲8.6
▲7.7
▼4.5 ▼ 3.4 ▼0.3
How would you rate the recent atmosphere of the startup ecosystem out of 100?Q
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START-UP TREND REPORT 2021
C-1. Responses from Founders
The overall ecosystem atmosphere is perceived more positively than the preceding year due to improved social perception.
Compared to a year ago (2020), how has the overall atmosphere of the startup ecosystem changed?Why do you think positively/negatively about it? Please select the top three reasons for your view.Q
Reasons for Positive Recognition(N=118) 1st
Reasons for Negative Recognition(N=11**) 1st
1st Improved social recognition (34.7%) Tepid support from venture capitals (36.4%)
2nd Increase in encouraging M&A/IPOs (28.8%)Reduced founder empowerment (insufficient performance)
(18.2%)
3rd Active support from venture capitals (16.9%) Insufficient social recognition (18.2%)
Positive Recognition ofStartup Ecosystem Atmosphere
201956.4%
202040.9%*
▲31.0▼15.4 202171.9%
*Rounded up to 41.0% in 2020*Caution on small base
71.9% recognize a positive boost in the atmosphere compared to the previous year, a great increase from last year (+31.0%p).
Reasons for positivity derived from an ‘improved social perception,’ while ‘tepid support from venture capitals’ affected the
negativity at the highest rate.
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START-UP TREND REPORT 2021
C-1. Responses from Founders
The expectations towards the coming year also increase greatly regarding the improvement of the atmosphere compared to the current year.
How do you think the atmosphere of the startup ecosystem will change a year from now (2022)?Why do you think positively/negatively about it? Please describe your reason in detail.Q
0.6 3.7
15.9
57.9
22.0
Highly negative
NegativeSimilar to present
PositiveHighly
positive
Negative4.3%(N=7*)
(2020) 13.9%
Positive79.9%(N=131)
(2020) 57.8%Limited founder competence (28.6%)"The founders lack competence, and the industry seems restrained to trends. The 20s or young founders are engulfed with all the benefits, which breaks the will to start a business."
Potential economic crisis/economic aggravation (28.6%)"Uncertainties in the macroeconomy, reduction of M&A of listed companies, and minimized investment due to LP reduction."
Improved social recognition (30.5%)"A change in the perception on starting a business among the society will eventually bring positive influence on the overall ecosystem."
Increase in successful startups (26.7%)“Startups are demonstrating great performance between 2012-2015, and various sectors previously regarded as large corporate monopolies now driven by the leading startups of the market. This vitalizes the general atmosphere of the ecosystem, and more enhancement is expected.”
*Caution on small base
79.9% expect higher positivity in the future, a significant increase from the previous year (+22.1%p), hinting at a more
enthusiastic ecosystem atmosphere overall. 'Improved social recognition' and 'increase in successful startups' appear to have
led to such positivity.
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START-UP TREND REPORT 2021
C-1. Responses from Founders
Founders demonstrate urgent needs towards obtaining initial capital/increasing investment.
In 2021, founders feel the utmost need to 'obtain initial capital/increasing investment' similarly to 2020. The importance of
deregulation has increased significantly as well. 'Reasonable regulation,’ 'remote medical care laws,' and alleviation on 'Labor
Law/Labor Standards Act' were mainly identified as areas for deregulations.
What are the elements that need an urgent reform to promote growth within the current startup ecosystem?Please select the top three elements.Which government regulation do you think should be mitigated? (open-ended)Q
Preferred Areas for DeregulationUrgent Improvements (1st+2nd)
2019(N=149)
2020(N=166)
2021(N=164)
1st
Obtain initial capital/increase investment (41.6%)
Obtain initial capital/increase investment (46.4%)
Obtain initial capital/increase investment (38.4%)
2nd Deregulation (39.6%) Secure talents (36.7%) Deregulation (34.8%)
3rdEncourage M&A/IPOs (32.9%)
Encourage M&A/IPOs (29.5%)
Secure talents (33.5%)
- Reasonable regulation (14.1%)"Rather than promoting 'positive regulation,' which currently restricts us to a bare minimum, we need a 'negative regulation' that allows us to build upon what we cannot do, for an advancement of the ecosystem.
- Remote medical care laws (6.4%)"While there are new businesses or ideas such as the Personal Information Protection Act and Remote Medical Care Law, the regulations are still lingering in the past and need to be improved."
- Labor Law/Labor Standards Act (6.4%)“Laws that restrict the dismissal of over 5 employees may be positive in terms of protecting the workers’ rights, but due to the characteristics of a startup where a collective sprint for growth is crucial, someone who damages the teamwork could become serious risks for the company.”*Overlaps in 2019 (2 responses), 1st+2nd ranking responses in 2020, 2021
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START-UP TREND REPORT 2021
C-1. Responses from Founders
The role of the government regarding the vitalization of the startup ecosystem scores 69.0 points (+2.5 points).
How would you rate the government’s role in vitalizing the start-up ecosystem out of 100 points?Q
71.6 66.0 64.2
69.8 64.6 66.7
71.2 68.4 68.2
▲ 3.8 ▲1.5
Total Mean: 69.0 points
(2020: 66.5 points)(2019: 65.9 points)
▲ 1.4 ▼1.4 ▲2.4▼1.8
▲2.5
Under 1 year of founding(N=36)
Over 3 years of founding(N=54)
1-3 years of founding(N=74)
2019
2020
2021
The assessment of the government's role in vitalizing the startup ecosystem slightly increased from the previous year (+2.5
points).The increase in the rate of positive recognition is relatively higher among founders with 1-3 year-old businesses
compared to other founder groups.
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START-UP TREND REPORT 2021
C-1. Responses from Founders
Business expense subsidies and tax support are perceived as the most helpful government aids.
A high ratio of founders identifies 'business expense subsidies' and 'tax support' as helpful government aids in vitalizing the
startup ecosystem. Plus, improving 'means of support' and 'regulation/system' are additionally demanded.
Which government policy do you think was most helpful in vitalizing the startup ecosystem?What additional roles should the government play to vitalize the startup ecosystem?Q
Additional Government Assistance
- Improving means of support (33.5%)"I would like a proactive and unified method of support for office spaces for early-stage startups. The aids are currently too fragmentized." "It is necessary to grow and vitalize the scale of the government fund to inject capital to founders in need and create an atmosphere that encourages everyone to start a business." - Improving regulation/system (25.6%)"The government needs to be more actively engaged in its role in terms of the policy. For instance, getting rid of unnecessary regulations and formulating clear codes for areas with problems or issues." - Change management methods (22.0%)"They should enable a more efficient pre-seed or seed investment for startups in a very early stage. The Korea Technology Finance Corporation and the Korea Credit Guarantee Fund are relying on outdated standards for guarantee screening where the founder's educational backgrounds, majors, and affiliation are considered." "Rather than playing an additional role, they should invest more attentively in what they are currently doing. The business plan of aid projects are far apart from the real world, and the judges are not up to the par."
Helpful Government Aids inVitalizing Startup Ecosystem
1stBusiness expense subsidies
(e.g., TIPS)(51.8%)
2nd
Tax support(e.g., income tax exemption, wage
subsidies)(16.5%)
3rdProvision of office space(e.g., KISED Startup Park)
(14.0%)
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START-UP TREND REPORT 2021
39.0
25.6
9.1 7.9 6.7 2.4
9.1
C-1. Responses from Founders
Founders take a high interest in the U.S. and Southeast Asia market for overseas expansion and see the need to conduct local market research and analysis.
Are you currently considering overseas expansion?If so, which region/country are you considering?If you are considering several regions, select the region that is the most central to your business plan.What should be prioritized in preparing for overseas expansion? Please select the top three priorities.Q
Preferred Countries for Overseas Expansion Overseas Expansion Requisites (1st)
U.S. SEAsia
Japan China Europe Other Do not consider
32.9
16.8 16.1 14.1 11.4 8.1
0.7
Local market
research/analysis
Distributionchannel/market
Secure workforce
Network Funding Communi-cation
Other
90.9% of the total consider overseas expansion and take high interest in U.S. and Southeast Asia. Founders believe that 'local
market research and analysis’ 'distribution channel/market' and 'securing workforce' are requisites of overseas expansion.
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START-UP TREND REPORT 2021
C-1. Responses from Founders
KISED and SBA are identified as the most active institutions by founders.
Founders perceive KISED and SBA as institutions that provide the most enthusiastic support for startups,
followed by CCEI and KOCCA.
Which public institution most actively supports domestic startup activities?Q* Open-ended response w/o examples
** Ranked multiple choice
26.8
1.24.9
1.8 1.2 0.6 0.6 1.24.9
0.0 1.8
32.3
14.0 12.2
4.3 5.5 6.13.7 2.4
6.11.2 2.4
56.7
39.635.4
17.7 17.1 15.9 15.211.6 9.8
6.13.0
KISED(Korea Institute of
Startup and Entrepreneurship
Development)
SBA(Seoul Business
Agency)
CCEI(Creative EconomyInnovation Center)
KOCCA(Korea Creative
Content Agency)
KITA(Korea
InternationalTrade Association)
NIPA(National IT
IndustryPromotion Agency)
B2G(Born2Global)
KOTRA(Korea TradePromotion
Corporation)
FACT(Foundation of
Agri, Tech,Commercialization
and Transfer)
KISA(Korea Internet & Security Agency)
Kwater(Korea Water
Resources Corporation)
Active institution** (1st+2nd+3rd)
Active institution** (1st)
Recall* (open-ended)
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START-UP TREND REPORT 2021
14.612.2
3.7 3.7 3.07.3
1.2 1.2 0.0 0.0 1.2 0.0 0.0 0.0 0.0
31.7
15.9
9.8 11.0
4.3
9.8
4.31.8 3.0 1.8 1.2 0.0 0.6 1.2 0.0
63.4
54.3
28.0
22.6 21.3 20.1
12.27.9 6.1 5.5 5.5 4.3 2.4 1.8 1.2
C-1. Responses from Founders
Among companies, Naver, Kakao, and Samsung are recognized to be providing the most active support for startups.
Which company most actively supports domestic startup activities?Q* Open-ended response w/o examples
** Ranked multiple choice
Naver Kakao Samsung HyundaiMotors
Lotte SK GS Hanhwa POSCO KT LG CJ NCSoft HyundaiHeavy
Industries
Shinsegae
Active institution** (1st+2nd+3rd)
Active institution** (1st)
Recall* (open-ended)
Naver > Kakao > Samsung > Hyundai Motors > Lotte are identified as the most active local companies in supporting startup
activities.
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START-UP TREND REPORT 2021
C-1. Responses from Founders
Founders take high interest in Toss/Danggeun Market/Baedal Minjok/Market Kurly.
'Toss,’ 'Danggeun Market,’ 'Market Kurly,' and 'Baedal Minjok' are identified as the fastest-growing startups as well as startups
that founders are interested in their ways of working.
Which startup are you most curious about the ways they work? (Select all)Which do you think is the fastest growing startup in South Korea? (Select all)Q
19.5
14.0
7.3
6.1
5.5
3.0
3.0
2.4
1.8
1.2
1.2
23.8
12.8
4.9
4.9
4.3
4.3
3.7
2.4
2.4
1.2
1.2
1.2
Toss/Viva Republica
Danggeun Market
Market Kurly
Baedal Minjok/Woowa Brothers
Yanolja
Kakao
Coupang
Riiid
Sendbird
VoyagerX
blank Corp.
Danggeun Market
Toss/Viva Republica
Baedal Minjok/Woowa Brothers
Market Kurly
Riiid
Coupang
Yanolja
Kakao
Today House
Musinsa
Sendbird
Seoul Robotics
Interested Startups on Ways of Working Fastest-Growing Local Startups
- 24 -
START-UP TREND REPORT 2021
C-1. Responses from Founders
Valuation and recognition are obstacles in attracting investment, and founders need advice on growth strategies and organization management.
Please select one most critical obstacle you experienced when attracting investment.If you could obtain unconstrained advices from someone on operating your business, what advice would you seek?Q
41.5
28.0
15.9
12.8
1.8
48.2
43.3
37.2
32.9
31.1
25.6
23.8
19.5
15.2
Obstacles in Attracting Investment Preferred Advices on Business Operation
Valuation and recognition(related to valuation)
Convincing products/services
Understanding investors(e.g., reference check, investor meetings)
Funding agreement(related to contracts)
Other
Growth strategies
Organization management
Investment
Funding
Personnel management
Global expansion
Strategy roadmap
General management
Decision making
Founders experienced the greatest difficulties attracting investment due to 'valuation and regulation' and wish to obtain
advice on 'growth strategies,’ 'organization management,’ 'investment,' and 'funding.'
- 25 -
START-UP TREND REPORT 2021
C-1. Responses from Founders
'Google for Startups' and 'D.CAMP' rank top among incubator centers regarding awareness and preference.
Please write down one incubator center that first comes to mind that you would like to move in/utilizewhen you think of business incubator centers.Please select the top three incubator centers you would like to move in/utilize in order of preference.Q
* Open-ended response w/o examples** Ranked multiple choice
1st
Recall* Preference 1st** Preference 1st+2nd+3rd**
D.CAMP Front1 (17.6%) D.CAMP Front1 (18.9%)Google for Startups (Seoul Campus)
(37.8%)
2nd CCEI (12.8%) D2 Startup Factory (Naver) (11.6%)D.CAMP Front1 (32.9%)
D2 Startup Factory (Naver) (32.9%)
3rd Seoul Startup Hub (5.5%)MARU 180 (The Asan Nanum
Foundation) (11.0%)MARU 180 (The Asan Nanum
Foundation) (28.0%)
While D.CAMP and CCEI score the highest marks in awareness, Google for Startups takes the lead based on 1st+2nd+3rd
preference.
- 26 -
START-UP TREND REPORT 2021
C-1. Responses from Founders
'Primer' ranks top among accelerators regarding awareness and preference.
Primer takes the lead in both awareness and preference, and D.CAMP and SparkLabs mark high ranks in terms of 1st+2nd+3rd
preference.
Please write down one institution that first comes to mind when you think ofan early-stage investment company (accelerator).Please select the top three accelerators in order of preference.Q
* Open-ended response w/o examples** Ranked multiple choice
1st
Recall* Preference 1st** Preference 1st+2nd+3rd**
Primer (20.1%) Primer (18.9%) Primer (32.3%)
2nd SparkLabs (11.0%)FuturePlay (10.4%)
MashUp Angels (10.4%)D.CAMP (28.7%)
3rd FuturePlay (9.8%) SparkLabs (9.8%)SparkLabs (23.2%)
Bluepoint Partners (23.2%)
- 27 -
START-UP TREND REPORT 2021
C-1. Responses from Founders
Altos Ventures is most preferred among venture capitals.
Although ‘SoftBank Ventures’ mark the highest awareness, ‘Altos Ventures’ take the lead in preference. Kakao Ventures rank
second based on 1st preference and manage to maintain a positive image in 2021 as well.
Please write down one institution that first comes to mind when you think of venture capital.Please select the top three venture capitals in order of preference.Q
* Open-ended response w/o examples** Ranked multiple choice
1st
Recall* Preference 1st** Preference 1st+2nd+3rd**
SoftBank Ventures (16.5%) Altos Ventures (20.7%) Altos Ventures (47.0%)
2nd Altos Ventures (15.2%) Kakao Ventures (18.9%) SoftBank Ventures (44.5%)
3rd Kakao Ventures (6.1%) SoftBank Ventures (14.6%) Kakao Ventures (37.8%)
- 28 -
START-UP TREND REPORT 2021
C-1. Responses from Founders
Startups have an average of 30 employees and 46.9% of the total operate with over 11 workers.
Startups have an average of 30 employees and an average of approximately 6 employees work in startups under 1 year of
founding. Startups over 3 years have an average of 64 employees, a dramatic increase in the overall workforce size.
What is the total number of employees currently working in your company?Q
24.4
61.1
21.6
3.7
28.7
27.8
33.8
22.2
28.0
11.1
33.8
31.5
18.9 10.8
42.6 Over 30 employees
11-30 employees
6-10 employees
Under 5 employees
Total(N=164)
Under 1 year of founding(N=36)
1-3 years of founding(N=74)
Over 3 years of founding(N=54)
46.9%
11.1%
No. of Employees(Avg.)
30 6 16 64
44.6%
74.1%
- 29 -
START-UP TREND REPORT 2021
C-1. Responses from Founders
Founders recognize the severity and difficulties in recruitment resulting from 'labor shortage' and 'salary/welfare.'
Do you experience difficulties in recruitment regarding business operation?Compared to a year ago (2020), has the labor shortage intensified for startups?What is the reason startups experience difficulties in recruitment?Q
0.6 3.0
26.2
36.6 33.5
Not severe3.7%
Severe70.1%
Notsevereat all
Not severeNeutral/similar
SevereHighlysevere
0.0 4.9
29.9 32.3 32.9
Not difficult4.9%
Difficult65.2%
Not difficult
at all
Not difficult
Neutral DifficultHighly
difficult
- Labor shortage (51.3%)"It is more difficult for startups in the very early stages to recruit workers. This is a personal thought, but many talented developers are shifting towards overseas employment more than before, leading to a greater labor shortage. In addition to that, large companies are competitively raising the salaries and have forced startups into a corner."- Salary/welfare problems (40.0%)"The number of startups increased, and talents have grown desires for a higher salary. Investors must increase the investment to meet such needs."
Severity of Startup Labor Shortage vs. Past YearDifficulties in Recruitment
65.2% of the total experience difficulties in recruitment, and 70.1% recognize severe labor shortage for startups compared to
the previous year. A general labor shortage and problems with salary/welfare appear as the main causes.
- 30 -
START-UP TREND REPORT 2021
C-1. Responses from Founders
Founders have recruited an average of 10 employees this year and intend to hire 6 additional workers by the end of the year.
How many employees have you recruited within the recent year?How many employees do you plan to recruit additionally by the end of this year (2021)?Q
25.6 38.4
30.6
55.6
28.4 40.5
18.5 24.1
32.3
36.6 47.2
27.8
35.1
43.2
18.5
33.3
24.4
15.9 16.7
16.7
25.7
12.2
27.8
20.4
17.7 9.1 5.6 10.8
4.1
35.2 22.2
Total(N=164)
Under 1 year of founding(N=36)
1-3 years of founding(N=74)
Over 3 years of founding(N=54)
10 5 7 186 3 4 10
Within1 year
Additionalrecruits in 2021
Within1 year
Additionalrecruits in 2021
Within1 year
Additionalrecruits in 2021
Within1 year
Additionalrecruits in 2021
No. of Recruits(Avg.)
Over 15 employees
6-15 employees
3-5 employees
Under 3 employees
Founders hired approximately 10 workers on average and plan to recruit 6 additional employees by the end of the year.
Even in startups under 1 year, almost half (47.2%) have recruited 3-5 employees within a year.
- 31 -
START-UP TREND REPORT 2021
C-1. Responses from Founders
Demands are high for professions in research/development and IT/computing.
Founders experience significant difficulties hiring professionals from research/development and IT/computing and expect to
make additional recruitments. Founders also show strong intentions of hiring professionals from marketing/promotion,
design, and sales within the year.
Which profession do you experience more difficulties in recruiting?Which profession do you plan to recruit additionally by the end of this year (2021)?Q
Difficult professions to recruit
Additional professions planning to recruit within 202155.551.8
27.4
19.516.5
14.0
9.1
3.7 3.0 2.4 1.8
53.5
47.7
41.9
21.3
29.7 29.0
12.3
7.110.3
8.4
1.9
Research, development
Computing/IT
Marketing/promotion
Business strategy
/planning
Design Sales Finance/accounting
HR Customer support
Production Legal
- 32 -
START-UP TREND REPORT 2021
C-1. Responses from Founders
Internal reference is perceived as the most efficient recruitment channel and preferred by founders with older businesses.
Which recruitment channel do you find most effective? Please select the top two channels in order of effectiveness.Q
39.0
25.0
41.9 44.4
26.2
38.9
25.7 18.5
24.4 30.6 21.6 24.1
5.5 2.8
4.1 9.3 2.4
2.8
1.43.72.4 5.4
Other
Seasonal open recruitment
Headhunting
Year-round recruitment via hiring sites
External reference
Internal reference
Total(N=164)
Under 1 year of founding(N=36)
1-3 years of founding(N=74)
Over 3 years of founding(N=54)
Effective Recruitment Channel (1st)
A high rate of founders recognizes internal and external references as effective recruitment channels. However, founders with
startups under 1 year perceive year-round recruitment via hiring websites as an effective recruitment channel, and those over
1 year of founding consider internal reference more effective.
- 33 -
START-UP TREND REPORT 2021
Under 1 yearof founding
1-3 yearsof founding
Over 3 yearsof founding
Monetary compensation(e.g., annual salary, stock option, signing bonus)
22.9 19.7 17.6
Awareness of founders/company 8.6 11.3 17.6
Company vision/founder philosophy 40.0 40.8 45.1
Horizontal organization culture(e.g., personnel system, title, model mentor, free comm)
8.6 11.3 7.8
Welfare(e.g., meal allowance, flextime, education/cultural expense
support, birthday parties)
11.4 2.8 0.0
Other 2.9 1.4 2.0
C-1. Responses from Founders
While ‘monetary compensation’ and ‘awareness of founders’ are considered as pull factors for recruitment, founders use ‘company vision’ and ‘horizontal organization culture’ in recruitments.
Founders identify monetary compensation and awareness of founders/company as influential factors in recruitment.
However, they emphasize company vision and horizontal organization culture during an actual hiring process.
Which pull factor do you think has the most influence on startup recruitment as a founder? Please select the top three in order.Which pull factor do you utilize in your company for recruitment? Please select all that apply.Which one of the pull factors you utilized in your company for recruitment has resulted most effective? Please select one.Q
Influential Pull Factors Pull Factors Used for Recruitment
87.2
63.4
56.1
32.3
31.7
1.8
40.9
26.2
23.2
5.5
3.0
1.2
56.1
48.8
72.6
61.6
39.6
3.0
19.7
12.7
42.0
9.6
3.8
1.9
1st 1st+2nd+3rd Effective All
- 34 -
START-UP TREND REPORT 2021
Below 30 million won
30-35 million won
35-40 million won
40-45 million won
45-50 million won
50-55 million won
55-60 million won
60-65 million won
65-70 million won
70-75 million won
Above 75 million won
14.6
32.9
25.0
12.8
7.34.3 3.0
35.438.4
15.2
9.1
0.6 1.20.0 1.2
7.3
14.0 15.9 15.9
9.1
13.4
6.7
16.4
0.6
7.9
19.5
25.0
17.1 16.5
4.9 3.71.8 3.0
C-1. Responses from Founders
Overall, developer salary is perceived higher than that of non-developers.
30-35 million won is considered appropriate for entry-level developers, and below 30 million won for entry-level
non-developers. Plus, 45-50 million won is deemed adequate for fifth-year developers, and 40-45 million won for fifth-year
non-developers.
Entry-level developerEntry-level non-developerFifth-year developerFifth-year non-developer
What do you consider as an appropriate level of salary for entry-level developers/non-developers?What do you consider as an appropriate level of salary for fifth-year developers/non-developers?Q
START-UP TREND REPORT 2021
2. Startup Employees
• Size:
• Target:
250 Total (Male: 125 / Female: 125)
Local startup/venture employees
- 36 -
START-UP TREND REPORT 2021
C-2. Responses from Startup Employees
44.4% of startup employees are satisfied with startup life, similar to last year (-1.2%p).
While the level of satisfaction on startup life amounts to 44.4%, a higher rate than 15.2% dissatisfaction, the rate is similar to
that of the previous year. 'Autonomous/horizontal organization culture' and 'prompt/flexible decision making' have driven the
positivity. In contrast, 'welfare benefits (e.g., wage)’ and 'lack of leaders/role models' have affected the dissatisfaction among
startup employees.
How satisfied are you with your current lifestyle as a startup employee?What gives you the greatest satisfaction/dissatisfaction as a startup employee? Please select the top three in order.Q
Startup Life Satisfaction Factors Affecting Startup Life Satisfaction/Dissatisfaction (1st)
2.4
12.8
40.4 35.6
8.8
Highly dissatisfied
Dissatisfied Unsure SatisfiedHighly
satisfied
Negative15.2%
(2020) 14.4%
Positive44.4%
(2020) 45.6%
Satisfaction Dissatisfaction
1stAutonomous/horizontal
organization culture(38.8%)
Welfare benefits (e.g., wage)(30.4%)
2ndPrompt/flexible decision
making(19.6%)
Lack of leaders/role models(27.2%)
3rd Commitment in creating value (14.8%)
Anxiety towards job instability(17.6%)
- 37 -
START-UP TREND REPORT 2021
C-2. Responses from Startup Employees
Employees rate CEOs with an average of 6.1 points out of 10.
As a result of asking startup employees to rate their CEO, the founders received an average of 6.1 points, and the score slightly
decreased compared to the preceding year (-0.3 points).
How would you rate your startup's CEO, out of 10? (1: unqualified, 10: excellent)Why did you rate your startup's CEO with #{Q.selected score} points?Q
Total Mean: 6.1 points
(2020: 6.4 points)(Highly competent) 8.4%"The founder is clearly purpose-driven regarding the business direction and has strong insight."(Cares for employee wage and welfare) 6.4%"Considerate in terms of welfare support and never cuts back on infrastructure."(Endeavoring/sincere/devoted) 6.0%"We are provided with a transparent business agenda, and things are not sugarcoated. Our founder, above all, is delightful and never hides in the back."
(Incompetent/limited management capability) 9.2%"Has an experience of failing. Has founded a startup up through technology transfer but is running a business in a way that has resulted in failure in the past."(Insufficient employee wage and welfare) 4.4%"The employees get low paychecks and considered as expendables."(Not considerate towards employees) 4.0%“The founder is selfish and think of employees as spare parts.”
Under 3 years
3-7 years
7-10 years
10-15 years
Over 15
years
Male Female 20s 30s 40s Over 50s
Experience Level Gender Age
6.3 5.9 6.4
5.9 6.4 6.5
5.8 6.1 6.1 6.4 6.6
- 38 -
START-UP TREND REPORT 2021
C-2. Responses from Startup Employees
33.6% of startup employees recommend startup employment, especially in early-stage investment startups.
Would you recommend startup jobs to others if you had the opportunity?Which startup level would you recommend working?Why would you recommend working at a #{Q.recommended startup level} startup?Q
[Base : Those willing to recommend switching to startup jobs, N=84]
Recommending Startups Recommended Level of Startups (N=84)
6.4
13.6
46.4
27.2
6.4
Do not recommend
at all
Do not recommend
Neutral RecommendHighly
recommend
Negative20.0%
(2020) 19.6%
Positive33.6%
(2020) 34.4%
Early-stage
Early-stage investment
Large-scale investment
Unsure
15.1
61.6
22.1
1.2
20.2
48.8
26.2
4.8
2020
2021
(Early-stage)"Possible to spread one's wings through active participation and aggressive performance. Strong sense of accomplishment and opportunities for rapid promotions are provided based on performance.”"While it is a struggle, it is possible to gain a sense of accomplishment and see fruition."(Early-stage investment)"You can get tired of laying the foundation in the early stages, and the decision-making process might not be as flexible in large-scale investment startups.”"I feel less instability as the business is quite settled, but it is still speedy. It is fun to see the business grow constantly."(Large-scale)"It is pretty stable, but everyone is still open-minded.""I worked at an early-stage startup and now at a startup with Series D funding. While they are both startups, there are great disparities regarding workforce size, welfare, and treatment."
33.6% of startup employees recommend working at a startup, and the rate is similar to the past year. While the highest ratio
recommended working at an early-stage investment startup, the rate of recommending an early-stage and large-scale
investment startup has risen compared to last year.
- 39 -
START-UP TREND REPORT 2021
C-2. Responses from Startup Employees
Large corporates are preferred when changing jobs in the future, and the minimization of welfare benefits (e.g., wage) acts as barriers for ventures/startups.
If you could change jobs, what type of organization would you like to move to? Please select all that apply, in order./What is the reason?If you were to leave for another startup, which company would you prefer to go?Please select the most significant reason/factor that encourages/discourages you to change to venture/startup jobs.Q
Preferred Organization upon Turnover (1st) Reasons for Preference
Large local corporations
Public institutions/government/public enterprises
Mid-size local enterprises
Foreign companies
Ventures/startups
Small/medium-sized local companies (excl. ventures/startups)
Other
Does not matter/Unsure
24.8
20.0
16.4
16.0
8.0
5.6
0.8
8.4
Preferred Startups➔ Toss (n=4), Danggeun
Market (n=3), Baedal Minjok (n=2)
(Large corporate) "As I grow older and need to be taking care of my family, it is important for me to secure stability.” "Prefer it as it grants stable welfare and salary as well as infrastructures that allow you to devote in one job."(Public institutions/government/public enterprises)"Appears stable.” "Age security.” "Stable, wage structure that reflects the age, and would like to follow the routine rather than innovation."(Mid-size enterprise) "Would like to change jobs that guarantee stable welfare benefits and wage."(Foreign companies) "Possible to experience a more global organization and obtain a mind of wide scope.""A large foreign company with a strong name, to be exact. I have a fantasy that they have a flexible business structure, and they have a larger product than local companies that could help my career building."(Venture/startups) "They require less of unnecessary reports, and you feel a stronger sense of accomplishment as the performance is visible.” "Autonomous and self-driven work environment.” "I like how I am building the company from scratch."
1st 2nd 3rd
Preferred(N=53)
Accomplishment from rapid growth (35.8%)
Autonomous/horizontal organization culture
(22.6%)
Expectations on profit with stock options (15.1%)
Not Preferred(N=197)
Concerns on reduced welfare benefits (32.0%)
Anxiety towards job instability (30.5%)
Lack of leaders/role models (15.2%)
Reasons for Preferring/Not Preferring Ventures/Startups upon Turnover
Local large corporates are preferred (24.8%) when changing jobs in the future, followed by public
institutions/government/public enterprises (20.0%). While the accomplishment from rapid growth plays a positive role for
startups, concerns on reduced welfare benefits cause the employees to be hesitant about startup employment.
- 40 -
START-UP TREND REPORT 2021
C-2. Responses from Startup Employees
33.6% have considered starting their own business in 2021, which has increased by approximately 12.8%p compared to the previous year.
Have you ever considered starting your own business in the recent year (2021)?What is the reason?What was your opinion a year ago (2020) on starting your own business?Q
Considerations on Starting Business Reasons for Considering/Not Considering Founding
30.8
20.8
35.2 33.6
Past(Past year)
Present(Current
year)
2020 2021(Possible to do what I want) 6.4%"I can do what I am interested in and want."(Sitting on business item/idea) 4.0%"I have a great idea and believe in attracting users if I start a business and develop anddistribute the service."(Feasible/confident) 3.2%"I would like to challenge myself as I see opportunities among a growing digital-basedindustry."
▲4.4 ▲12.8
Past(Past year)
Present(Current
year)
(Lack of capital) 11.6%"Difficult to attract capital.""I do not have any business item nor capital."(Lack of business item/idea) 7.2%"I am limited in ideas, and the economy is unstable."(Risk burden/insecurity) 6.8%"The world economy is uncertain and unstable, and I see an economic slump due to COVID-19.""I never think about starting a business as I do my best to avoid risks."
33.6% have considered starting their own business in the recent year, a rate that has greatly increased 12.8%p from last year's
(2020) 20.8%. While employees are positively driven by the possibility of 'doing what they want,' the lack of 'capital' and
'idea' are the main reasons for not considering starting a business.
- 41 -
START-UP TREND REPORT 2021
C-2. Responses from Startup Employees
26.2% of startup employees considering starting their business take an interest in eCommerce/distribution.
If you were to start a business, which industry do you have in mind?Q[Base : Those currently considering to start own business, N=84]
26.2
14.3
9.5 8.3 7.1 7.1 7.1 4.8
1.2 1.2
13.1
eCommerce/distribution
Solution/software
Real estate/PropTech
Hardware/manufacturing
Healthcare/bio
Deep tech(e.g., AI,
semiconductor, material,
aerospace)
Content/media
Finance/FinTech/
blockchain
Mobility Game Other
Startup employees consider starting business in eCommerce/distribution (26.2%) > solution/software (14.3%) > real
estate/PropTech (9.5%).
- 42 -
START-UP TREND REPORT 2021
C-2. Responses from Startup Employees
Startups are associated with images of ‘innovative,’ ‘young,’ and ‘live/energetic.’
Startup employees first associate startups with positive images such as 'innovative/creative' (38.8%) > 'young/fresh' (23.6%).
The rate of perceiving startups as live/energetic significantly increased compared to last year.
What comes to your mind first when you think of a startup?Q
39.2
27.6
7.6 12.0
2.4 4.4 6.8
38.8
23.6
15.211.2
4.8 3.6 2.4
Innovative/creative
Young/fresh Live/energetic
Unstable/uncertain
Promising Reckless/risky Diversity
2020 2021
- 43 -
START-UP TREND REPORT 2021
C-2. Responses from Startup Employees
Startup employees take high interests in Kakao/Toss/Danggeun Market/Baedal Minjok.
'Kakao’ ranks top as the fastest-growing startup and a startup that employees are interested about the ways of working.
The level of interest is also high for Danggeun Market.
Which startup are you most curious about the ways they work? (Select all)Which do you think is the fastest growing startup in South Korea? (Select all)Q
Interested Startups on Ways of Working Fastest-Growing Local Startups
10.8
8.0
6.0
2.4
2.4
2.4
2.4
2.0
1.6
1.2
0.8
0.8
0.8
0.8
12.0
10.8
7.2
4.0
2.8
1.2
0.8
0.8
Kakao
Toss/Viva Republica
Baedal Minjok/Woowa Brothers
Naver
Danggeun Market
Market Kurly
Yanolja
Today House
Coupang
Musinsa
N/K/L/C/B/D/T*
HALFZ
Wanted Lab
Kakao
Toss/Viva Republica
Danggeun Market
Baedal Minjok/Woowa Brothers
Market Kurly
Today House
Banksalad
KRAFTON
*Naver/Kakao/Line/Coupang/Baedal Minjok/Danggeun Market/Toss
- 44 -
START-UP TREND REPORT 2021
C-2. Responses from Startup Employees
Startup employees experience ‘mean/snack’ and ‘flextime’ as welfare benefits.
Startup employees under 3 years of experience receive benefits of ‘meal/snacks,’ over 7 years of experience receive benefits
regarding working hours and location such as ‘flextime’ and ‘telecommuting.’
Please select all items that apply to your company.Q
Meal/snacks
Flextime (commuting)
Telecommuting
Training/equipment support
Welfare expense (welfare points)
Parental leave (in addition to regulation)
Cafeteria
Smart office (seating choice)
Tuition support for children
Other
Nothing in particular
64.0
48.8
34.4
27.6
15.6
14.0
12.4
7.2
6.8
2.4
10.0
Total(N=250)
64.7
50.0
30.9
27.9
10.3
8.8
11.8
8.8
5.9
1.5
10.3
73.8
48.8
30.0
27.5
18.8
16.3
16.3
6.3
3.8
2.5
5.0
61.4
52.3
40.9
31.8
13.6
22.7
11.4
9.1
18.2
4.5
11.4
52.9
41.2
41.2
29.4
14.7
8.8
0.0
2.9
2.9
0.0
14.7
50.0
50.0
37.5
16.7
25.0
12.5
20.8
8.3
4.2
4.2
16.7
*Caution on small base
Under 3 years(N=68)
3-7 years(N=80)
7-10 years(N=44)
10-15 years(N=34)
Over 15 years(N=24*)
- 45 -
START-UP TREND REPORT 2021
C-2. Responses from Startup Employees
Most work at an independent space in a building, and more than half work for 8-9 hours a day.
Startups employees mainly work in an independent space in a building (69.6%) > public office space (11.2%), and 23.2% of the
total work for under 8 hours, and 55.6% work for 8-9 hours per day.
Which type of office is your company using?How long are your working hours?Q
Office Type Office Hours
69.6
11.2
7.2
5.6
2.4
4.0
23.2
55.6
13.6
7.6
Independent space in a building
Public office space(e.g., Seoul Startup Hub)
Co-working space
Private office space(e.g., Naver,D2SF )
Serviced office
No fixed space
Under 8 hrs/day
8-9 hrs/day
9-10 hrs/day
Over 10 hrs/day
- 46 -
START-UP TREND REPORT 2021
C-2. Responses from Startup Employees
While 41.6% of the total are satisfied with their work, only 33.6% are satisfied with compensation/rewards.
How satisfied are you with your current job?Do you think that you are given with the adequate compensation and rewards for the work you currently do?Q
8.0
21.2
37.2
28.8
4.8
Dissatisfied29.2%
Satisfied33.6%
HighlyDissatisfied
Dissatisfied Neutral SatisfiedHighly
Satisfied
3.2
12.8
42.4
31.6
10.0
Dissatisfied16.0%
Satisfied41.6%
HighlyDissatisfied
Dissatisfied Neutral SatisfiedHighly
Satisfied
Satisfaction on Compensation/RewardsWork Satisfaction
Although satisfaction on work amounts to 41.6%, the satisfaction rate on compensation/rewards stop at 33.6%,
demonstrating relative dissatisfaction.
- 47 -
START-UP TREND REPORT 2021
C-2. Responses from Startup Employees
34.4% receive a salary of under 30 million won and wish for a higher salary level than present.
34.4% of the total receive a salary under 30 million won and expect a higher salary rate than present.
What is your annual salary at your current job?What do you think is an adequate annual salary for your experience level and profession?Q
34.4
14.0 13.6
10.8
3.6
10.0
4.82.8
0.8 1.2 2.00.4 0.0 0.4 0.0
1.2
10.8
16.814.4
16.0
5.68.0
6.4
9.2
1.6
4.4
0.82.8
0.4 0.4 0.42.0
Below30 million
won
30-35 million
won
35-40 million
won
40-45 million
won
45-50 million
won
50-55 million
won
55-60 million
won
60-65 million
won
65-70 million
won
70-75 million
won
75-80 million
won
80-85 million
won
85-90 million
won
90-95 million
won
95-100 million
won
Above 100
million won
Current Salary
Adequate Level of Salary
- 48 -
START-UP TREND REPORT 2021
C-2. Responses from Startup Employees
When changing to a startup job, employees consider monetary compensation and company vision.
Employees under 3 years of experience consider company vision/founder philosophy and welfare more significantly, while
those with over 7 years of experience prioritize monetary compensation.
If you were to leave for a startup, what factors would you consider most significantly? Please select the top three factors in order of significance.Q
Monetary compensation(e.g., annual salary, stock option, signing bonus)
Company vision/founder philosophy
Welfare(e.g., meal allowance, flextime, education/cultural
expense support, birthday parties)
Horizontal organization culture(e.g., personnel system, title, model mentor, free
comm)
Awareness of founders/company
Other
Nothing in particular
44.8
19.2
17.2
11.6
4.8
1.6
0.8
Total(N=250)
Under 3 years(N=68)
41.2
27.9
20.6
7.4
1.5
1.5
0.0
52.5
10.0
17.5
11.3
7.5
1.3
0.0
40.9
15.9
18.2
15.9
4.5
0.0
4.5
47.1
23.5
14.7
8.8
5.9
0.0
0.0
33.3
25.0
8.3
20.8
4.2
8.3
0.0
3-7 years(N=80)
7-10 years(N=44)
10-15 years(N=34)
Over 15 years(N=24*)
Considerations onLeaving for Startup Jobs (1st)
*Caution on small base
- 49 -
START-UP TREND REPORT 2021
C-2. Responses from Startup Employees
Over half (54.4%) feel the labor shortage among startups, and 46.8% recognize the severity.
54.4% of the total feel the startup labor shortage, and 46.8% recognize the growing severity compared to last year.
To what extent do you, as a startup employee, recognize the labor shortage for startups?Compared to a year ago (2020), has the labor shortage intensified for startups?Q
4.0
11.2
38.0
30.4
16.4
Not Severe15.2%
Severe46.8%
Notsevereat all
severeat all
Neutral/similar
SevereHighlySevere
4.4 8.4
32.8 30.8
23.6
Do NotRecognize
12.8%
Recognize54.4%
Do not recognize
at all
Do not recognize
Neutral RecognizeHighly
recognize
Severity of Startup Labor Shortage vs. Past YearRecognition of Startup Labor Shortage
- 50 -
START-UP TREND REPORT 2021
C-2. Responses from Startup Employees
Most prefer year-round recruitment via hiring websites as a channel for employment.
Year-round recruitment via hiring websites is preferred by the highest ratio (47.2%) of startup employees.
A relatively higher proportion of those with over 7 years of experience prefer external reference.
Which recruitment channels do you prefer? Please select the top two in order of preference.Q
Year-round recruitmentvia hiring websites
Internal reference
Seasonal open recruitment
Headhunting
External reference
47.2
15.6
15.6
11.2
10.4
Total(N=250)
45.6
16.2
17.6
10.3
10.3
55.0
16.3
10.0
13.8
5.0
43.2
11.4
22.7
9.1
13.6
47.1
20.6
11.8
11.8
8.8
33.3
12.5
20.8
8.3
25.0
*Caution on small base
PreferredRecruitment Channels
(1st)
Under 3 years(N=68)
3-7 years(N=80)
7-10 years(N=44)
10-15 years(N=34)
Over 15 years(N=24*)
- 51 -
START-UP TREND REPORT 2021
C-2. Responses from Startup Employees
76.8% of the total have changed jobs within the recent 5 years. Mainly, they change jobs from mid-size local enterprises and ventures/startups.
How many times have you changed jobs within the recent 5 years (2015-2020)?Where did you work just prior to your current job?Q
[Base : Those who changed jobs within 5 years, N=192]
Turnovers within Recent 5 years Prior Workplace (N=192)
23.2
35.6
26.8
9.2 2.82.00.4
Over 6 times
5 times
4 times
3 times
2 times
Once
None
Small/medium-sized local companies(excl. ventures/startups)
Ventures/startups
Mid-size local enterprises
Large local corporations
Public institutions/government/public enterprises
Foreign companies
Other
31.8
27.6
15.6
8.3
6.8
3.6
6.3
76.8% of the total have changed jobs at least once within the recent 5 years, and 14.4% of these employees have changed
jobs over 3 times. Most change jobs from mid-size local enterprises and ventures/startups.
- 52 -
START-UP TREND REPORT 2021
C-2. Responses from Startup Employees
Startup employees consider monetary compensation and horizontal organizational culture.They experience difficulties finding internal information on the organization and team culture.
Which factors did you consider significantly when changing jobs?Please select the top three factors in order of significance.What difficulties did you experience while preparing to change jobs? Please select the top three in order.Q
[Base : Those who changed jobs within 5 years, N=192]
Significant Considerations upon Turnover (1st+2nd+3rd) Difficulties upon Turnover (1st+2nd+3rd)
Monetary compensation(e.g., annual salary, stock option, signing bonus)
Horizontal organization culture (e.g., personnel
system, title, model mentor, free communication)
Welfare (e.g., meal allowance, flextime,
education/cultural expense support, birthday parties)
Company vision/founder philosophy
Awareness of founders/company
Nothing in particular
65.6
52.1
46.4
43.8
18.2
5.2
Finding internal information onorganization, team culture
Finding information on thecompany's monetary compensation
Search for applicable companies
Preparing for interviews
Preparing job applications(e.g., performance, experience)
Improve résumé(e.g., languages, qualifications)
47.9
43.2
42.7
38.5
38.0
17.7
Those with experience of changing jobs in recent 5 years mainly consider monetary compensation and horizontal
organizational culture. Finding internal information on organization/team culture and monetary compensation are identified
as difficulties upon preparing job switching.
START-UP TREND REPORT 2021
3. Corporate Employees
• Size:
• Target:
250 Total (Male: 140 / Female: 110)
Employees of local corporates with workforce
volume of 1,000 employees
- 54 -
START-UP TREND REPORT 2021
C-3. Responses from Corporate Employees
34.0% have considered starting a business, and the rate increased by approximately 10.4%p compared to last year.
Which factors did you consider significantly when changing jobs?What difficulties did you experience while preparing to change jobs?Q
29.6
23.6
42.4
34.0
Past(Past year)
Present(Current
year)
2020 2021(Generating large revenue) 6.0%“There is no such thing as a lifetime workplace for today’s workers. The job ends anyways. I can only think of starting my own business as a means of survival.”(Work/employment instability) 6.0%“You never know until when you can continue working at a company.”“Stressed out by wage and workforce reduction.”(Low/limited salary) 4.4%“Office work salary is not sufficient.”“The wage is getting smaller due to an increase in house prices.”
▲12.8 ▲10.4
Past(Past year)
Present(Current
year)
(Lack of business item/idea) 11.2%“Do not have a business item in mind and satisfied with current job.”(Satisfied with current job) 7.6% “Not discontent about current workplace, and while my work does not guarantee tenure, I am not that old yet.”(Risk burden/insecurity/fear of failing) 7.6%“Too risky and the current economy is in bad shape.”“Overall, the economy is not doing great, and the timing is not right for opening a business. I am not even sure what to start business with.”
Considerations on Starting Business Reasons for Considering/Not Considering Founding
34.0% considered starting a business, a 10.4%p increase from the last year’s 23.6%. However, the increase margin is smaller
than 2020, probably due to an economic depression following COVID-19. ‘Generating large revenue’ has a positive impact,
while ‘lack of business item’ and ‘satisfaction towards current job’ plays a major role for not considering founding.
- 55 -
START-UP TREND REPORT 2021
C-3. Responses from Corporate Employees
24.7% of corporate employees thinking of starting a business consider eCommerce/distribution.
24.7% of corporate employees thinking of starting a business consider eCommerce/distribution.
If you were to start a business, which industry do you have in mind?Q[Base : Those considering to start own business, N=85]
24.7
12.9 10.6 9.4
7.1
3.5 2.4 2.4
27.1
eCommerce/distribution
Real estate/PropTech
Content/media
Healthcare/bio
Solution/software
Finance/FinTech/blockchain
Hardware/manufacturing
Deep tech(e.g., AI,
semiconductor, material,
aerospace)
Other(e.g., F&B)
- 56 -
START-UP TREND REPORT 2021
C-3. Responses from Corporate Employees
Only a small ratio of corporate employees considers changing to startup jobs, and the change range is not significant.
To what extent have you considered changing to a startup job in the recent year (2021)?How does this compare with your view on leaving for a startup job last year (2020)?If you are considering/against taking up a job at a startup, please select the most significant reason.To which startup do you prefer to leave for?Q
Considerations on Leaving for Startup Reasons for Considering/Not Considering Startup Employment
15.0 15.2 17.6 19.2
Past(Past year)
Present(Current
year)
2020 2021
▲2.6 ▲4.0
Past(Past year)
Present(Current
year)
Positive(N=48)
Negative(N=158)
1stExpectations on profit with stock
options (33.3%)Concerns on reduced welfare
benefits (40.5%)
2ndAccomplishment from rapid
growth (31.3%)Anxiety towards job instability
(34.2%)
3rdAutonomous/horizontal
organization culture (20.8%)Uncertainties in career building
(13.3%)
|| Preferred Startups upon TurnoverKakao (n=4) > Danggeun Market (n=2) > Baedal Minjok (n=2)
While a relatively low rate of corporate employees considers changing to startup jobs (19.2%), the rate had increased slightly
from 15.2% last year. Expectations on profit with stock options are identified as reasons for considering changing to startup
jobs, and concerns on reduced welfare benefits (e.g., wage) affect corporate employees not to consider getting startup jobs.
- 57 -
START-UP TREND REPORT 2021
C-3. Responses from Corporate Employees
Monetary compensation is mostly considered when changing to startup jobs.
The importance of the monetary compensation is higher among those with over 15 years of experience,
while those with under 7 years of experience consider welfare at a relatively higher rate.
If you were to leave for a startup, what factors would you consider most significantly?Please select the top three factors in order of significance.Q
Monetary compensation(e.g., annual salary, stock option, signing
bonus)
Company vision/founder philosophy
Welfare (e.g., meal allowance, flextime,
education/cultural expense support, birthday parties)
Horizontal organization culture (e.g.,
personnel system, title, model mentor, free communication)
Awareness of founders/company
58.8
13.6
11.2
9.2
6.0
56.0
12.0
16.0
12.0
4.0
55.2
12.1
15.5
8.6
6.9
59.0
15.4
12.8
5.1
5.1
57.3
14.7
9.3
12.0
6.7
66.0
13.2
5.7
7.5
5.7
Total(N=250)
*Caution on small base
Considerations onLeaving for Startup Jobs (1st)
Under 3 years(N=25*)
3-7 years(N=58)
7-10 years(N=39)
10-15 years(N=75)
Over 15 years(N=53)
- 58 -
START-UP TREND REPORT 2021
C-3. Responses from Corporate Employees
Corporate employees show high interest in Kakao/Toss/Danggeun Market/Baedal Minjok.
‘Kakao’ ranks top as the fastest-growing startup and a startup that employees are interested in the ways of working,
and the level of interest is high for ways that Kakao and Toss work.
Which startup are you most curious about the ways they work? (Select all)Which do you think is the fastest growing startup in South Korea? (Select all)Q
Interested Startups on Ways of Working
Kakao
Toss
Danggeun Market
Baedal Minjok
Market Kurly
Coupang
Yanolja
KRAFTON
Naver
Nexen
Wadiz
ZigZag
12.8
8.8
4.4
4.0
2.8
2.4
2.0
2.0
1.6
1.2
0.8
0.8
0.8
Fastest-Growing Local Startups
Kakao
Toss
Baedal Minjok
Danggeun Market
Market Kurly
Coupang
Yanolja
TADA
11.6
9.2
8.0
4.0
3.6
3.2
3.2
0.8
- 59 -
START-UP TREND REPORT 2021
C-3. Responses from Corporate Employees
Startups are associated with images of ‘innovative’ and ‘young.’
Corporate employees mostly associate startups with positive images such as ‘innovative/creative’ and ‘young/fresh,’
and the rate of associating them as ‘uncertain/unstable’ has slightly decreased compared to 2020 (-3.0%p).
What comes to your mind first when you think of a startup?Q[Base : Those considering to start own business, N=85]
33.2
22.4 22.6
9.8
2.0 6.6
3.2
33.2
24.419.6
9.25.6 5.2
2.0
Creative/innovative
Young/fresh Unstable/uncertain
Live/energetic Promising Reckless/risky Diversity
2020 2021
- 60 -
START-UP TREND REPORT 2021
C-3. Responses from Corporate Employees
Approximately 30.8% of corporate employees search for information on startups, mainly using portal websites and YouTube.
Have you searched for information about startups?Where do you usually obtain information about startups?Please select the top information channels, in order of frequency.Q
Information Searching on Startups Startup Information Channels (1st+2nd+3rd) (N=77)
2020(N=500)
37.0 30.8
63.069.2
No
Yes
2021(N=250)
Portal websites (e.g., Naver, Daum)
YouTube
Recruitment websites (e.g., Saramin, Wanted)
Company websites
Acquaintances, friends, family
Social media(e.g., Instagram, Facebook)
Employment support websites from academic institutions
62.3
39.0
37.7
36.4
35.1
28.6
20.8
2.6
[Base : Those who searched information on startups, N=77]
Approximately 30.8% of corporate employees searched information on startups, and the rate decreased by -6.2%p compared
to the previous year. Portal websites and YouTube are utilized as the main information channels.
- 61 -
START-UP TREND REPORT 2021
C-3. Responses from Corporate Employees
‘Tuition support for children’ and ‘meal/snacks’ are main welfare benefits employees experience.
A relatively higher proportion of those with 3-10 years of experience received ‘tuition support for children’
and those with 7-15 years of experience received ‘welfare expense’ and ‘cafeteria’ benefits.
Please select all items that apply to your company.Q
Tuition support for children
Meal/snacks
Welfare expense (welfare points)
Cafeteria
Telecommuting
Flextime (commuting)
Training/equipment support
Parental leave (in addition to regulations)
Smart office (seating choice)
Other (please specify)
Nothing in particular
72.8
71.6
69.6
68.8
63.2
58.0
49.2
49.2
10.4
2.0
4.4
Total(N=250)
60.0
80.0
68.0
64.0
44.0
32.0
48.0
56.0
0.0
0.0
12.0
79.3
69.0
69.0
63.8
70.7
56.9
46.6
51.7
8.6
3.4
0.0
79.5
82.1
74.4
74.4
76.9
71.8
61.5
41.0
12.8
2.6
2.6
73.3
69.3
73.3
74.7
62.7
61.3
49.3
50.7
14.7
1.3
1.3
66.0
66.0
62.3
64.2
54.7
56.6
43.4
47.2
9.4
1.9
11.3
*Caution on small base
Under 3 years(N=25*)
3-7 years(N=58)
7-10 years(N=39)
10-15 years(N=75)
Over 15 years(N=53)
- 62 -
START-UP TREND REPORT 2021
C-3. Responses from Corporate Employees
Most corporate employees work at an independent space in a building, and more than half (58.8%) work 8-9 hours a day.
Which type of office is your company using?How long are your working hours?Q
Office Type Office Hours
Independent space in a building
Co-working space
Private office space(e.g., Naver, D2SF )
Public office space(e.g., Seoul Startup Hub)
Serviced office (e.g., rented office providing business services such as CEO suites)
No fixed space
81.6
6.8
4.8
1.2
0.8
4.8
Under 8 hrs/day
8-9 hrs/day
9-10 hrs/day
Over 10 hrs/day
22.4
58.8
14.0
4.8
Corporate employees mainly work in an independent space in a building (81.6%) > co-working space (6.8%) and 22.4% of the
total work for under 8 hours.
- 63 -
START-UP TREND REPORT 2021
C-3. Responses from Corporate Employees
44.0% of the total are satisfied with their work, and only 38.0% are satisfied with compensation/rewards.
How satisfied are you with your current job?Do you think that you are given with the adequate compensation and rewards for the work you currently do?Q
Satisfaction on Compensation/RewardsWork Satisfaction
4.8
16.0
41.2
33.2
4.8
Dissatisfied20.8%
Satisfied38.0%
HighlyDissatisfied
Dissatisfied Neutral SatisfiedHighly
Satisfied
2.4
9.2
44.4 39.2
4.8
Dissatisfied11.6%
Satisfied44.0%
HighlyDissatisfied
Dissatisfied Neutral SatisfiedHighly
Satisfied
Although satisfaction on work amounts to 44.0%, the satisfaction rate on compensation/rewards ceases at 38.0%,
demonstrating a relative dissatisfaction.
- 64 -
START-UP TREND REPORT 2021
C-3. Responses from Corporate Employees
A significantly low ratio (6.8%) receives a salary under 30 million won, and 30.4% of the total receives a salary over 70 million won.
What is your annual salary at your current job?What do you think is an adequate annual salary for your experience level and profession?Q
6.8
8.8
7.2 6.8 7.2
8.4
7.2
9.2
8.0
10.0
4.4
6.0
0.8
2.8
1.6
4.8
1.2
6.0 5.6
8.8
4.8
7.26.4
9.6
5.6
7.66.8
11.6
4.4
2.43.2
8.8
Below 30 million
won
30-35 million
won
35-40 million
won
40-45 million
won
45-50 million
won
50-55 million
won
55-60 million
won
60-65 million
won
65-70 million
won
70-75 million
won
75-80 million
won
80-85 million
won
85-90 million
won
90-95 million
won
95-100 million
won
Above 100
million won
Current Salary
Adequate Level of Salary
Only 6.8% of the total receive a salary under 30 million won, and 8.8% expect a salary higher than 100 million won.
- 65 -
START-UP TREND REPORT 2021
C-3. Responses from Corporate Employees
Corporate employees prefer headhunting and open recruitments.
When changing jobs, corporate employees prefer headhunting and open recruitments over references. However, a relatively
higher proportion of those under 3 years of experience and over 15 years of experience prefer year-round recruitment via
hiring websites.
Which recruitment channels do you prefer? Please select the top two in order of preference.Q
Headhunting
Open recruitment
Year-round recruitment via hiring websites
External reference
Internal reference
30.8
22.4
22.4
12.4
11.2
40.0
24.0
28.0
4.0
4.0
32.8
29.3
17.2
12.1
8.6
33.3
23.1
15.4
7.7
20.5
26.7
21.3
21.3
16.0
14.7
28.3
15.1
32.1
15.1
5.7
Total(N=250)
*Caution on small base
PreferredRecruitment Channels
(1st)
Under 3 years(N=25*)
3-7 years(N=58)
7-10 years(N=39)
10-15 years(N=75)
Over 15 years(N=53)
- 66 -
START-UP TREND REPORT 2021
C-3. Responses from Corporate Employees
Only 38.0% of the total have changed jobs within the recent 5 years, mostly from large local corporates.
How many times have you changed jobs within the recent 5 years (2015-2020)?Where did you work just prior to your current job?Q
[Base : Those who changed jobs within 5 years, N=95]
Turnovers within Recent 5 years Prior Workplace (N=95)
5 times
4 times
3 times
2 times
Once
None
62.0
19.6
12.0
3.2 1.22.0
Large local corporations
Mid-size local enterprises
Small/medium-sized local companies(excl. ventures/startups)
Ventures/startups
Foreign companies
Public institutions/government/public enterprises
Other
44.2
21.1
17.9
5.3
5.3
3.2
3.2
38.0% of the total changed jobs over once in the recent 5 years and switched jobs from large local corporates and mid-size
local enterprises at a high rate.
- 67 -
START-UP TREND REPORT 2021
C-3. Responses from Corporate Employees
When changing jobs, corporate employees consider monetary compensation and welfare benefits and experience difficulties preparing job applications and interviews.
Which factors did you consider significantly when changing jobs?Please select the top three factors, in order of significance.What difficulties did you experience while preparing to change jobs? Please select the top three in order.Q
[Base : Those who changed jobs within 5 years, N=95]
Significant Considerations upon Turnover (1st+2nd+3rd) Difficulties upon Turnover (1st+2nd+3rd)
86.3
67.4
36.8
29.5
17.9
8.4
60.0
44.2
44.2
36.8
29.5
27.4
Monetary compensation(e.g., annual salary, stock option, signing bonus)
Welfare (e.g., meal allowance, flextime,
education/cultural expense support, birthday parties)
Horizontal organization culture (e.g., personnel
system, title, model mentor, free communication)
Company vision/founder philosophy
Awareness of founders/company
Other
Preparing job applications(e.g., performance, experience)
Preparing for interviews
Finding internal information on organization, team culture
Finding information on the company's monetary compensation
Search for applicable companies
Improve résumé(e.g., languages, qualifications)
Those with experience of changing jobs in recent 5 years mainly consider monetary compensation and welfare benefits.
They experience difficulties in the overall process of job switching, such as preparing job applications and interviews.
START-UP TREND REPORT 2021
4. Job Seekers
• Size:
• Target:
200 Total (Male: 100 / Female: 100)
Job Seekers currently in college/graduate school
- 69 -
START-UP TREND REPORT 2021
C-4. Job Seekers
35.5% considered starting their own business, and the rate increased by 15.5%p from last year.
35.5% have considered starting a business within the recent year, and the rate increased by 15.5%p from last year’s 20.0%.
The margin of increase is similar to that of 2020. ‘Difficulties in employment/unemployment crisis' ‘and ‘generating large
revenue’ have a positive impact, while ‘lack of business item’ plays a major role in not considering starting a business.
Have you ever considered starting your own business in the recent year (2021)?What is the reason?What was your opinion a year ago (2020)on starting your own business?Q
20.0 20.0
35.5 35.5
Past(Past year)
Present(Current
year)
2020 2021
(Difficulties in employment/unemployment crisis) 16.0%““I thought about starting a business if I have a decent idea, as the door to employment is very narrow.” “I considered starting a business as it is difficult to get a job. I took a course on starting a business in college and grew interested. It appears possible to obtain relatively huge support.”(To generate large revenue) 3.5%“As it is impossible to enjoy wealth with a simple salary.”(Sitting on business item/idea) 3.5%“I feel positive about my idea.”
Considerations on Starting Business Reasons for Considering/Not Considering Founding
▲15.5 ▲15.5
Past(Past year)
Present(Current
year)
(Lack of capital) 13.0%“As I have insufficient capital to start a business.”(Lack of business item/idea) 10.5%“I have limited knowledge of business management. I neither have capital nor ideas.”(Risk burden/insecurity/fear of failing) 10.5%“I do not want to start a business with such risks.”“There is a risk burden in starting a business, and it is hard to survive. I expect strong instability.”
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START-UP TREND REPORT 2021
C-4. Job Seekers
23.9% of job seekers considering starting a business prefer the content/media industry.
Job seekers thinking of starting own business consider content/media (23.9%) > eCommerce/distribution (16.9%).
If you were to start a business, which industry do you have in mind?Q[Base : Those considering to start own business, N=71]
23.9
16.9
7.0 7.0 5.6 5.6 5.6 5.6
2.8 1.4
18.3
Content/media
eCommerce/distribution
Hardware/manufacturing
Game Real estate/PropTech
Finance/FinTech/
blockchain
Deep tech(e.g., AI,
semiconductor, material,
aerospace)
Solution/software
Healthcare/bio
Mobility Other(e.g., F&B)
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START-UP TREND REPORT 2021
C-4. Job Seekers
30.5% have considered getting a startup job, and the rate increased by approximately 2.5%p compared to last year.
To what extent have you considered getting a startup job in the recent year (2021)?How does this compare with your view on getting a startup job last year (2020)?If you are considering/against taking up a job at a startup, please select the most significant reason.Q
Considerations on Startup Employment Reasons for Considering/Not Considering Startup Employment
18.5
28.0 23.0
30.5
Past(Past year)
Present(Current
year)
2020 2021
▲4.5 ▲2.5
Past(Past year)
Present(Current
year)
Positive(N=61)
Negative(N=78)
1stAccomplishment from rapid growth
(31.1%)Anxiety towards job instability (35.9%)
2ndAutonomous/horizontal organization
culture (24.6%)
Uncertainties in career building
(24.4%)
3rd
Expectations on profit with stock options(14.8%)
Prompt/flexible decision making (14.8%)
Welfare benefits(e.g., wage)
30.5% have considered getting a startup job within the recent year, and the rate increased by approximately 2.5%p from
last year’s 28.0%. The rate hints at a positive change from the last year’s rate of considering employment (23.0%).
‘Accomplishment from rapid growth’ has a positive impact, while ‘anxiety towards job instability’ acts as a barrier.
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START-UP TREND REPORT 2021
C-4. Job Seekers
Content/media and finance/FinTech are preferred industries when getting a startup job.
Job seekers thinking of getting startup jobs consider content/media (24.0%) > finance/FinTech/blockchain (15.5%) >
eCommerce/distribution (12.5%).
If you were to get a startup job, which industry do you have in mind?Q
24.0
15.5 12.5 12.0
8.0 8.0 7.0 5.5
3.0 2.0 2.5
Content/media
Finance/FinTech/
blockchain
eCommerce/distribution
Healthcare/bio
Deep tech(e.g., AI,
semiconductor, material,
aerospace)
Game Solution/software
Real estate/PropTech
Hardware/manufacturing
Mobility Other
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START-UP TREND REPORT 2021
C-4. Job Seekers
Job seekers identify Baedal Minjok/Danggeun Market/Kakao as representative startups.
Baedal Minjok (19.5%), Danggeun Market (11.0%), and Kakao (10.5%) are recalled consecutively among job seekers when they
think of startups.
Please write up to three local company or service that comes to your mind when you think of startups.Q
BaedalMinjok
/Woowa Brothers
DanggeunMarket
Kakao Toss/Viva
Republica
Coupang MarketKurly
Yanolja Socar Wadiz Banksalad Yogiyo Wemakeprice
TMON
13.5
4.5
7.0
3.54.5
3.5
1.02.0 1.5
0.5 0.01.0
0.0
19.5
11.0 10.59.5
7.56.0 6.0
2.5 2.5 2.0 2.0 2.0 2.0
Top of Mind Unaided awareness
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START-UP TREND REPORT 2021
C-4. Job Seekers
Job seekers wish to learn how Baedal Minjok and Kakao work and perceive them as the fastest-growing startups.
Which startup are you most curious about the ways they work?Which do you think is the fastest growing startup in South Korea?Q
Interested Startups on Ways of Working
Baedal Minjok/Woowa Brothers
Kakao
Toss/Viva Republica
Market Kurly
Danggeun Market
Naver
Coupang
Watcha
9.5
8.0
3.0
3.0
2.5
1.5
1.5
1.5
Fastest-Growing Local Startups
Baedal Minjok/Woowa Brothers
Kakao
Coupang
Danggeun Market
Toss/Viva Republica
Market Kurly
Musinsa
Yanolja
14.0
8.5
7.0
6.0
5.0
1.5
1.5
1.0
Baedal Minjok/Kakao are frequently mentioned as the fastest-growing startups and startups that job seekers are interested
about the ways of working.
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START-UP TREND REPORT 2021
C-4. Job Seekers
Job seekers associate startups with a mixture of positive images ‘innovative’ and ‘young’ and a negative image of ‘uncertainty.’
What comes to your mind first when you think of a startup?Q
35.0 31.5
17.0
8.0 3.5 3.0 1.5
Innovative/creative
Young/fresh Unstable/uncertain
Reckless/risky
Live/energetic
Promising Diversity
While most job seekers perceive startups positively as ‘innovative/creative’ and ‘young/fresh,’ they also associate startups
with negative images ‘uncertain’ and ‘reckless,’ which rank 3rd and 4th.
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START-UP TREND REPORT 2021
C-4. Job Seekers
25.5% of job seekers search for information on startups and mainly utilize hiring websites.
Have you searched for information about startups?Where do you usually obtain information about startups?Please select the top information channels, in order of frequency.Q
Information Searching on Startups
2020(N=200)
29.0 25.5
71.0 74.5
No
Yes
2021(N=200)
Startup Information Channels (1st+2nd+3rd)
Recruitment websites(e.g., Saramin, Wanted)
Portal websites (e.g., Naver, Daum)
YouTube
Social media (e.g., Instagram, Facebook)
Company websites
Employment support websites from academic institutions
Acquaintances, friends, family
49.0
47.1
37.3
33.3
27.5
25.5
19.6
11.8
[Base : Those who searched information on startups, N=51]
Approximately 25.5% of job seekers searched for information on startups, and the rate declined compared to 2020 (-3.5%p).
Hiring websites/portal websites/YouTube are utilized as main channels for information.
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START-UP TREND REPORT 2021
C-4. Job Seekers
Over half (50.5%) expect 30-35 million won as an adequate salary for entry-level employees.
While the highest ratio, 50.5%, perceives 30-35 million won as an adequate salary for entry-level employees,
a high rate of job seekers, 21.0%, identify 30 million won as a decent salary level.
What do you think is an adequate annual salary for an entry-level employee?Q
21.0
50.5
21.5
5.5 1.0 0.5
Below 30 million won30 - 35
million won35 - 40
million won40 - 45
million won45 - 50
million wonAbove 55 million won
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START-UP TREND REPORT 2021
C-4. Job Seekers
Job seekers consider monetary compensation and horizontal organizational culture for startup employment.
If you were to get a startup job, which factors would play a significant role?Please select the top three factors in order of significance.Q
Monetary compensation(e.g., annual salary, stock option, signing bonus)
Horizontal organization culture(e.g., personnel system, title, model mentor, free
communication)
Company vision/founder philosophy
Welfare (e.g., meal allowance, flextime,
education/cultural expense support, birthday parties)
Awareness of founders/company
31.0
27.0
17.0
15.0
9.5
Total(N=200)
Male(N=100)
Female(N=100)
32.0
22.0
22.0
12.0
11.0
30.0
32.0
12.0
18.0
8.0
Most Active Factor in Startup Employment (1st)
Monetary compensation and horizontal organizational culture appear to influence startup employment. Females tend to
consider horizontal organizational culture especially, and males gear towards company vision and founder philosophy.
START-UP TREND REPORT 2021