How Culture Fuels Business Growth

Similarweb simply launched an inventory of the quickest rising digital corporations in 2024, based mostly on year-over-year site visitors development. Two corporations 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 trade.

👜 Musinsa: A web-based market that caters to Korean style 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 12 months, at a time when VC cash is cooling on Asian startups.

Get extra enterprise concepts and classy knowledge in our weekly Tendencies Publication.

Their substantial development is according to South Korea’s outsized affect on direct-to-consumer style and wonder. However the nation’s cultural influence 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 Okay-pop, to the widespread reputation of Korean meals, Okay-culture has taken the world by storm. 

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

1. Tourism

Whereas its neighbor Japan stays prime of the bucket checklist 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 appeal to $24.5B in tourism income this 12 months.

Hefty aim? Possibly. Nevertheless it’s heading in the right direction: The variety of guests of Jeju Island, a preferred seaside vacation spot in South Korea, grew 9 instances 12 months over 12 months.

Seaside 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 Okay-pop concert events, go to your favourite Korean drama areas, or attend packaged Okay-culture excursions that do all of it;

🛍️ For customers: A significant occasion, Korea Grand Sale, gives promotions galore from mid-January to the tip of February;

💼 For distant staff: South Korea introduced its digital nomad visa, inviting these making $65k+ per 12 months to remain there for as much as two years (they’ll even convey a partner or dependents).

2. Tech Startups

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

At this 12 months’s Shopper Electronics Present (the world’s greatest client electronics expo), 116 Korean ventures took dwelling the CES Innovation Awards, setting a document.

Stars are aligned for Korean enterprise builders everywhere in 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 12 months, specializing in areas like robotics, AI chips, and well being tech;

Supply: Bloomberg

💬 Ultimate be aware: There’s no denying that South Korea is changing into a worldwide powerhouse stuffed with enterprise alternatives. Entrepreneurs within the e-commerce, hospitality and startup area ought to particularly maintain their fingers on the heartbeat.

Need extra content material like this? Join our weekly Tendencies e mail, full of knowledge, deep dives, and development insights for enterprise builders, entrepreneurs and progressive professionals.