The Seoul Metropolitan Government announced that Seoul ranks highest-ever 16th globally for its startup ecosystem in the Global Startup Ecosystem Report (GSER) 2021 released by Startup Genome, an American research and analysis firm. According to the report, Seoul's startup economy is evaluated to create US$ 47.2 billion (KRW 54 trillion) in ecosystem value.

This year's evaluation was made with data onstartup companies across 280 cities from 100countries around the world. Seoul first appeared on the list in 2017 andjumps four spots from the previousyear, marking the highest ever.

Startup Genome cites excellent talentpipelines and high R&D investment amounts as strengths of Seoul. Especially, Seoul ranks in the top four in knowledge accumulation, which is evaluated by the numberof researches and patents. It is analyzedthat Seoul has a rich corporate environment, with nine out of 11 unicorn companies in Korea currently locatedin Seoul.

In addition, StartupGenome highly evaluates the growth potentialof the city's startup ecosystem in that the Seoul Metropolitan Government actively implements startup policies, such as creatinga startup clusterthroughout the city.

Since 2009, the city has been promotingfull-fledged startup policies, starting with a project to select and nurture 1,000 teams of youngprospective entrepreneurs a year. In order to foster the ecosystem, Seoul has grown more than 13,000 companies bycontinuously expanding its startup clustersin Mapo and Yangjae among others. Thanks to such efforts, Seoul has achieved 5trillion won in sales, 854.3 billionwon in investment attraction, and job creation of more than 17,000 people.

According to the Global Startup EcosystemReport, AI&Big Data and Analysis, Life Sciences, and Gaming are strongsectors in Seoul'sstartup ecosystem.

In October this year, Seoul is expanding itsinfrastructure by opening the BT-IT Convergence Center, a digital healthcare startup support center, and a supportbase for win-win technology collaboration programsbetween large and medium-sized companies and startups in November.

In addition, Seoul plans to promote thespread of talents and research capabilities to a startup culture by strengthening the connection with universities.

In the future, the city plans to strengthenits competitiveness by fostering seven innovative industrial clusters, including IT in Yongsan and Fintech in Yeouido,and three cultural tourism convergence clustersin Dongdaemun and Jamsil.

Meanwhile, out of a total of 6 SuccessFactors in the Global Startup Ecosystem Report, Seoul outperformed in Knowledge, Networking, and Performance, whileFunding, Market Reach, and others were ratedaverage.

In this regard, Seoul plans to focus on upgrading innovative technologies and products for startups by creating and investing 10 trillion won in a policyfinance fund for ten years to strengthen the competitiveness of startups. In addition, Seoul Metropolitan Government said that it will supportprototype production, mass production, and R&D, and expand testbedsfor products and servicesso that startup ideas can be quicklycommercialized.

Hwang Bo-yeon, DeputyMayor for Seoul Economic Policy at the Seoul Metropolitan Government, said,"With the goal of cultivating 40 unicorn companies in Seoul by 2030 andranking alongside the top five forthe global startup ecosystem, Seoul will create a startup-friendly ecosystem and support startup companies by focusing onthe essential parts for them, such as Seoul's policy finance, support for commercialization for rapid marketsettlement, and network expansion for global market entry."