They defy rules and norms. They set no limits to destroying the old and creating the new. They have zero chance of succeeding in creating disruptive technologies in this market that is heavily reliant on and driven by conglomerates.They choose risk and rebellion over security because they believe that they can make the world a better place with game-changing technology or creative ideas.They are the entrepreneurs of tomorrow.Recognizing their true potential for the economy, the government has re

Kim Deok-hoon returned to university to set up a business. He enrolled in a start-up course and took advantage of the free office space the campus offered.“I think I’ve learned a lot over the past six months,” said the 37-year-old, who graduated from Hanyang University with an engineering degree in 2001.He had worked for nearly seven years as a consultant, but never had the chance to receive practical, hands-on training in starting and running a company until last summer, he said.“Every weekend

Entrepreneurs must be ready to stay ahead of the game through market foresight, and every five years they should try to create something new that can potentially disrupt existing technologies and markets, Chester Roh, one of Korea’s very few serial entrepreneurs, said in an interview with The Korea Herald.“We are living in an era that demands creative solutions and less complexity as we are seeing a shift in the economic paradigm where tedious traditional labor is being replaced by intelligent a

A noted Korean venture capitalist said that entrepreneurs must have a clear motive and a vision before starting a company.They must also have the ability to spot and solve problems. But above all, a great start-up must have a great team, said Jimmy Rim, CEO of K Cube Ventures, a venture capital fund established by Rim and Kim Beom-soo, founder of Kakao, the developer of mobile messenger KakaoTalk and other mobile communication platforms.“What we first look at before investing in start-ups is the

Korea is the place to be for both nationals and foreigners looking to launch start-ups, especially in the fields of information technology and mobile technology, a foreign entrepreneur based in Seoul said.Ludolf Ebner-Chung, founder and CEO of Naldo, an online quick-delivery services platform, said that starting a company in Korea may often be a better career move than working at a conglomerate, especially for foreigners.“For Web-based IT and mobile start-ups, Korea is one of the ideal business

From Nov. 13-17 at a small gallery in Sagan-dong, a rather quiet area in central Seoul, a very different yet unique exhibition was held. Under the theme of “Hands,” four artists specializing in different forms ― ceramics, timepieces, handbags and dolls ― featured their products ranging from mugs and bowls to eco-friendly purses, handmade watches and ceramic dolls. The stories about the neighborhood were written on the wall. Sagan-dong was named after the librarians and royal historians that reco

The National Pension Service, Korea’s state-run pension fund manager, will aim to fully protect its investments in overseas bonds by hedging against foreign exchange risks through efficient management, the NPS’ National Fund Management Committee said Friday.The committee said that the NPS will seek to safeguard its bond investments abroad by targeting a hedge ratio of 100 percent next year. It has set the ratio at zero percent for its 2014 overseas equity investment portfolio.The NPS will seek t

Financial Services Commission chairman Shin Je-yoon said Friday that Korea would need to reshape its financial environment to allow small and medium-size enterprises to expand overseas, even though earlier attempts have failed.In a seminar for members of the Korea Chamber of Commerce and Industry, the FSC chief stressed that a convergence between finance and manufacturing in the economy is necessary for sustainable growth.Shin said that the financial industry has not been doing its part, and wil

Christine Lagarde, managing director of the International Monetary Fund said Thursday that Korea needs to implement a package of economic reform measures to sustain growth.The Korean economy is “more resilient than it was five years ago,” she told the press.But Asia’s fourth-largest economy needs to do more in the face of low female labor participation and low productivity in the services market.She suggested that Korea should make its labor market “more inclusive” to temporary or nonregular wor

President Park Geun-hye said Wednesday that Korea would fully support developing and underdeveloped economies in tackling climate change through the Green Climate Fund.At the ceremony for the opening of the GCF’s permanent headquarters in Songdo, Incheon, the president said that Korea would continue to invest in technologies such as renewable energy, carbon capture and storage and energy management systems as part of efforts to make the world more environmentally friendly.She urged not only the

Government officials warned that Korea will face a catastrophic effect equivalent to the U.S. government shutdown in October if the National Assembly does not pass the 2014 budget bill by year-end.Lawmakers failed to pass the budget by the legal deadline on Monday due to political strife between the ruling and opposition parties over key national and economic issues, including tax revision and the appointment of an audit chief.Korean lawmakers have not passed the annual budget for 11 straight ye

Lawmakers of the Strategy and Finance Committee of the National Assembly have called for tougher measures against 12 state-run enterprises whose debt has nearly doubled over the last five years.In a report by the Ministry of Strategy and Finance submitted to the committee, the aggregate debt of 12 state-owned enterprises reached about 305.2 trillion won ($288.4 billion) at the end of last year, up from 158.6 trillion won in 2008.Korea Land & Housing Corp. had the highest debt of about 100 trilli

Shinhan Card, Korea’s top credit card issuer, said it would offer more cards and services through its expanded relations with American Express.This comes as the two sides agreed to boost their relationship, paving the way for Shinhan Card to tap a greater number of consumers via American Express’ global networks.Shinhan Card said its new U.S. partner would help it provide more diverse services and product choices for Korean consumers.“By partnering with American Express, we expect to provide mor

Korean Air said that it would offer an early retirement program to its employees from Dec. 2-17 amid an industry downturn.The airline will continue to provide welfare benefits, including scholarships for employees’ children and discounted airline tickets to those who apply for the program.Employees aged over 40 who have worked for the airliner for over 10 years will be eligible for the program.Company officials said it would aim to help its employees find new opportunities through the program un

The South Korean stock market is expected to trade higher next week amid abated uncertainty over the U.S.’ tapering of quantitative easing, analysts said Saturday.The benchmark KOSPI gained 2 percent Friday from a week earlier to close at 2,044.87.Earlier this week, Seoul shares gathered ground on the back of a foreign-led buying rally amid abated concerns over a tapering of economic stimulus moves by the U.S. Federal Reserve.The local stock market also remained bullish later in the week on the

The Ministry of Strategy and Finance said Wednesday that it has sold part of its share in the state-owned Industrial Bank of Korea to domestic and foreign institutional investors via block trade.It sold a total of 23.24 million shares, or 4.2 percent, of IBK, at 11,400 won ($10.70) per share evenly to foreign and domestic investors, the Finance Ministry added.The shares sold at a 5 percent discount on Tuesday’s market closing price of 12,000 won per share, it noted. The sale amounted to 265 bill

The Ministry of Strategy and Finance said Tuesday that it is not considering banning consumers from purchasing lottery tickets with cash.This comes as news outlets reported that Korea’s gambling regulators were moving to prohibit consumers from buying tickets with cash by adopting the electronic card payment system in an effort to prevent gambling addiction.The Finance Ministry said that the media reports were “untrue and that it is not considering banning cash payments for lotteries.”Electronic

Hopes for South Korea restarting trade with Iran have been raised following a landmark nuclear deal between the Middle Eastern nation and a group of six powers led by the U.S.Key sectors such as automobiles and petrochemicals, which are blocked from trade with Iran under sanctions by the U.S. Treasury’s Office of Foreign Assets Control, are expected to be revitalized, analysts said.As an initial lightening of curbs, the deal would suspend economic sanctions on Iran’s auto and petrochemical indus

Monthly household income in South Korea grew 2.9 percent on-year during the third quarter amid signs the economy is recovering from a prolonged slump, government data showed Friday.The income of households consisting of two members or more averaged 4.26 million won ($4,012) per month during the July-September period, up from 4.14 million won tallied a year earlier, according to the data provided by Statistics Korea. If adjusted for inflation, income also grew 1.6 percent.The income growth rate i

The shares of Korean blue chips with significant foreign investment, such as Samsung Electronics, POSCO and Hyundai Motor, will be the first of many stocks to be hit by the tapering of U.S. quantitative easing, analysts projected.They will also be affected by Japan’s continued monetary stimulus, part of the so-called “Abenomics” aimed at reviving its economy that has led to the depreciation of the yen, the analysts said.“A psychological effect might drive foreign sell-offs and capital outflow on