The article discusses the analysis of the global unicorn company list by the Korea Chamber of Commerce and Industry (KCCI). A “unicorn company” is defined as an unlisted company valued at over 1 billion USD (approximately 1.46 trillion KRW). As of October, there were 1,276 unicorns worldwide, with the United States having the largest number at 717, making up 56.2% of the total. South Korea, with only 13 unicorns, ranked 11th.
China followed the U.S. with 151 unicorns, while India, the UK, Germany, France, Israel, Canada, Brazil, and Singapore also had more than South Korea. Despite the U.S. having added 229 unicorns since the COVID-19 pandemic, South Korea only increased by two.
The time taken for a company in South Korea to grow into a unicorn averages 8.99 years, longer than in other leading countries. China takes 6.27 years on average, Germany 6.48 years, and the U.S. 6.70 years. The overall average for the top 10 countries is 6.97 years.
In terms of sectors, 36.3% of unicorns in the top 10 countries operate in AI and IT solutions, whereas in South Korea, nearly half (46.1%) are in consumer goods and distribution.
The report indicates that increasing regulations, along with limitations in overseas expansion and attracting global capital, hinder the growth of unicorn companies in South Korea. Kim Hyun-soo, the head of KCCI’s economic policy team, emphasized the need to revitalize the startup ecosystem in South Korea to boost the emergence of unicorns, which are key indicators of innovation and growth.