创新韩国：深度科技生态系统增长，构建新时代创新驱动、韧性经济

ForewordsWhen we at Reddal first visited Seoul in 2011, South Korea stoodwith a track record bar none. It had performed a miraculoustransformation from a war-ridden country to a modern developednation and had a stellar growth record. No surprise then that wedecided to open our Seoul office the following year, in 2012.However, the second decade of the new millennium broughtnewchallenges to South Korea. Growth was slowing down, thechallenge from China was felt increasingly in many industries, andthe era of industrial policies set by the government seemed togrind to a halt. Presidential commitments to first green technologyand then creative economy did not really change the trajectory.Increasingly Korea was facing challenges that are common ofdeveloped nations – demographics and aging, growing inequality,and increasingly cautious corporations focusing more on stabilitythan aggressive growth. And as in the past, SMEs and startupscontinued to remain marginalized.These challenges reminded me very much of my home country,Finland. In Finland, the collapse of Nokia brought a massivechange to the business ecosystem and helped to build a new andactive startup ecosystem that became internationally recognized.Could the same happen in South Korea?It was with these thoughts we at Reddal decided the launch the"Korea Deep Tech" project. We wanted to gauge the state ofKorean "bleeding edge" innovation and how well the nation'secosystem supports creating new global leaders. We hope thisreport provides some insights to this. Authors© Reddal Inc. This material is Reddal proprietary. South Korea’s rapid economic growth, fueled by strong public-private alignment and conglomerates in strategic sectors likeautomotive and semiconductors, has been cited as a model ofnational development. Yet, this success has come at a cost. Thebroader industrial ecosystem, including SMEs, has facedmounting pressures: weakened productivity, limited globalexposure, and startup communities overly focused on domesticconglomerates as exit channels.As global innovation accelerates, particularly in frontier fields likeAI, Korea risks falling behind, having missed early opportunitiesin several emerging domains. This has raised doubts aboutwhether the country can maintain its economic momentum.To chart a new course, Korea must cultivate a moredecentralized and inclusive tech ecosystem. Deep tech, spanninguniversity labs, SMEs, and public-private research efforts, willplay a central role in shaping the next wave of global economicgrowth. But for this to happen, technical and commercialexpectations must be high from the outset. Korean deep techventures must aim to set global benchmarks, not follow them.Doing so will be essential to building a vibrant hub that attractstop talent, forward-looking customers, and committed investorsfrom around the world.We hope this report offers a starting point for dialogue andcollaboration among global stakeholders eager to engage withand contribute to Korea’s deep tech evolution.Hankyeol Lee Per Stenius Hankyeol LeeLead, Venture Capital and PrivateEquity PracticeWeike LiangBusiness AnalystJiyoon KimBusiness AnalystPer SteniusSenior Client DirectorDaeseong HanBusiness Analyst (alumnus) Korean deep tech ecosystem is showing early success, yet building sustained momentum willdepend on global reach, broader exit options, and active conversion of basic science research© Reddal Inc. This material is Reddal proprietary.Executive summary• Korea’s deep tech ecosystem hasachieved early successes but facessignificant challenges• Many startups remain centered ondomestic use cases, limiting theirglobal impact• Limited foreign capital availabilitysignificantly hinders theglobalization of domestic deep techcompanies• The broader startup landscape anddomestic IPO system haveconfined investors to safer bets• Startup formation remains sluggish,and R&D outputs lag behindleading economies despite highinvestment levels and a strongresearcher poolEarly wins, global limits,and structural hurdles• A focus on global value creationthrough multi-stakeholdercollaboration and a systematicapproach is critical for success• Rather than forcing innovationthrough artificial structures, theright conditions for naturalinnovation should be created• Startups should target globalchallenges with strongcommercialization strategies• Domestic investors should honetheir deep tech expertise, diversifythe LP base, and enable high-impact, long-term returns• The government should reduceregulatory barriers and cultivate aglobal testbed environment forbreakthrough technologiesGrowth via targetedstakeholder action• Attraction of foreign investors andcustomers is critical for globalcompetitiveness• Korea should focus on creatingvalue at a global scale andestablish a platform fortransforming high-impact ideas intomarket-ready products• A healthy deep tech ecosystemrequires continuous translation ofbasic science research into private-sector commercialization• Ecosystem devel