The amount of foreign students coming into Korea has grown every year. As the Korean Government has been active in trying to get Koreans to become more global through English speaking as well as being more international. That is the major problem with Korean startups. They might be successful in Korea, they have a problem breaking into the global market because of their lack of confidence in the English language and reluctance to break from their strict Korean working culture.
However as more foreign students come to Korea, it is almost impossible for them to find jobs because they are not familiar with the Korean language. Most come to learn Korean so their basic understanding of Korean is very low from the start. The one place that can actually use these students are the Korean startups. However there is one problem, their visas don’t allow them to work at these startups when they are attending school. The Korean Government is looking to change this.
Korean startups and the Korean Government are teaming up to work together to make sure foreigners can easily work for Korean startups without too much visa issues. This will help Korean startups develop international content as well as improve their global branding/marketing. This in turn could bring in more foreigners into Korea when they know the language barrier will not be an issue due to these foreign workers.
The National IT Industry Promotion Agency along with the Ministry of Science are looking to start the Global Startup Korea, it already has $4 Million in funding. It will work as a internship program and a job portal for job seekers looking for work in the Korean startup industry.
Thanks to the Korean Government the Korean Startup scene has not died but continued to grow. However the amount of global successes from Korean Startups is very small. Even Korea’s biggest startup Coupang has not been able to reach the global market. Foreign students getting a chance to work for Korean startups will be huge in helping Korean startups shortcoming in global expansion. The Korean Government plans to allow students with visas to work for the Korean startup in an internship program starting sometime in 2016.