Similarweb simply launched a listing of the quickest rising digital firms in 2024, based mostly on year-over-year visitors progress. Two firms jumped out at me proper off the bat:

💧Elorea: A high-end perfume firm with roots in South Korea that goals to problem the Eurocentric fragrance trade.

👜 Musinsa: A web-based market that caters to Korean trend lovers, with curated choices of 1k+ manufacturers and its personal personal label.

Their rankings are from completely different classes, magnificence and attire. Supply: Similarweb

Notably, Musinsa raised $190m final yr, at a time when VC cash is cooling on Asian startups.

Get extra enterprise concepts and stylish knowledge in our weekly Tendencies E-newsletter.

Their substantial progress is in keeping with South Korea’s outsized affect on direct-to-consumer trend and sweetness. However the nation’s cultural influence goes past trying good or smelling good.

Something for that lovely glass pores and skin. Supply: Google Tendencies, six-months rolling common.

From the breakout success of Squid Video games, the mainstream-ification of Okay-pop, to the widespread recognition of Korean meals, Okay-culture has taken the world by storm. 

Listed here are two extra areas we’ll see Korean affect development up in 2024 and past: 

1. Tourism

Whereas its neighbor Japan stays prime of the bucket listing for a lot of vacationers, South Korea is having fun with its personal tourism buzz as properly.

In 2023 the nation noticed 6.5m+ international guests – the federal government goals to triple that quantity and appeal to $24.5B in tourism income this yr.

Hefty purpose? Possibly. Nevertheless it’s heading in the right direction: The variety of guests of Jeju Island, a well-liked seashore vacation spot in South Korea, grew 9 occasions yr over yr.

Seaside chillin’ in Jeju, anybody? Supply: Hills, Views and Valleys

However pure wonders aren’t the one drivers for Korean tourism in 2024:

🎫 For tradition followers: Cheer your idols on at Okay-pop concert events, go to your favourite Korean drama areas, or attend packaged Okay-culture excursions that do all of it;

🛍️ For consumers: A significant occasion, Korea Grand Sale, provides promotions galore from mid-January to the top of February;

💼 For distant employees: South Korea introduced its digital nomad visa, inviting these making $65k+ per yr to remain there for as much as two years (they’ll even convey a partner or dependents).

2. Tech Startups

Korea’s spectacular document of life-style and cultural export doesn’t outshine its budding startup scene.

At this yr’s Client Electronics Present (the world’s greatest shopper electronics expo), 116 Korean ventures took house the CES Innovation Awards, setting a document.

Stars are aligned for Korean enterprise builders all around the world:

• The federal government is pouring in $10.7B by 2027 to nurture extra Korean-founded international unicorns, not simply native ventures;

• Over 66% of South Korea VCs plan to speculate extra this yr, specializing in areas like robotics, AI chips, and well being tech;

Supply: Bloomberg

💬 Remaining be aware: There’s no denying that South Korea is changing into a world powerhouse filled with enterprise alternatives. Entrepreneurs within the e-commerce, hospitality and startup house ought to particularly hold their fingers on the heartbeat.

Need extra content material like this? Join our weekly Tendencies e mail, full of knowledge, deep dives, and development insights for enterprise builders, entrepreneurs and progressive professionals.