Seoul has ranked the 16th best place in the world to start a business, climbing four spots on-year, and overtaking Singapore and Berlin in the process.
The Global Startup Ecosystem Report for 2021 by research and policy advisory firm, Startup Genome, reviews 2-hundred-80 cities in 100 countries, and assesses their ability to incubate startups.
Seoul was fourth-best for knowledge a sub-category for performance and patents.
The South Korean capital’s ecosystem is valued at 47.2 billion U.S. dollars, almost five times higher than the global average.
The city government’s aggressive investment to make Seoul a startup hub is seen as a key contributing factor.