Since 2015, we recorded 35 new Open Innovation Outposts set up by the top Fortune 500/Forbes 2000 global corporate giants – four times more than the average of the previous decades. While traditionally South Korea has been a hub for global R&D, especially in the biotech, pharma, beauty, and chemicals industries, the recent exponential growth of digital and “metaverse” technologies may keep its momentum and play a strategic role at global scale, becoming increasingly attractive for global corporate innovation.

Corporates from all over the globe appear to be flocking to the Asian country – we recorded outposts from 13 different countries among three continents – typically starting with leaner presences (e.g. CVC Offices, Open Innovation Antennas, or Corporate Innovation Labs).

While most of the corporate innovation activity currently remains concentrated in the capital city Seoul, several thriving hubs are worthy of attention, including Seongnam, Daejeon, and Daegu.

DOWNLOAD

Don’t miss out all our news and reports, from entrepreneurship education to Open Innovation.