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In Korea, however, this is still a taboo, which needs to be overcome in order to grow the country’s startup ecosystem.
Failure is a key part of learning, according to everyone in Silicon Valley. A number of entrepreneurs look to their failures as part of the reason they succeeded. Indeed, companies like Instagram, which was recently sold to Facebook for $1 billion, began out of a failed mobile app called Burbn. It seems, however, that Korea still looks cautiously at failure, and many venture capitalists look toward proven successes to award funding — the financial lifeblood Silicon Valley startups depend on.
Indeed, angel investing is on the smaller side with about 30 percent of Korea’s venture capital deals actually going toward early stage companies. There is an emphasis on proving your company’s worth before money is awarded, which Go Venture Forum’s Youngha Go sees as a block in the growth of the Korean startup community.
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