Gangnam is becoming the premiere destination for South Korean tech startups. Photo by: Flickr user Yoshi

'Gangnam Style' namesake becoming South Korean startup hub

December 11, 2014 1:21 pm Published by Leave your thoughts

The hit Korean single "Gangnam Style" reached a new milestone this month after crossing 2 billion views on YouTube, making it the highest-watched video on the site ever. But the one-hit wonder's namesake, the South Korean town of Gangnam, is also becoming increasingly popular as a hotspot for tech startups in the region.

ABC News reports that educated young South Korean entrepreneurs are flocking to Gangnam to launch their own internet and mobile companies, and investors are taking notice. According to the news outlet, venture capitals from both Silicon Valley and Japan are opening offices and setting meetings in Gangnam to find the next big startup there and become a part of it.

What makes Gangnam such an attractive venue for Korean entrepreneurs and foreign investors alike is that the town represents a confluence between East and West. Not only is Gangnam considered "one of the most wired places on earth," making it an ideal destination for internet businesses and tech startups, but it's also populated predominantly by a generation of Koreans who have been able to enjoy opportunities for studying and traveling abroad — and are now bringing those ideas back home with them.

"Gangnam has the best of New York City and Silicon Valley," Steven Baek, marketing director for the startup incubator FuturePlay, tells ABC News. "[Silicon Valley is] tech-centric, with a lot of nerdy and geeky people but it doesn't have much diversity. Gangnam's benefit is diversity. New York has lots of fun clubs and rich consumer-based culture like Gangnam but it doesn't have many engineers." 

Additionally, because Gangnam has become so trendy for entrepreneurs, it naturally lends itself better to networking opportunities — which in turn leads to more startup opportunities.

Whether you're looking to launch your own company in Phoenix or Seoul, ensure that you have a trusted small business attorney at your side that can best handle your legal interests.

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