start-up trend report 2021

This report is co-published by Open Survey, a mobile research platform, and Startup Alliance, a startup support network.The scope of work covered by this report is as follows.

✓ Open Survey : Project design, employees and job seekers survey, analysis and report drafting✓ Startup Alliance : Project design, founders survey, final report review

START-UP TREND REPORT 2021


Part A. Survey Abstract ……………………………………………… 3

Part B. Summary of Results ……………………………………………… 4

Part C. Detailed Breakdown of Results

1. Founders …………………………………………………………….. 13

2. Startup Employees ……………………………………………………………… 35

3. Corporate Employees ……………………………………………………………… 53

4. Job Seekers ……………………………………………………………… 68

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Title START-UP TREND REPORT 2021

Objectives To understand the perception and reality of those participating in South Korea’s startup scene, with a focus on the IT/knowledge service industry.

Target 1) 166 Founders

• Target: Founders/Co-founders

• Experience: 36 founders who started a business within 1 year,74 founders within 1-3 years, and 54 founders over 3 years ago

2) 250 Startup Employees

• Target: Employees of local startups/venture businesses

3) 250 Corporate Employees

• Target: Employees of local corporates with over 1,000 current employees

4) 200 Job Seekers

• Target: Job Seekers currently in college/graduate school 864 Total

Period August 5 – 19, 2021

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B. Summary of Results

Most Preferred Investor(N=164, Founder)

Organization Providing Most Active Support for Startups(N=164, Founders)

Urgent Improvements for Startups* (N=164,Founders)Evaluation on Startup Ecosystem (N=164, Founders)

73.4 71.3 79.065.9 66.5 69.0

Overall Startup Ecosystem Government’s Role/Contribution

2019

2020

2021

(Unit: Points)

1st

2019 2020 2021Obtain initial capital/increase investment

(41.6%)

Obtain initial capital/increase investment

(46.4%)

Obtain initial capital/increase investment

(38.4%)

2ndDeregulation

(39.6%)Secure talents (36.7%)

Deregulation(34.8%)

3rdEncourage M&A/IPOs

(32.9%)Encourage M&A/IPOs

(29.5%)Secure talents (33.5%)

*Overlaps in 2019 (2 responses), 1st+2nd ranking responses in 2020, 2021

1st

Accelerator VC

• Primer (18.9%) • Altos Ventures (20.7%)

2nd• FuturePlay (10.4%)

• MashUp Angels (10.4%)• Kakao Ventures (18.9%)

3rd • SparkLabs (9.8%) • SoftBank Ventures (14.6%)

1st

Corporate Public Institution

• Naver (31.7%)• KISED (Korea Institute of Startup

and Entrepreneurship Development) (32.3%)

2nd • Kakao (15.9%)• SBA (Seoul Business Agency)

(14.0%)

3rd • Hyundai Motors (11.0%)• CCEI (Creative Economy

Innovation Center) (12.2%)

*Founders 2019(N=171), 2020(N=166), 2021 (N=164)

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Leaving for Startups (N=250, Corporate Employees) Startup Employment (N=200, Job Seekers)

Startup Life Satisfaction (N=250, Startup Employees)Startup Image

Positive (N=48, 1st)

Expectations on profit with stock options (33.3%)

Accomplishment from rapid growth(31.3%)

Negative (N=158, 1st)

Concerns on reduced welfare benefits (40.5%)

Anxiety towards job instability(34.2%)

Positive (N=61, 1st)

Accomplishment from rapid growth (31.1%)

Autonomous/horizontal organization culture(24.6%)

Negative (N=78, 1st)

Anxiety towards job instability (35.9%)

Uncertainties in career building (24.4%)

Satisfaction Factors(N=250, 1st)

Autonomous/horizontal organization culture (38.8%)

Prompt/flexible decision making (19.6%)

Dissatisfaction Factors(N=250, 1st)

Welfare benefits (30.4%)

Lack of leaders/role models (27.2%)

42.0

21.2 17.6 16.4

2.8

Do not consider

at all

Do not consider

Unsure ConsiderStrongly consider

21.5 17.5

30.5 27.0

3.5

Do not consider

at all

Do not consider

Unsure ConsiderStrongly consider

Negative39.0%

Positive30.5%

Negative63.2%

Positive19.2%

2.4

12.8

40.4 35.6

8.8

HighlyDissatisfied

Dissatisfied Unsure SatisfiedHighly

Satisfied

Negative15.2%

Positive44.4%

38.8

23.6

15.2 11.2

4.8 3.6 2.4

33.2

24.4

9.2

19.6

5.6 5.22.0

35.031.5

3.5

17.0

3.08.0

1.5

Creative/innovative

Young/fresh

Live/energetic

Unstable/uncertain

Promising Reckless/risky

Diversity

■ Founders (N=164)

■ Startup Employees (N=250)

■ Corporate Employees (N=250)

■ Job Seekers (N=200)

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Work Satisfaction Reward/Compensation Satisfaction

Severity of Startup Labor Shortage vs. Past Year (2020)Severity of Startup Labor Shortage/Difficulties in Recruitment

16.0

42.4 41.6

11.6

44.4 44.0

Dissatisfied Neutral Satisfied

29.2 37.2 33.6

20.8

41.2 38.0

Dissatisfied Neutral Satisfied

4.9

29.9

65.2

12.8

32.8

54.4

Not difficult/notrecognizable

Neutral Difficult/recognizable

3.7

26.2

70.1

15.2

38.046.8

Not severe Neutral Severe





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Actual Considerations in Changing Jobs(Those who changed jobs within 5 years)

Actual Difficulties in Changing Jobs(Those who changed jobs within 5 years)

Preferred Recruitment ChannelsConsiderations in Startup Employment

Monetary compensation

Awareness of founders/company

Company vision/founder

philosophy

Horizontal organization

culture

Welfare support

40.9

26.2 23.2

5.5 3.0

44.8

4.8

19.211.6

17.2

58.8

6.013.6 9.2 11.2

31.0

9.517.0

27.0

15.0

Internal reference

External reference

Year-round recruitment via hiring websites

Headhunting Seasonal open recruitment

39.0

26.2 24.4

5.5 2.4

15.610.4

47.2

11.215.6

11.2 12.4

22.430.8

22.4

1st

Startup Employees(N=192, 1st+2nd+3rd)

Corporate Employees(N=95, 1st+2nd+3rd)

Monetary compensation (65.6%) Monetary compensation (86.3%)

2ndHorizontal organization culture

(52.1%)Welfare support (67.4%)

3rd Welfare support (46.4%)Horizontal organization culture

(36.8%)

Company vision/philosophy (43.8%) Company vision/philosophy (29.5%)

1st

Startup Employees(N=192, 1st+2nd+3rd)

Corporate Employees(N=95, 1st+2nd+3rd)

Finding internal information on organization culture (47.9%)

Preparing job applications (e.g., performance, experience) (60.0%)

2ndFinding information on company's

monetary compensationFinding internal information on

organization culture (44.2%)

3rd Search for applicable companies (42.7%) Preparing for interviews (44.2%)

Preparing for interviews (38.5%)Finding information on the company's

monetary compensation (36.8%)

Founders:Most Effective Recruitment ChannelStartup/Corporate Employees: Most Preferred Recruitment Channel

Founders:Most Influential Factor on RecruitmentStartup/Corporate Employees: Most Significant Considerations

on Leaving for Startup JobsJob Seekers:Most Active Factor in Startup Employment





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Startup Founder’sThoughts

#Depressed atmosphere due to COVID-19 shifts towards positivity

#Urgent needs in securing capital/vitalizing investment/deregulation

#Severe difficulties in recruiting (research/development/IT)

#Company vision/founder philosophy and horizontal organizational culture used as recruitment lures

✓ The startup ecosystem atmosphere improves greatly compared to last year (71 points), with an approximate score of 79 points. Moreover, 79.9%

believe in further improvement of the atmosphere in the following year, a more positive recognition than the past year's rate of 57.8%. As the

COVID-19 prolongs, founders anticipate potential market changes after 'With Corona' and vaccination.

✓ While the evaluation on the government's role slightly increased to 69 points from last year's 66.5 points, there are needs in securing capital,

vitalization of investment, and deregulation. Founders believe that adequate regulation, remote medical care laws, and the reduction and modification

of the Labor Law and the Labor Standards Act would vitalize the industry.

✓ KISED, SBA, and CCEI among public institutions and Naver, Kakao, and Hyundai Motors among corporates are perceived as the most active

organizations in providing support for local startup activities. (Base: 1st)

✓ 65.2% of the total struggle to recruit personnel, and 70.1% recognize the growing severity of labor shortage compared to the past year.

During the recent year, founders recruited an average of 10 employees and expect to hire 6 additional employees on average within the year.

However, they experience difficulties recruiting talents from research/development, IT/computing, and marketing/promotion.

✓ While monetary compensation and founder/company awareness are perceived as influential factors in startup recruitment, founders utilize company

vision/founder philosophy and horizontal organizational culture lures for recruitment.

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Startup Employee’sThoughts

✓ 44.4% of the total employees are satisfied with their startup life, similar to the preceding year (-1.2%p).

While startup employees find the 'autonomous and horizontal organizational culture' satisfying, 'welfare benefits (e.g., wage),' and the 'lack of

leaders/role models' pose a negative influence.

✓ Approximately 33.6% recommend startup jobs at a similar level to last year (-0.8%p). Early-stage investment startups are recommended at the highest

rate, and the rate of recommending early-stage startups (+5.2%p) and large-scaled investment startups (+4.1%p) increased from the previous year.

✓ Nonetheless, startup employees tend to prefer local large corporate (24.8%) > public institutions/government/public enterprises (20.0%) > local mid-

scale enterprises (16.4%) over ventures/startups (8.0%) upon changing jobs.

✓ Although 41.6% of startup employees are content with their work, they are relatively less satisfied with compensation/rewards (33.6%). They expect

to consider the monetary compensation the most (44.8%) when changing to another startup job in the future.

✓ 76.8% of the total have changed jobs within the recent 5 years, and those who changed jobs prefer year-round recruitment via hiring websites the

most as a recruitment channel. Moreover, they consider monetary compensation (65.6%) > horizontal organizational structure (52.1%) and experience

difficulties in finding internal information on organization/team (47.9%) > finding information on company’s monetary compensation (43.2%) when

preparing to change jobs.

#Satisfaction on startup remain similar to the past year

#Concerns on welfare benefits (e.g., wage) perceived as barriers in changing to startup jobs

#Monetary compensation and horizontal organization culture are main considerations upon changing jobs

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CorporateEmployee’s

Thoughts

✓ While the rate of considering starting own business (34.0%) decreased compared to the past year (-8.4%p), the rate of considering changing

to startup jobs increased slightly (19.2%) from the previous year (+1.6%p). However, switching to startup jobs face obstacles regarding

'concerns on reduced welfare benefits' and 'anxiety towards job instability.' Corporate employees expect to consider monetary

compensation (58.8%) most significantly when changing to startup jobs in the future.

✓ Startups are associated with 'innovative/creative' (33.2%) at the highest rate and also perceived as 'young/fresh' (24.4%) at a high rate.

Compared to last year, it is less perceived as 'unstable/uncertain' (19.6%) and perceived more as 'promising' (5.6%).

✓ 44.0% of corporate employees are satisfied with their work, but their level of satisfaction towards compensation/rewards is relatively low,

with a rate of 38.0%.

✓ Only 38.0% of the total have experience of changing jobs within the last 5 years, and most change jobs to large local corporations (44.2%).

✓ 38% of the total changed jobs within the recent 5 years, and headhunting (30.8%) is most preferred as a recruitment channel among those

who changed jobs. Monetary compensation (86.3%) > welfare (67.4%) is considered upon turnover. Moreover, preparing job applications

(e.g., performance, experience) (60.0%) > preparing for interviews (44.2%) = finding internal information on the organization, team culture

(44.2%) are identified as difficulties corporate employees experience when getting ready for job switching.

#Intent to start business decreases, while the intent to change to startup job increases

#Startups are perceived less as instable, but risks on the downscaling of welfare benefits exist

#Monetary compensation and welfare are main considerations upon turnover

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Jobseeker'sThoughts

✓ 35.5% of job seekers consider starting a business, an identical rate to last year, but the rate of considering startup employment significantly

increases compared to the previous year (+7.5%p).

The positivity results from a sense of ‘accomplishment from rapid growth’ (31.1%), but job seekers still have concerns due to ‘anxiety

towards job instability’ (35.9%).

✓ Content/media (23.9%) > eCommerce/distribution (16.9%) are mainly considered industries for starting a business, while job seekers take

interest in content/media (23.9%) > Finance/FinTech/blockchain (15.5%) for startup employment.

✓ Monetary compensation (31.0%) and horizontal organization culture (27.0%) are expected to be considered significantly upon startup

employment.

#More positive towards startup employment than last year

#Content/media industry preferred for employment or starting a business

#Monetary compensation and horizontal organization culture are mainly considered for startupemployment

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Startup Ecosystem2021

#Positive changes in the atmosphere from COVID-19 depression

#Expect more positivity for 2022

#Comparatively lower monetary compensation than other institutions play asignificant barrier in entering the startup

#Severe labor shortage in research/development and IT/computing

✓ According to the founder's perception of the startup ecosystem atmosphere, startups employees' satisfaction, and corporate employees'

and job seekers' intent on startup employment, the 2021 ecosystem appears to be gradually escaping the COVID-19 depression of 2020. A

high rate of founders are optimistic about 2022.

✓ Although the overall recognition of startups has grown positive, startups face a significant barrier for active employment due to welfare

benefits (e.g., wage) concerns. Monetary compensation is identified as the main consideration in startup employment at the highest rate.

✓ In contrast to 34.4% of startup employees receiving an annual salary of under 30 million won, only 6.8% of corporate employees receive

under 30 million won as a yearly salary. Such an aspect demonstrates clear disparities between the monetary compensations between

startups and other organizations.

✓ Due to the difference, founders recognize significant difficulties in recruitment (65.2%) and experience a more severe labor shortage than

the preceding year (70.1%). Founders sense a much apparent labor shortage is in research/development and IT/computing industries.

✓ Although founders perceive monetary compensation (40.9%) and founder/company awareness (26.2%) as influential factors in startup

recruitment, they utilize company vision/founder philosophy (72.6%) and horizontal organizational culture (61.6%) as lures for recruitment.


1. Founders

• Size:

• Target:

• Experience:

164 Total

Founders/Co-Founders

36 founders, under 1 year of founding (Between 2020-2021)

74 founders, 1-3 years of founding (Between 2017-2019)

54 founders, over 3 years of founding (Before 2016)

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C-1. Responses from Founders

The ecosystem atmosphere score significantly increases from last year, and the increase is highest among those founded within 1 year.

The overall mean amounts to 79.0 points, and the rate increased from 71.3 points of the previous year (+7.7 points). While

the difference is not significant among the years of experience, the increase was greatest among those who started the

business within 1 year. (+8.8 points)

2019

2020

2021

75.7 74.4 72.1 71.2 71.0 71.8 80.0 77.5 80.4

Total Mean: 79.0 points

(2020 : 71.3)(2019 : 73.4)

Under 1 year of founding(N=36)

Over 3 years of founding(N=54)

1-3 years of founding(N=74)

▲8.8 ▲6.5 ▲8.6

▲7.7

▼4.5 ▼ 3.4 ▼0.3

How would you rate the recent atmosphere of the startup ecosystem out of 100?Q

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The overall ecosystem atmosphere is perceived more positively than the preceding year due to improved social perception.

Compared to a year ago (2020), how has the overall atmosphere of the startup ecosystem changed?Why do you think positively/negatively about it? Please select the top three reasons for your view.Q

Reasons for Positive Recognition(N=118) 1st

Reasons for Negative Recognition(N=11**) 1st

1st Improved social recognition (34.7%) Tepid support from venture capitals (36.4%)

2nd Increase in encouraging M&A/IPOs (28.8%)Reduced founder empowerment (insufficient performance)

(18.2%)

3rd Active support from venture capitals (16.9%) Insufficient social recognition (18.2%)

Positive Recognition ofStartup Ecosystem Atmosphere

201956.4%

202040.9%*

▲31.0▼15.4 202171.9%

*Rounded up to 41.0% in 2020*Caution on small base

71.9% recognize a positive boost in the atmosphere compared to the previous year, a great increase from last year (+31.0%p).

Reasons for positivity derived from an ‘improved social perception,’ while ‘tepid support from venture capitals’ affected the

negativity at the highest rate.

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The expectations towards the coming year also increase greatly regarding the improvement of the atmosphere compared to the current year.

How do you think the atmosphere of the startup ecosystem will change a year from now (2022)?Why do you think positively/negatively about it? Please describe your reason in detail.Q

0.6 3.7

15.9

57.9

22.0

Highly negative

NegativeSimilar to present

PositiveHighly

positive

Negative4.3%(N=7*)

(2020) 13.9%

Positive79.9%(N=131)

(2020) 57.8%Limited founder competence (28.6%)"The founders lack competence, and the industry seems restrained to trends. The 20s or young founders are engulfed with all the benefits, which breaks the will to start a business."

Potential economic crisis/economic aggravation (28.6%)"Uncertainties in the macroeconomy, reduction of M&A of listed companies, and minimized investment due to LP reduction."

Improved social recognition (30.5%)"A change in the perception on starting a business among the society will eventually bring positive influence on the overall ecosystem."

Increase in successful startups (26.7%)“Startups are demonstrating great performance between 2012-2015, and various sectors previously regarded as large corporate monopolies now driven by the leading startups of the market. This vitalizes the general atmosphere of the ecosystem, and more enhancement is expected.”

*Caution on small base

79.9% expect higher positivity in the future, a significant increase from the previous year (+22.1%p), hinting at a more

enthusiastic ecosystem atmosphere overall. 'Improved social recognition' and 'increase in successful startups' appear to have

led to such positivity.

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Founders demonstrate urgent needs towards obtaining initial capital/increasing investment.

In 2021, founders feel the utmost need to 'obtain initial capital/increasing investment' similarly to 2020. The importance of

deregulation has increased significantly as well. 'Reasonable regulation,’ 'remote medical care laws,' and alleviation on 'Labor

Law/Labor Standards Act' were mainly identified as areas for deregulations.

What are the elements that need an urgent reform to promote growth within the current startup ecosystem?Please select the top three elements.Which government regulation do you think should be mitigated? (open-ended)Q

Preferred Areas for DeregulationUrgent Improvements (1st+2nd)

2019(N=149)

2020(N=166)

2021(N=164)

1st

Obtain initial capital/increase investment (41.6%)



2nd Deregulation (39.6%) Secure talents (36.7%) Deregulation (34.8%)

3rdEncourage M&A/IPOs (32.9%)

Encourage M&A/IPOs (29.5%)

Secure talents (33.5%)

- Reasonable regulation (14.1%)"Rather than promoting 'positive regulation,' which currently restricts us to a bare minimum, we need a 'negative regulation' that allows us to build upon what we cannot do, for an advancement of the ecosystem.

- Remote medical care laws (6.4%)"While there are new businesses or ideas such as the Personal Information Protection Act and Remote Medical Care Law, the regulations are still lingering in the past and need to be improved."

- Labor Law/Labor Standards Act (6.4%)“Laws that restrict the dismissal of over 5 employees may be positive in terms of protecting the workers’ rights, but due to the characteristics of a startup where a collective sprint for growth is crucial, someone who damages the teamwork could become serious risks for the company.”*Overlaps in 2019 (2 responses), 1st+2nd ranking responses in 2020, 2021

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The role of the government regarding the vitalization of the startup ecosystem scores 69.0 points (+2.5 points).

How would you rate the government’s role in vitalizing the start-up ecosystem out of 100 points?Q

71.6 66.0 64.2

69.8 64.6 66.7

71.2 68.4 68.2

▲ 3.8 ▲1.5


(2020: 66.5 points)(2019: 65.9 points)

▲ 1.4 ▼1.4 ▲2.4▼1.8

▲2.5




2019

2020

2021

The assessment of the government's role in vitalizing the startup ecosystem slightly increased from the previous year (+2.5

points).The increase in the rate of positive recognition is relatively higher among founders with 1-3 year-old businesses

compared to other founder groups.

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Business expense subsidies and tax support are perceived as the most helpful government aids.

A high ratio of founders identifies 'business expense subsidies' and 'tax support' as helpful government aids in vitalizing the

startup ecosystem. Plus, improving 'means of support' and 'regulation/system' are additionally demanded.

Which government policy do you think was most helpful in vitalizing the startup ecosystem?What additional roles should the government play to vitalize the startup ecosystem?Q

Additional Government Assistance

- Improving means of support (33.5%)"I would like a proactive and unified method of support for office spaces for early-stage startups. The aids are currently too fragmentized." "It is necessary to grow and vitalize the scale of the government fund to inject capital to founders in need and create an atmosphere that encourages everyone to start a business." - Improving regulation/system (25.6%)"The government needs to be more actively engaged in its role in terms of the policy. For instance, getting rid of unnecessary regulations and formulating clear codes for areas with problems or issues." - Change management methods (22.0%)"They should enable a more efficient pre-seed or seed investment for startups in a very early stage. The Korea Technology Finance Corporation and the Korea Credit Guarantee Fund are relying on outdated standards for guarantee screening where the founder's educational backgrounds, majors, and affiliation are considered." "Rather than playing an additional role, they should invest more attentively in what they are currently doing. The business plan of aid projects are far apart from the real world, and the judges are not up to the par."

Helpful Government Aids inVitalizing Startup Ecosystem

1stBusiness expense subsidies

(e.g., TIPS)(51.8%)

2nd

Tax support(e.g., income tax exemption, wage

subsidies)(16.5%)

3rdProvision of office space(e.g., KISED Startup Park)

(14.0%)

- 20 -


39.0

25.6

9.1 7.9 6.7 2.4

9.1


Founders take a high interest in the U.S. and Southeast Asia market for overseas expansion and see the need to conduct local market research and analysis.

Are you currently considering overseas expansion?If so, which region/country are you considering?If you are considering several regions, select the region that is the most central to your business plan.What should be prioritized in preparing for overseas expansion? Please select the top three priorities.Q

Preferred Countries for Overseas Expansion Overseas Expansion Requisites (1st)

U.S. SEAsia

Japan China Europe Other Do not consider

32.9

16.8 16.1 14.1 11.4 8.1

0.7

Local market

research/analysis

Distributionchannel/market

Secure workforce

Network Funding Communi-cation

Other

90.9% of the total consider overseas expansion and take high interest in U.S. and Southeast Asia. Founders believe that 'local

market research and analysis’ 'distribution channel/market' and 'securing workforce' are requisites of overseas expansion.

- 21 -



KISED and SBA are identified as the most active institutions by founders.

Founders perceive KISED and SBA as institutions that provide the most enthusiastic support for startups,

followed by CCEI and KOCCA.

Which public institution most actively supports domestic startup activities?Q* Open-ended response w/o examples

** Ranked multiple choice

26.8

1.24.9

1.8 1.2 0.6 0.6 1.24.9

0.0 1.8

32.3

14.0 12.2

4.3 5.5 6.13.7 2.4

6.11.2 2.4

56.7

39.635.4

17.7 17.1 15.9 15.211.6 9.8

6.13.0

KISED(Korea Institute of

Startup and Entrepreneurship

Development)

SBA(Seoul Business

Agency)

CCEI(Creative EconomyInnovation Center)

KOCCA(Korea Creative

Content Agency)

KITA(Korea

InternationalTrade Association)

NIPA(National IT

IndustryPromotion Agency)

B2G(Born2Global)

KOTRA(Korea TradePromotion

Corporation)

FACT(Foundation of

Agri, Tech,Commercialization

and Transfer)

KISA(Korea Internet & Security Agency)

Kwater(Korea Water

Resources Corporation)

Active institution** (1st+2nd+3rd)

Active institution** (1st)

Recall* (open-ended)

- 22 -


14.612.2

3.7 3.7 3.07.3

1.2 1.2 0.0 0.0 1.2 0.0 0.0 0.0 0.0

31.7

15.9

9.8 11.0

4.3

9.8

4.31.8 3.0 1.8 1.2 0.0 0.6 1.2 0.0

63.4

54.3

28.0

22.6 21.3 20.1

12.27.9 6.1 5.5 5.5 4.3 2.4 1.8 1.2


Among companies, Naver, Kakao, and Samsung are recognized to be providing the most active support for startups.

Which company most actively supports domestic startup activities?Q* Open-ended response w/o examples

** Ranked multiple choice

Naver Kakao Samsung HyundaiMotors

Lotte SK GS Hanhwa POSCO KT LG CJ NCSoft HyundaiHeavy

Industries

Shinsegae

Active institution** (1st+2nd+3rd)

Active institution** (1st)

Recall* (open-ended)

Naver > Kakao > Samsung > Hyundai Motors > Lotte are identified as the most active local companies in supporting startup

activities.

- 23 -



Founders take high interest in Toss/Danggeun Market/Baedal Minjok/Market Kurly.

'Toss,’ 'Danggeun Market,’ 'Market Kurly,' and 'Baedal Minjok' are identified as the fastest-growing startups as well as startups

that founders are interested in their ways of working.

Which startup are you most curious about the ways they work? (Select all)Which do you think is the fastest growing startup in South Korea? (Select all)Q

19.5

14.0

7.3

6.1

5.5

3.0

3.0

2.4

1.8

1.2

1.2

23.8

12.8

4.9

4.9

4.3

4.3

3.7

2.4

2.4

1.2

1.2

1.2

Toss/Viva Republica

Danggeun Market

Market Kurly

Baedal Minjok/Woowa Brothers

Yanolja

Kakao

Coupang

Riiid

Sendbird

VoyagerX

blank Corp.

Danggeun Market

Toss/Viva Republica


Market Kurly

Riiid

Coupang

Yanolja

Kakao

Today House

Musinsa

Sendbird

Seoul Robotics

Interested Startups on Ways of Working Fastest-Growing Local Startups

- 24 -



Valuation and recognition are obstacles in attracting investment, and founders need advice on growth strategies and organization management.

Please select one most critical obstacle you experienced when attracting investment.If you could obtain unconstrained advices from someone on operating your business, what advice would you seek?Q

41.5

28.0

15.9

12.8

1.8

48.2

43.3

37.2

32.9

31.1

25.6

23.8

19.5

15.2

Obstacles in Attracting Investment Preferred Advices on Business Operation

Valuation and recognition(related to valuation)

Convincing products/services

Understanding investors(e.g., reference check, investor meetings)

Funding agreement(related to contracts)

Other

Growth strategies

Organization management

Investment

Funding

Personnel management

Global expansion

Strategy roadmap

General management

Decision making

Founders experienced the greatest difficulties attracting investment due to 'valuation and regulation' and wish to obtain

advice on 'growth strategies,’ 'organization management,’ 'investment,' and 'funding.'

- 25 -



'Google for Startups' and 'D.CAMP' rank top among incubator centers regarding awareness and preference.

Please write down one incubator center that first comes to mind that you would like to move in/utilizewhen you think of business incubator centers.Please select the top three incubator centers you would like to move in/utilize in order of preference.Q

* Open-ended response w/o examples** Ranked multiple choice

1st

Recall* Preference 1st** Preference 1st+2nd+3rd**

D.CAMP Front1 (17.6%) D.CAMP Front1 (18.9%)Google for Startups (Seoul Campus)

(37.8%)

2nd CCEI (12.8%) D2 Startup Factory (Naver) (11.6%)D.CAMP Front1 (32.9%)

D2 Startup Factory (Naver) (32.9%)

3rd Seoul Startup Hub (5.5%)MARU 180 (The Asan Nanum

Foundation) (11.0%)MARU 180 (The Asan Nanum

Foundation) (28.0%)

While D.CAMP and CCEI score the highest marks in awareness, Google for Startups takes the lead based on 1st+2nd+3rd

preference.

- 26 -



'Primer' ranks top among accelerators regarding awareness and preference.

Primer takes the lead in both awareness and preference, and D.CAMP and SparkLabs mark high ranks in terms of 1st+2nd+3rd

preference.

Please write down one institution that first comes to mind when you think ofan early-stage investment company (accelerator).Please select the top three accelerators in order of preference.Q


1st


Primer (20.1%) Primer (18.9%) Primer (32.3%)

2nd SparkLabs (11.0%)FuturePlay (10.4%)

MashUp Angels (10.4%)D.CAMP (28.7%)

3rd FuturePlay (9.8%) SparkLabs (9.8%)SparkLabs (23.2%)

Bluepoint Partners (23.2%)

- 27 -



Altos Ventures is most preferred among venture capitals.

Although ‘SoftBank Ventures’ mark the highest awareness, ‘Altos Ventures’ take the lead in preference. Kakao Ventures rank

second based on 1st preference and manage to maintain a positive image in 2021 as well.

Please write down one institution that first comes to mind when you think of venture capital.Please select the top three venture capitals in order of preference.Q


1st


SoftBank Ventures (16.5%) Altos Ventures (20.7%) Altos Ventures (47.0%)

2nd Altos Ventures (15.2%) Kakao Ventures (18.9%) SoftBank Ventures (44.5%)

3rd Kakao Ventures (6.1%) SoftBank Ventures (14.6%) Kakao Ventures (37.8%)

- 28 -



Startups have an average of 30 employees and 46.9% of the total operate with over 11 workers.

Startups have an average of 30 employees and an average of approximately 6 employees work in startups under 1 year of

founding. Startups over 3 years have an average of 64 employees, a dramatic increase in the overall workforce size.

What is the total number of employees currently working in your company?Q

24.4

61.1

21.6

3.7

28.7

27.8

33.8

22.2

28.0

11.1

33.8

31.5

18.9 10.8

42.6 Over 30 employees

11-30 employees

6-10 employees

Under 5 employees

Total(N=164)




46.9%

11.1%

No. of Employees(Avg.)

30 6 16 64

44.6%

74.1%

- 29 -



Founders recognize the severity and difficulties in recruitment resulting from 'labor shortage' and 'salary/welfare.'

Do you experience difficulties in recruitment regarding business operation?Compared to a year ago (2020), has the labor shortage intensified for startups?What is the reason startups experience difficulties in recruitment?Q

0.6 3.0

26.2

36.6 33.5

Not severe3.7%

Severe70.1%

Notsevereat all

Not severeNeutral/similar

SevereHighlysevere

0.0 4.9

29.9 32.3 32.9

Not difficult4.9%

Difficult65.2%

Not difficult

at all

Not difficult

Neutral DifficultHighly

difficult

- Labor shortage (51.3%)"It is more difficult for startups in the very early stages to recruit workers. This is a personal thought, but many talented developers are shifting towards overseas employment more than before, leading to a greater labor shortage. In addition to that, large companies are competitively raising the salaries and have forced startups into a corner."- Salary/welfare problems (40.0%)"The number of startups increased, and talents have grown desires for a higher salary. Investors must increase the investment to meet such needs."

Severity of Startup Labor Shortage vs. Past YearDifficulties in Recruitment

65.2% of the total experience difficulties in recruitment, and 70.1% recognize severe labor shortage for startups compared to

the previous year. A general labor shortage and problems with salary/welfare appear as the main causes.

- 30 -



Founders have recruited an average of 10 employees this year and intend to hire 6 additional workers by the end of the year.

How many employees have you recruited within the recent year?How many employees do you plan to recruit additionally by the end of this year (2021)?Q

25.6 38.4

30.6

55.6

28.4 40.5

18.5 24.1

32.3

36.6 47.2

27.8

35.1

43.2

18.5

33.3

24.4

15.9 16.7

16.7

25.7

12.2

27.8

20.4

17.7 9.1 5.6 10.8

4.1

35.2 22.2

Total(N=164)




10 5 7 186 3 4 10

Within1 year

Additionalrecruits in 2021

Within1 year


Within1 year


Within1 year


No. of Recruits(Avg.)

Over 15 employees

6-15 employees

3-5 employees

Under 3 employees

Founders hired approximately 10 workers on average and plan to recruit 6 additional employees by the end of the year.

Even in startups under 1 year, almost half (47.2%) have recruited 3-5 employees within a year.

- 31 -



Demands are high for professions in research/development and IT/computing.

Founders experience significant difficulties hiring professionals from research/development and IT/computing and expect to

make additional recruitments. Founders also show strong intentions of hiring professionals from marketing/promotion,

design, and sales within the year.

Which profession do you experience more difficulties in recruiting?Which profession do you plan to recruit additionally by the end of this year (2021)?Q

Difficult professions to recruit

Additional professions planning to recruit within 202155.551.8

27.4

19.516.5

14.0

9.1

3.7 3.0 2.4 1.8

53.5

47.7

41.9

21.3

29.7 29.0

12.3

7.110.3

8.4

1.9

Research, development

Computing/IT

Marketing/promotion

Business strategy

/planning

Design Sales Finance/accounting

HR Customer support

Production Legal

- 32 -



Internal reference is perceived as the most efficient recruitment channel and preferred by founders with older businesses.

Which recruitment channel do you find most effective? Please select the top two channels in order of effectiveness.Q

39.0

25.0

41.9 44.4

26.2

38.9

25.7 18.5

24.4 30.6 21.6 24.1

5.5 2.8

4.1 9.3 2.4

2.8

1.43.72.4 5.4

Other

Seasonal open recruitment

Headhunting

Year-round recruitment via hiring sites

External reference

Internal reference

Total(N=164)




Effective Recruitment Channel (1st)

A high rate of founders recognizes internal and external references as effective recruitment channels. However, founders with

startups under 1 year perceive year-round recruitment via hiring websites as an effective recruitment channel, and those over

1 year of founding consider internal reference more effective.

- 33 -


Under 1 yearof founding

1-3 yearsof founding

Over 3 yearsof founding

Monetary compensation(e.g., annual salary, stock option, signing bonus)

22.9 19.7 17.6

Awareness of founders/company 8.6 11.3 17.6

Company vision/founder philosophy 40.0 40.8 45.1

Horizontal organization culture(e.g., personnel system, title, model mentor, free comm)

8.6 11.3 7.8

Welfare(e.g., meal allowance, flextime, education/cultural expense

support, birthday parties)

11.4 2.8 0.0

Other 2.9 1.4 2.0


While ‘monetary compensation’ and ‘awareness of founders’ are considered as pull factors for recruitment, founders use ‘company vision’ and ‘horizontal organization culture’ in recruitments.

Founders identify monetary compensation and awareness of founders/company as influential factors in recruitment.

However, they emphasize company vision and horizontal organization culture during an actual hiring process.

Which pull factor do you think has the most influence on startup recruitment as a founder? Please select the top three in order.Which pull factor do you utilize in your company for recruitment? Please select all that apply.Which one of the pull factors you utilized in your company for recruitment has resulted most effective? Please select one.Q

Influential Pull Factors Pull Factors Used for Recruitment

87.2

63.4

56.1

32.3

31.7

1.8

40.9

26.2

23.2

5.5

3.0

1.2

56.1

48.8

72.6

61.6

39.6

3.0

19.7

12.7

42.0

9.6

3.8

1.9

1st 1st+2nd+3rd Effective All

- 34 -


Below 30 million won

30-35 million won

35-40 million won

40-45 million won

45-50 million won

50-55 million won

55-60 million won

60-65 million won

65-70 million won

70-75 million won

Above 75 million won

14.6

32.9

25.0

12.8

7.34.3 3.0

35.438.4

15.2

9.1

0.6 1.20.0 1.2

7.3

14.0 15.9 15.9

9.1

13.4

6.7

16.4

0.6

7.9

19.5

25.0

17.1 16.5

4.9 3.71.8 3.0


Overall, developer salary is perceived higher than that of non-developers.

30-35 million won is considered appropriate for entry-level developers, and below 30 million won for entry-level

non-developers. Plus, 45-50 million won is deemed adequate for fifth-year developers, and 40-45 million won for fifth-year

non-developers.

Entry-level developerEntry-level non-developerFifth-year developerFifth-year non-developer

What do you consider as an appropriate level of salary for entry-level developers/non-developers?What do you consider as an appropriate level of salary for fifth-year developers/non-developers?Q


2. Startup Employees

• Size:

• Target:

250 Total (Male: 125 / Female: 125)

Local startup/venture employees

- 36 -


C-2. Responses from Startup Employees

44.4% of startup employees are satisfied with startup life, similar to last year (-1.2%p).

While the level of satisfaction on startup life amounts to 44.4%, a higher rate than 15.2% dissatisfaction, the rate is similar to

that of the previous year. 'Autonomous/horizontal organization culture' and 'prompt/flexible decision making' have driven the

positivity. In contrast, 'welfare benefits (e.g., wage)’ and 'lack of leaders/role models' have affected the dissatisfaction among

startup employees.

How satisfied are you with your current lifestyle as a startup employee?What gives you the greatest satisfaction/dissatisfaction as a startup employee? Please select the top three in order.Q

Startup Life Satisfaction Factors Affecting Startup Life Satisfaction/Dissatisfaction (1st)

2.4

12.8

40.4 35.6

8.8

Highly dissatisfied

Dissatisfied Unsure SatisfiedHighly

satisfied

Negative15.2%

(2020) 14.4%

Positive44.4%

(2020) 45.6%

Satisfaction Dissatisfaction

1stAutonomous/horizontal

organization culture(38.8%)

Welfare benefits (e.g., wage)(30.4%)

2ndPrompt/flexible decision

making(19.6%)

Lack of leaders/role models(27.2%)

3rd Commitment in creating value (14.8%)

Anxiety towards job instability(17.6%)

- 37 -



Employees rate CEOs with an average of 6.1 points out of 10.

As a result of asking startup employees to rate their CEO, the founders received an average of 6.1 points, and the score slightly

decreased compared to the preceding year (-0.3 points).

How would you rate your startup's CEO, out of 10? (1: unqualified, 10: excellent)Why did you rate your startup's CEO with #{Q.selected score} points?Q


(2020: 6.4 points)(Highly competent) 8.4%"The founder is clearly purpose-driven regarding the business direction and has strong insight."(Cares for employee wage and welfare) 6.4%"Considerate in terms of welfare support and never cuts back on infrastructure."(Endeavoring/sincere/devoted) 6.0%"We are provided with a transparent business agenda, and things are not sugarcoated. Our founder, above all, is delightful and never hides in the back."

(Incompetent/limited management capability) 9.2%"Has an experience of failing. Has founded a startup up through technology transfer but is running a business in a way that has resulted in failure in the past."(Insufficient employee wage and welfare) 4.4%"The employees get low paychecks and considered as expendables."(Not considerate towards employees) 4.0%“The founder is selfish and think of employees as spare parts.”

Under 3 years

3-7 years

7-10 years

10-15 years

Over 15

years

Male Female 20s 30s 40s Over 50s

Experience Level Gender Age

6.3 5.9 6.4

5.9 6.4 6.5

5.8 6.1 6.1 6.4 6.6

- 38 -



33.6% of startup employees recommend startup employment, especially in early-stage investment startups.

Would you recommend startup jobs to others if you had the opportunity?Which startup level would you recommend working?Why would you recommend working at a #{Q.recommended startup level} startup?Q

[Base : Those willing to recommend switching to startup jobs, N=84]

Recommending Startups Recommended Level of Startups (N=84)

6.4

13.6

46.4

27.2

6.4

Do not recommend

at all

Do not recommend

Neutral RecommendHighly

recommend

Negative20.0%

(2020) 19.6%

Positive33.6%

(2020) 34.4%

Early-stage

Early-stage investment

Large-scale investment

Unsure

15.1

61.6

22.1

1.2

20.2

48.8

26.2

4.8

2020

2021

(Early-stage)"Possible to spread one's wings through active participation and aggressive performance. Strong sense of accomplishment and opportunities for rapid promotions are provided based on performance.”"While it is a struggle, it is possible to gain a sense of accomplishment and see fruition."(Early-stage investment)"You can get tired of laying the foundation in the early stages, and the decision-making process might not be as flexible in large-scale investment startups.”"I feel less instability as the business is quite settled, but it is still speedy. It is fun to see the business grow constantly."(Large-scale)"It is pretty stable, but everyone is still open-minded.""I worked at an early-stage startup and now at a startup with Series D funding. While they are both startups, there are great disparities regarding workforce size, welfare, and treatment."

33.6% of startup employees recommend working at a startup, and the rate is similar to the past year. While the highest ratio

recommended working at an early-stage investment startup, the rate of recommending an early-stage and large-scale

investment startup has risen compared to last year.

- 39 -



Large corporates are preferred when changing jobs in the future, and the minimization of welfare benefits (e.g., wage) acts as barriers for ventures/startups.

If you could change jobs, what type of organization would you like to move to? Please select all that apply, in order./What is the reason?If you were to leave for another startup, which company would you prefer to go?Please select the most significant reason/factor that encourages/discourages you to change to venture/startup jobs.Q

Preferred Organization upon Turnover (1st) Reasons for Preference

Large local corporations

Public institutions/government/public enterprises

Mid-size local enterprises

Foreign companies

Ventures/startups

Small/medium-sized local companies (excl. ventures/startups)

Other

Does not matter/Unsure

24.8

20.0

16.4

16.0

8.0

5.6

0.8

8.4

Preferred Startups➔ Toss (n=4), Danggeun

Market (n=3), Baedal Minjok (n=2)

(Large corporate) "As I grow older and need to be taking care of my family, it is important for me to secure stability.” "Prefer it as it grants stable welfare and salary as well as infrastructures that allow you to devote in one job."(Public institutions/government/public enterprises)"Appears stable.” "Age security.” "Stable, wage structure that reflects the age, and would like to follow the routine rather than innovation."(Mid-size enterprise) "Would like to change jobs that guarantee stable welfare benefits and wage."(Foreign companies) "Possible to experience a more global organization and obtain a mind of wide scope.""A large foreign company with a strong name, to be exact. I have a fantasy that they have a flexible business structure, and they have a larger product than local companies that could help my career building."(Venture/startups) "They require less of unnecessary reports, and you feel a stronger sense of accomplishment as the performance is visible.” "Autonomous and self-driven work environment.” "I like how I am building the company from scratch."

1st 2nd 3rd

Preferred(N=53)

Accomplishment from rapid growth (35.8%)

Autonomous/horizontal organization culture

(22.6%)

Expectations on profit with stock options (15.1%)

Not Preferred(N=197)

Concerns on reduced welfare benefits (32.0%)

Anxiety towards job instability (30.5%)

Lack of leaders/role models (15.2%)

Reasons for Preferring/Not Preferring Ventures/Startups upon Turnover

Local large corporates are preferred (24.8%) when changing jobs in the future, followed by public

institutions/government/public enterprises (20.0%). While the accomplishment from rapid growth plays a positive role for

startups, concerns on reduced welfare benefits cause the employees to be hesitant about startup employment.

- 40 -



33.6% have considered starting their own business in 2021, which has increased by approximately 12.8%p compared to the previous year.

Have you ever considered starting your own business in the recent year (2021)?What is the reason?What was your opinion a year ago (2020) on starting your own business?Q

Considerations on Starting Business Reasons for Considering/Not Considering Founding

30.8

20.8

35.2 33.6

Past(Past year)

Present(Current

year)

2020 2021(Possible to do what I want) 6.4%"I can do what I am interested in and want."(Sitting on business item/idea) 4.0%"I have a great idea and believe in attracting users if I start a business and develop anddistribute the service."(Feasible/confident) 3.2%"I would like to challenge myself as I see opportunities among a growing digital-basedindustry."

▲4.4 ▲12.8

Past(Past year)

Present(Current

year)

(Lack of capital) 11.6%"Difficult to attract capital.""I do not have any business item nor capital."(Lack of business item/idea) 7.2%"I am limited in ideas, and the economy is unstable."(Risk burden/insecurity) 6.8%"The world economy is uncertain and unstable, and I see an economic slump due to COVID-19.""I never think about starting a business as I do my best to avoid risks."

33.6% have considered starting their own business in the recent year, a rate that has greatly increased 12.8%p from last year's

(2020) 20.8%. While employees are positively driven by the possibility of 'doing what they want,' the lack of 'capital' and

'idea' are the main reasons for not considering starting a business.

- 41 -



26.2% of startup employees considering starting their business take an interest in eCommerce/distribution.

If you were to start a business, which industry do you have in mind?Q[Base : Those currently considering to start own business, N=84]

26.2

14.3

9.5 8.3 7.1 7.1 7.1 4.8

1.2 1.2

13.1

eCommerce/distribution

Solution/software

Real estate/PropTech

Hardware/manufacturing

Healthcare/bio

Deep tech(e.g., AI,

semiconductor, material,

aerospace)

Content/media

Finance/FinTech/

blockchain

Mobility Game Other

Startup employees consider starting business in eCommerce/distribution (26.2%) > solution/software (14.3%) > real

estate/PropTech (9.5%).

- 42 -



Startups are associated with images of ‘innovative,’ ‘young,’ and ‘live/energetic.’

Startup employees first associate startups with positive images such as 'innovative/creative' (38.8%) > 'young/fresh' (23.6%).

The rate of perceiving startups as live/energetic significantly increased compared to last year.

What comes to your mind first when you think of a startup?Q

39.2

27.6

7.6 12.0

2.4 4.4 6.8

38.8

23.6

15.211.2

4.8 3.6 2.4

Innovative/creative

Young/fresh Live/energetic

Unstable/uncertain

Promising Reckless/risky Diversity

2020 2021

- 43 -



Startup employees take high interests in Kakao/Toss/Danggeun Market/Baedal Minjok.

'Kakao’ ranks top as the fastest-growing startup and a startup that employees are interested about the ways of working.

The level of interest is also high for Danggeun Market.


Interested Startups on Ways of Working Fastest-Growing Local Startups

10.8

8.0

6.0

2.4

2.4

2.4

2.4

2.0

1.6

1.2

0.8

0.8

0.8

0.8

12.0

10.8

7.2

4.0

2.8

1.2

0.8

0.8

Kakao

Toss/Viva Republica


Naver

Danggeun Market

Market Kurly

Yanolja

Google

Today House

Coupang

Musinsa

N/K/L/C/B/D/T*

HALFZ

Wanted Lab

Kakao

Toss/Viva Republica

Danggeun Market


Market Kurly

Today House

Banksalad

KRAFTON

*Naver/Kakao/Line/Coupang/Baedal Minjok/Danggeun Market/Toss

- 44 -



Startup employees experience ‘mean/snack’ and ‘flextime’ as welfare benefits.

Startup employees under 3 years of experience receive benefits of ‘meal/snacks,’ over 7 years of experience receive benefits

regarding working hours and location such as ‘flextime’ and ‘telecommuting.’

Please select all items that apply to your company.Q

Meal/snacks

Flextime (commuting)

Telecommuting

Training/equipment support

Welfare expense (welfare points)

Parental leave (in addition to regulation)

Cafeteria

Smart office (seating choice)

Tuition support for children

Other

Nothing in particular

64.0

48.8

34.4

27.6

15.6

14.0

12.4

7.2

6.8

2.4

10.0

Total(N=250)

64.7

50.0

30.9

27.9

10.3

8.8

11.8

8.8

5.9

1.5

10.3

73.8

48.8

30.0

27.5

18.8

16.3

16.3

6.3

3.8

2.5

5.0

61.4

52.3

40.9

31.8

13.6

22.7

11.4

9.1

18.2

4.5

11.4

52.9

41.2

41.2

29.4

14.7

8.8

0.0

2.9

2.9

0.0

14.7

50.0

50.0

37.5

16.7

25.0

12.5

20.8

8.3

4.2

4.2

16.7


Under 3 years(N=68)

3-7 years(N=80)

7-10 years(N=44)

10-15 years(N=34)

Over 15 years(N=24*)

- 45 -



Most work at an independent space in a building, and more than half work for 8-9 hours a day.

Startups employees mainly work in an independent space in a building (69.6%) > public office space (11.2%), and 23.2% of the

total work for under 8 hours, and 55.6% work for 8-9 hours per day.

Which type of office is your company using?How long are your working hours?Q

Office Type Office Hours

69.6

11.2

7.2

5.6

2.4

4.0

23.2

55.6

13.6

7.6

Independent space in a building

Public office space(e.g., Seoul Startup Hub)

Co-working space

Private office space(e.g., Naver,D2SF )

Serviced office

No fixed space

Under 8 hrs/day

8-9 hrs/day

9-10 hrs/day

Over 10 hrs/day

- 46 -



While 41.6% of the total are satisfied with their work, only 33.6% are satisfied with compensation/rewards.

How satisfied are you with your current job?Do you think that you are given with the adequate compensation and rewards for the work you currently do?Q

8.0

21.2

37.2

28.8

4.8

Dissatisfied29.2%

Satisfied33.6%

HighlyDissatisfied

Dissatisfied Neutral SatisfiedHighly

Satisfied

3.2

12.8

42.4

31.6

10.0

Dissatisfied16.0%

Satisfied41.6%

HighlyDissatisfied


Satisfied

Satisfaction on Compensation/RewardsWork Satisfaction

Although satisfaction on work amounts to 41.6%, the satisfaction rate on compensation/rewards stop at 33.6%,

demonstrating relative dissatisfaction.

- 47 -



34.4% receive a salary of under 30 million won and wish for a higher salary level than present.

34.4% of the total receive a salary under 30 million won and expect a higher salary rate than present.

What is your annual salary at your current job?What do you think is an adequate annual salary for your experience level and profession?Q

34.4

14.0 13.6

10.8

3.6

10.0

4.82.8

0.8 1.2 2.00.4 0.0 0.4 0.0

1.2

10.8

16.814.4

16.0

5.68.0

6.4

9.2

1.6

4.4

0.82.8

0.4 0.4 0.42.0

Below30 million

won

30-35 million

won

35-40 million

won

40-45 million

won

45-50 million

won

50-55 million

won

55-60 million

won

60-65 million

won

65-70 million

won

70-75 million

won

75-80 million

won

80-85 million

won

85-90 million

won

90-95 million

won

95-100 million

won

Above 100

million won

Current Salary

Adequate Level of Salary

- 48 -



When changing to a startup job, employees consider monetary compensation and company vision.

Employees under 3 years of experience consider company vision/founder philosophy and welfare more significantly, while

those with over 7 years of experience prioritize monetary compensation.

If you were to leave for a startup, what factors would you consider most significantly? Please select the top three factors in order of significance.Q


Company vision/founder philosophy

Welfare(e.g., meal allowance, flextime, education/cultural

expense support, birthday parties)

Horizontal organization culture(e.g., personnel system, title, model mentor, free

comm)


Other


44.8

19.2

17.2

11.6

4.8

1.6

0.8

Total(N=250)

Under 3 years(N=68)

41.2

27.9

20.6

7.4

1.5

1.5

0.0

52.5

10.0

17.5

11.3

7.5

1.3

0.0

40.9

15.9

18.2

15.9

4.5

0.0

4.5

47.1

23.5

14.7

8.8

5.9

0.0

0.0

33.3

25.0

8.3

20.8

4.2

8.3

0.0

3-7 years(N=80)

7-10 years(N=44)

10-15 years(N=34)


Considerations onLeaving for Startup Jobs (1st)


- 49 -



Over half (54.4%) feel the labor shortage among startups, and 46.8% recognize the severity.

54.4% of the total feel the startup labor shortage, and 46.8% recognize the growing severity compared to last year.

To what extent do you, as a startup employee, recognize the labor shortage for startups?Compared to a year ago (2020), has the labor shortage intensified for startups?Q

4.0

11.2

38.0

30.4

16.4

Not Severe15.2%

Severe46.8%

Notsevereat all

severeat all

Neutral/similar

SevereHighlySevere

4.4 8.4

32.8 30.8

23.6

Do NotRecognize

12.8%

Recognize54.4%

Do not recognize

at all

Do not recognize

Neutral RecognizeHighly

recognize

Severity of Startup Labor Shortage vs. Past YearRecognition of Startup Labor Shortage

- 50 -



Most prefer year-round recruitment via hiring websites as a channel for employment.

Year-round recruitment via hiring websites is preferred by the highest ratio (47.2%) of startup employees.

A relatively higher proportion of those with over 7 years of experience prefer external reference.

Which recruitment channels do you prefer? Please select the top two in order of preference.Q

Year-round recruitmentvia hiring websites

Internal reference

Seasonal open recruitment

Headhunting

External reference

47.2

15.6

15.6

11.2

10.4

Total(N=250)

45.6

16.2

17.6

10.3

10.3

55.0

16.3

10.0

13.8

5.0

43.2

11.4

22.7

9.1

13.6

47.1

20.6

11.8

11.8

8.8

33.3

12.5

20.8

8.3

25.0


PreferredRecruitment Channels

(1st)

Under 3 years(N=68)

3-7 years(N=80)

7-10 years(N=44)

10-15 years(N=34)


- 51 -



76.8% of the total have changed jobs within the recent 5 years. Mainly, they change jobs from mid-size local enterprises and ventures/startups.

How many times have you changed jobs within the recent 5 years (2015-2020)?Where did you work just prior to your current job?Q

[Base : Those who changed jobs within 5 years, N=192]

Turnovers within Recent 5 years Prior Workplace (N=192)

23.2

35.6

26.8

9.2 2.82.00.4

Over 6 times

5 times

4 times

3 times

2 times

Once

None

Small/medium-sized local companies(excl. ventures/startups)

Ventures/startups




Foreign companies

Other

31.8

27.6

15.6

8.3

6.8

3.6

6.3

76.8% of the total have changed jobs at least once within the recent 5 years, and 14.4% of these employees have changed

jobs over 3 times. Most change jobs from mid-size local enterprises and ventures/startups.

- 52 -



Startup employees consider monetary compensation and horizontal organizational culture.They experience difficulties finding internal information on the organization and team culture.

Which factors did you consider significantly when changing jobs?Please select the top three factors in order of significance.What difficulties did you experience while preparing to change jobs? Please select the top three in order.Q


Significant Considerations upon Turnover (1st+2nd+3rd) Difficulties upon Turnover (1st+2nd+3rd)


Horizontal organization culture (e.g., personnel

system, title, model mentor, free communication)

Welfare (e.g., meal allowance, flextime,

education/cultural expense support, birthday parties)




65.6

52.1

46.4

43.8

18.2

5.2

Finding internal information onorganization, team culture

Finding information on thecompany's monetary compensation

Search for applicable companies

Preparing for interviews

Preparing job applications(e.g., performance, experience)

Improve résumé(e.g., languages, qualifications)

47.9

43.2

42.7

38.5

38.0

17.7

Those with experience of changing jobs in recent 5 years mainly consider monetary compensation and horizontal

organizational culture. Finding internal information on organization/team culture and monetary compensation are identified

as difficulties upon preparing job switching.


3. Corporate Employees

• Size:

• Target:


Employees of local corporates with workforce

volume of 1,000 employees

- 54 -


C-3. Responses from Corporate Employees

34.0% have considered starting a business, and the rate increased by approximately 10.4%p compared to last year.

Which factors did you consider significantly when changing jobs?What difficulties did you experience while preparing to change jobs?Q

29.6

23.6

42.4

34.0

Past(Past year)

Present(Current

year)

2020 2021(Generating large revenue) 6.0%“There is no such thing as a lifetime workplace for today’s workers. The job ends anyways. I can only think of starting my own business as a means of survival.”(Work/employment instability) 6.0%“You never know until when you can continue working at a company.”“Stressed out by wage and workforce reduction.”(Low/limited salary) 4.4%“Office work salary is not sufficient.”“The wage is getting smaller due to an increase in house prices.”

▲12.8 ▲10.4

Past(Past year)

Present(Current

year)

(Lack of business item/idea) 11.2%“Do not have a business item in mind and satisfied with current job.”(Satisfied with current job) 7.6% “Not discontent about current workplace, and while my work does not guarantee tenure, I am not that old yet.”(Risk burden/insecurity/fear of failing) 7.6%“Too risky and the current economy is in bad shape.”“Overall, the economy is not doing great, and the timing is not right for opening a business. I am not even sure what to start business with.”


34.0% considered starting a business, a 10.4%p increase from the last year’s 23.6%. However, the increase margin is smaller

than 2020, probably due to an economic depression following COVID-19. ‘Generating large revenue’ has a positive impact,

while ‘lack of business item’ and ‘satisfaction towards current job’ plays a major role for not considering founding.

- 55 -



24.7% of corporate employees thinking of starting a business consider eCommerce/distribution.

24.7% of corporate employees thinking of starting a business consider eCommerce/distribution.

If you were to start a business, which industry do you have in mind?Q[Base : Those considering to start own business, N=85]

24.7

12.9 10.6 9.4

7.1

3.5 2.4 2.4

27.1



Content/media

Healthcare/bio

Solution/software

Finance/FinTech/blockchain


Deep tech(e.g., AI,


aerospace)

Other(e.g., F&B)

- 56 -



Only a small ratio of corporate employees considers changing to startup jobs, and the change range is not significant.

To what extent have you considered changing to a startup job in the recent year (2021)?How does this compare with your view on leaving for a startup job last year (2020)?If you are considering/against taking up a job at a startup, please select the most significant reason.To which startup do you prefer to leave for?Q

Considerations on Leaving for Startup Reasons for Considering/Not Considering Startup Employment

15.0 15.2 17.6 19.2

Past(Past year)

Present(Current

year)

2020 2021

▲2.6 ▲4.0

Past(Past year)

Present(Current

year)

Positive(N=48)

Negative(N=158)

1stExpectations on profit with stock

options (33.3%)Concerns on reduced welfare

benefits (40.5%)

2ndAccomplishment from rapid

growth (31.3%)Anxiety towards job instability

(34.2%)

3rdAutonomous/horizontal

organization culture (20.8%)Uncertainties in career building

(13.3%)

|| Preferred Startups upon TurnoverKakao (n=4) > Danggeun Market (n=2) > Baedal Minjok (n=2)

While a relatively low rate of corporate employees considers changing to startup jobs (19.2%), the rate had increased slightly

from 15.2% last year. Expectations on profit with stock options are identified as reasons for considering changing to startup

jobs, and concerns on reduced welfare benefits (e.g., wage) affect corporate employees not to consider getting startup jobs.

- 57 -



Monetary compensation is mostly considered when changing to startup jobs.

The importance of the monetary compensation is higher among those with over 15 years of experience,

while those with under 7 years of experience consider welfare at a relatively higher rate.

If you were to leave for a startup, what factors would you consider most significantly?Please select the top three factors in order of significance.Q

Monetary compensation(e.g., annual salary, stock option, signing

bonus)




Horizontal organization culture (e.g.,

personnel system, title, model mentor, free communication)


58.8

13.6

11.2

9.2

6.0

56.0

12.0

16.0

12.0

4.0

55.2

12.1

15.5

8.6

6.9

59.0

15.4

12.8

5.1

5.1

57.3

14.7

9.3

12.0

6.7

66.0

13.2

5.7

7.5

5.7

Total(N=250)


Considerations onLeaving for Startup Jobs (1st)

Under 3 years(N=25*)

3-7 years(N=58)

7-10 years(N=39)

10-15 years(N=75)

Over 15 years(N=53)

- 58 -



Corporate employees show high interest in Kakao/Toss/Danggeun Market/Baedal Minjok.

‘Kakao’ ranks top as the fastest-growing startup and a startup that employees are interested in the ways of working,

and the level of interest is high for ways that Kakao and Toss work.


Interested Startups on Ways of Working

Kakao

Toss

Danggeun Market

Baedal Minjok

Market Kurly

Coupang

Yanolja

KRAFTON

Naver

Nexen

Google

Wadiz

ZigZag

12.8

8.8

4.4

4.0

2.8

2.4

2.0

2.0

1.6

1.2

0.8

0.8

0.8

Fastest-Growing Local Startups

Kakao

Toss

Baedal Minjok

Danggeun Market

Market Kurly

Coupang

Yanolja

TADA

11.6

9.2

8.0

4.0

3.6

3.2

3.2

0.8

- 59 -



Startups are associated with images of ‘innovative’ and ‘young.’

Corporate employees mostly associate startups with positive images such as ‘innovative/creative’ and ‘young/fresh,’

and the rate of associating them as ‘uncertain/unstable’ has slightly decreased compared to 2020 (-3.0%p).

What comes to your mind first when you think of a startup?Q[Base : Those considering to start own business, N=85]

33.2

22.4 22.6

9.8

2.0 6.6

3.2

33.2

24.419.6

9.25.6 5.2

2.0

Creative/innovative

Young/fresh Unstable/uncertain

Live/energetic Promising Reckless/risky Diversity

2020 2021

- 60 -



Approximately 30.8% of corporate employees search for information on startups, mainly using portal websites and YouTube.

Have you searched for information about startups?Where do you usually obtain information about startups?Please select the top information channels, in order of frequency.Q

Information Searching on Startups Startup Information Channels (1st+2nd+3rd) (N=77)

2020(N=500)

37.0 30.8

63.069.2

No

Yes

2021(N=250)

Portal websites (e.g., Naver, Daum)

YouTube

Google

Recruitment websites (e.g., Saramin, Wanted)

Company websites

Acquaintances, friends, family

Social media(e.g., Instagram, Facebook)

Employment support websites from academic institutions

62.3

39.0

37.7

36.4

35.1

28.6

20.8

2.6

[Base : Those who searched information on startups, N=77]

Approximately 30.8% of corporate employees searched information on startups, and the rate decreased by -6.2%p compared

to the previous year. Portal websites and YouTube are utilized as the main information channels.

- 61 -



‘Tuition support for children’ and ‘meal/snacks’ are main welfare benefits employees experience.

A relatively higher proportion of those with 3-10 years of experience received ‘tuition support for children’

and those with 7-15 years of experience received ‘welfare expense’ and ‘cafeteria’ benefits.

Please select all items that apply to your company.Q

Tuition support for children

Meal/snacks

Welfare expense (welfare points)

Cafeteria

Telecommuting

Flextime (commuting)

Training/equipment support

Parental leave (in addition to regulations)

Smart office (seating choice)

Other (please specify)


72.8

71.6

69.6

68.8

63.2

58.0

49.2

49.2

10.4

2.0

4.4

Total(N=250)

60.0

80.0

68.0

64.0

44.0

32.0

48.0

56.0

0.0

0.0

12.0

79.3

69.0

69.0

63.8

70.7

56.9

46.6

51.7

8.6

3.4

0.0

79.5

82.1

74.4

74.4

76.9

71.8

61.5

41.0

12.8

2.6

2.6

73.3

69.3

73.3

74.7

62.7

61.3

49.3

50.7

14.7

1.3

1.3

66.0

66.0

62.3

64.2

54.7

56.6

43.4

47.2

9.4

1.9

11.3



3-7 years(N=58)

7-10 years(N=39)

10-15 years(N=75)

Over 15 years(N=53)

- 62 -



Most corporate employees work at an independent space in a building, and more than half (58.8%) work 8-9 hours a day.

Which type of office is your company using?How long are your working hours?Q

Office Type Office Hours

Independent space in a building

Co-working space

Private office space(e.g., Naver, D2SF )

Public office space(e.g., Seoul Startup Hub)

Serviced office (e.g., rented office providing business services such as CEO suites)

No fixed space

81.6

6.8

4.8

1.2

0.8

4.8

Under 8 hrs/day

8-9 hrs/day

9-10 hrs/day

Over 10 hrs/day

22.4

58.8

14.0

4.8

Corporate employees mainly work in an independent space in a building (81.6%) > co-working space (6.8%) and 22.4% of the

total work for under 8 hours.

- 63 -



44.0% of the total are satisfied with their work, and only 38.0% are satisfied with compensation/rewards.

How satisfied are you with your current job?Do you think that you are given with the adequate compensation and rewards for the work you currently do?Q

Satisfaction on Compensation/RewardsWork Satisfaction

4.8

16.0

41.2

33.2

4.8

Dissatisfied20.8%

Satisfied38.0%

HighlyDissatisfied


Satisfied

2.4

9.2

44.4 39.2

4.8

Dissatisfied11.6%

Satisfied44.0%

HighlyDissatisfied


Satisfied

Although satisfaction on work amounts to 44.0%, the satisfaction rate on compensation/rewards ceases at 38.0%,

demonstrating a relative dissatisfaction.

- 64 -



A significantly low ratio (6.8%) receives a salary under 30 million won, and 30.4% of the total receives a salary over 70 million won.

What is your annual salary at your current job?What do you think is an adequate annual salary for your experience level and profession?Q

6.8

8.8

7.2 6.8 7.2

8.4

7.2

9.2

8.0

10.0

4.4

6.0

0.8

2.8

1.6

4.8

1.2

6.0 5.6

8.8

4.8

7.26.4

9.6

5.6

7.66.8

11.6

4.4

2.43.2

8.8

Below 30 million

won

30-35 million

won

35-40 million

won

40-45 million

won

45-50 million

won

50-55 million

won

55-60 million

won

60-65 million

won

65-70 million

won

70-75 million

won

75-80 million

won

80-85 million

won

85-90 million

won

90-95 million

won

95-100 million

won

Above 100

million won

Current Salary

Adequate Level of Salary

Only 6.8% of the total receive a salary under 30 million won, and 8.8% expect a salary higher than 100 million won.

- 65 -



Corporate employees prefer headhunting and open recruitments.

When changing jobs, corporate employees prefer headhunting and open recruitments over references. However, a relatively

higher proportion of those under 3 years of experience and over 15 years of experience prefer year-round recruitment via

hiring websites.

Which recruitment channels do you prefer? Please select the top two in order of preference.Q

Headhunting

Open recruitment

Year-round recruitment via hiring websites

External reference

Internal reference

30.8

22.4

22.4

12.4

11.2

40.0

24.0

28.0

4.0

4.0

32.8

29.3

17.2

12.1

8.6

33.3

23.1

15.4

7.7

20.5

26.7

21.3

21.3

16.0

14.7

28.3

15.1

32.1

15.1

5.7

Total(N=250)


PreferredRecruitment Channels

(1st)


3-7 years(N=58)

7-10 years(N=39)

10-15 years(N=75)

Over 15 years(N=53)

- 66 -



Only 38.0% of the total have changed jobs within the recent 5 years, mostly from large local corporates.

How many times have you changed jobs within the recent 5 years (2015-2020)?Where did you work just prior to your current job?Q


Turnovers within Recent 5 years Prior Workplace (N=95)

5 times

4 times

3 times

2 times

Once

None

62.0

19.6

12.0

3.2 1.22.0



Small/medium-sized local companies(excl. ventures/startups)

Ventures/startups

Foreign companies


Other

44.2

21.1

17.9

5.3

5.3

3.2

3.2

38.0% of the total changed jobs over once in the recent 5 years and switched jobs from large local corporates and mid-size

local enterprises at a high rate.

- 67 -



When changing jobs, corporate employees consider monetary compensation and welfare benefits and experience difficulties preparing job applications and interviews.

Which factors did you consider significantly when changing jobs?Please select the top three factors, in order of significance.What difficulties did you experience while preparing to change jobs? Please select the top three in order.Q


Significant Considerations upon Turnover (1st+2nd+3rd) Difficulties upon Turnover (1st+2nd+3rd)

86.3

67.4

36.8

29.5

17.9

8.4

60.0

44.2

44.2

36.8

29.5

27.4




Horizontal organization culture (e.g., personnel

system, title, model mentor, free communication)



Other

Preparing job applications(e.g., performance, experience)

Preparing for interviews

Finding internal information on organization, team culture

Finding information on the company's monetary compensation

Search for applicable companies

Improve résumé(e.g., languages, qualifications)

Those with experience of changing jobs in recent 5 years mainly consider monetary compensation and welfare benefits.

They experience difficulties in the overall process of job switching, such as preparing job applications and interviews.


4. Job Seekers

• Size:

• Target:


Job Seekers currently in college/graduate school

- 69 -


C-4. Job Seekers

35.5% considered starting their own business, and the rate increased by 15.5%p from last year.

35.5% have considered starting a business within the recent year, and the rate increased by 15.5%p from last year’s 20.0%.

The margin of increase is similar to that of 2020. ‘Difficulties in employment/unemployment crisis' ‘and ‘generating large

revenue’ have a positive impact, while ‘lack of business item’ plays a major role in not considering starting a business.

Have you ever considered starting your own business in the recent year (2021)?What is the reason?What was your opinion a year ago (2020)on starting your own business?Q

20.0 20.0

35.5 35.5

Past(Past year)

Present(Current

year)

2020 2021

(Difficulties in employment/unemployment crisis) 16.0%““I thought about starting a business if I have a decent idea, as the door to employment is very narrow.” “I considered starting a business as it is difficult to get a job. I took a course on starting a business in college and grew interested. It appears possible to obtain relatively huge support.”(To generate large revenue) 3.5%“As it is impossible to enjoy wealth with a simple salary.”(Sitting on business item/idea) 3.5%“I feel positive about my idea.”


▲15.5 ▲15.5

Past(Past year)

Present(Current

year)

(Lack of capital) 13.0%“As I have insufficient capital to start a business.”(Lack of business item/idea) 10.5%“I have limited knowledge of business management. I neither have capital nor ideas.”(Risk burden/insecurity/fear of failing) 10.5%“I do not want to start a business with such risks.”“There is a risk burden in starting a business, and it is hard to survive. I expect strong instability.”

- 70 -


C-4. Job Seekers

23.9% of job seekers considering starting a business prefer the content/media industry.

Job seekers thinking of starting own business consider content/media (23.9%) > eCommerce/distribution (16.9%).

If you were to start a business, which industry do you have in mind?Q[Base : Those considering to start own business, N=71]

23.9

16.9

7.0 7.0 5.6 5.6 5.6 5.6

2.8 1.4

18.3

Content/media



Game Real estate/PropTech

Finance/FinTech/

blockchain

Deep tech(e.g., AI,


aerospace)

Solution/software

Healthcare/bio

Mobility Other(e.g., F&B)

- 71 -


C-4. Job Seekers

30.5% have considered getting a startup job, and the rate increased by approximately 2.5%p compared to last year.

To what extent have you considered getting a startup job in the recent year (2021)?How does this compare with your view on getting a startup job last year (2020)?If you are considering/against taking up a job at a startup, please select the most significant reason.Q

Considerations on Startup Employment Reasons for Considering/Not Considering Startup Employment

18.5

28.0 23.0

30.5

Past(Past year)

Present(Current

year)

2020 2021

▲4.5 ▲2.5

Past(Past year)

Present(Current

year)

Positive(N=61)

Negative(N=78)

1stAccomplishment from rapid growth

(31.1%)Anxiety towards job instability (35.9%)

2ndAutonomous/horizontal organization

culture (24.6%)

Uncertainties in career building

(24.4%)

3rd

Expectations on profit with stock options(14.8%)

Prompt/flexible decision making (14.8%)

Welfare benefits(e.g., wage)

30.5% have considered getting a startup job within the recent year, and the rate increased by approximately 2.5%p from

last year’s 28.0%. The rate hints at a positive change from the last year’s rate of considering employment (23.0%).

‘Accomplishment from rapid growth’ has a positive impact, while ‘anxiety towards job instability’ acts as a barrier.

- 72 -


C-4. Job Seekers

Content/media and finance/FinTech are preferred industries when getting a startup job.

Job seekers thinking of getting startup jobs consider content/media (24.0%) > finance/FinTech/blockchain (15.5%) >

eCommerce/distribution (12.5%).

If you were to get a startup job, which industry do you have in mind?Q

24.0

15.5 12.5 12.0

8.0 8.0 7.0 5.5

3.0 2.0 2.5

Content/media

Finance/FinTech/

blockchain


Healthcare/bio

Deep tech(e.g., AI,


aerospace)

Game Solution/software



Mobility Other

- 73 -


C-4. Job Seekers

Job seekers identify Baedal Minjok/Danggeun Market/Kakao as representative startups.

Baedal Minjok (19.5%), Danggeun Market (11.0%), and Kakao (10.5%) are recalled consecutively among job seekers when they

think of startups.

Please write up to three local company or service that comes to your mind when you think of startups.Q

BaedalMinjok

/Woowa Brothers

DanggeunMarket

Kakao Toss/Viva

Republica

Coupang MarketKurly

Yanolja Socar Wadiz Banksalad Yogiyo Wemakeprice

TMON

13.5

4.5

7.0

3.54.5

3.5

1.02.0 1.5

0.5 0.01.0

0.0

19.5

11.0 10.59.5

7.56.0 6.0

2.5 2.5 2.0 2.0 2.0 2.0

Top of Mind Unaided awareness

- 74 -


C-4. Job Seekers

Job seekers wish to learn how Baedal Minjok and Kakao work and perceive them as the fastest-growing startups.

Which startup are you most curious about the ways they work?Which do you think is the fastest growing startup in South Korea?Q

Interested Startups on Ways of Working


Kakao

Toss/Viva Republica

Market Kurly

Danggeun Market

Naver

Coupang

Watcha

9.5

8.0

3.0

3.0

2.5

1.5

1.5

1.5

Fastest-Growing Local Startups


Kakao

Coupang

Danggeun Market

Toss/Viva Republica

Market Kurly

Musinsa

Yanolja

14.0

8.5

7.0

6.0

5.0

1.5

1.5

1.0

Baedal Minjok/Kakao are frequently mentioned as the fastest-growing startups and startups that job seekers are interested

about the ways of working.

- 75 -


C-4. Job Seekers

Job seekers associate startups with a mixture of positive images ‘innovative’ and ‘young’ and a negative image of ‘uncertainty.’

What comes to your mind first when you think of a startup?Q

35.0 31.5

17.0

8.0 3.5 3.0 1.5

Innovative/creative

Young/fresh Unstable/uncertain

Reckless/risky

Live/energetic

Promising Diversity

While most job seekers perceive startups positively as ‘innovative/creative’ and ‘young/fresh,’ they also associate startups

with negative images ‘uncertain’ and ‘reckless,’ which rank 3rd and 4th.

- 76 -


C-4. Job Seekers

25.5% of job seekers search for information on startups and mainly utilize hiring websites.

Have you searched for information about startups?Where do you usually obtain information about startups?Please select the top information channels, in order of frequency.Q

Information Searching on Startups

2020(N=200)

29.0 25.5

71.0 74.5

No

Yes

2021(N=200)

Startup Information Channels (1st+2nd+3rd)

Recruitment websites(e.g., Saramin, Wanted)

Portal websites (e.g., Naver, Daum)

Google

YouTube

Social media (e.g., Instagram, Facebook)

Company websites

Employment support websites from academic institutions

Acquaintances, friends, family

49.0

47.1

37.3

33.3

27.5

25.5

19.6

11.8

[Base : Those who searched information on startups, N=51]

Approximately 25.5% of job seekers searched for information on startups, and the rate declined compared to 2020 (-3.5%p).

Hiring websites/portal websites/YouTube are utilized as main channels for information.

- 77 -


C-4. Job Seekers

Over half (50.5%) expect 30-35 million won as an adequate salary for entry-level employees.

While the highest ratio, 50.5%, perceives 30-35 million won as an adequate salary for entry-level employees,

a high rate of job seekers, 21.0%, identify 30 million won as a decent salary level.

What do you think is an adequate annual salary for an entry-level employee?Q

21.0

50.5

21.5

5.5 1.0 0.5

Below 30 million won30 - 35

million won35 - 40

million won40 - 45

million won45 - 50

million wonAbove 55 million won

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C-4. Job Seekers

Job seekers consider monetary compensation and horizontal organizational culture for startup employment.

If you were to get a startup job, which factors would play a significant role?Please select the top three factors in order of significance.Q


Horizontal organization culture(e.g., personnel system, title, model mentor, free

communication)





31.0

27.0

17.0

15.0

9.5

Total(N=200)

Male(N=100)

Female(N=100)

32.0

22.0

22.0

12.0

11.0

30.0

32.0

12.0

18.0

8.0

Most Active Factor in Startup Employment (1st)

Monetary compensation and horizontal organizational culture appear to influence startup employment. Females tend to

consider horizontal organizational culture especially, and males gear towards company vision and founder philosophy.

start-up trend report 2021

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