Sales Growth Rate of 140% Amid COVID-19 and Recession... A Look at Outstanding Venture Companies

Venture Business Association Selects '2022 Excellent Venture Companies'
95 Companies Chosen Across 6 Categories... Recognized for Technology and Competitiveness
"Venture Companies Will Prove to Be the Main Players in South Korea's Economy"

[Asia Economy Reporter Kim Bo-kyung] # 'Easytem' is a venture company that developed and produced non-contact thermometers early on, increasing its value during the COVID-19 pandemic. As a specialized medical thermometer company, it has established itself as one of the global top 10 key players in thermometers. Its skin infrared thermometer has been recognized for its high technology and designated as a world-class product by the Ministry of Trade, Industry and Energy. About 10% of its annual sales are invested in research and development (R&D), and this year it is participating in the Excellent Enterprise Research Institute Development Project, receiving 2 billion KRW in government support over four years. Recently, it is promoting business diversification by developing beauty devices that enhance the absorption of cosmetics into the skin.

On the 28th, the Korea Venture Business Association held a certificate awarding ceremony for the '2022 Excellent Venture Companies,' selecting the top five companies in each category among unlisted venture companies. Easytem (CEO Lee Hae-wook), introduced earlier, was selected as the top company in the research and development category by the association.

The Excellent Venture Company selection project marked its seventh year this year. The association comprehensively evaluated innovation, growth potential, and job creation based on management performance over the past three years. A total of 95 companies were selected across categories: 33 in sustainable growth, 23 in job creation, 10 in global, 13 in research and development, 13 in regional excellent ventures, and 3 in work-life balance.

First, the 33 excellent companies in the sustainable growth category achieved an average sales scale of 19.6 billion KRW, a sales growth rate of 138.9%, and an operating profit margin of 8.6%. The top company in this category was On (CEO Park Jun-gu), a semiconductor manufacturing inspection equipment specialist. On designs and produces various core components based on precision processing technology and patented know-how.

Kang Sam-kwon, Chairman of the Korea Venture Business Association. / Photo by Dongju Yoon doso7@

Among the 23 excellent companies selected in the job creation category, the average employment size was 68.6 employees, with a job growth rate of 62.3%. The top company was Brandy (CEO Seo Jeong-min), a fashion tech venture company. Brandy operates customized services for each customer and is challenging itself to build a chain platform connecting Dongdaemun fashion cluster through technology to wholesale, retail, consumers, and global markets.

The 10 excellent companies in the global category achieved an average export scale of 12.8 billion KRW, with exports accounting for 63.2% of sales. Ramos Technology (CEO Jo Jang-ho), recognized as the top company in the global category, leads the industry with specialized technology in memory semiconductor testing and recycling.

The 13 companies selected as excellent in the research and development category held an average of 65 intellectual property rights, with R&D accounting for 24.2% of sales.

Additionally, 13 companies were selected in the regional excellent venture category for their significant contributions to regional industrial development and economic revitalization, and 3 companies were selected in the work-life balance category for improving corporate productivity through organizational culture changes. Solar Technology Development (CEO Ahn Kyu-chul), a venture company engaged in eco-friendly energy LED lighting business, was chosen as the top company in the work-life balance category.

Kang Sam-kwon, chairman of the Korea Venture Business Association, said, "Despite the COVID-19 pandemic, the innovative venture ecosystem is growing both quantitatively and qualitatively," adding, "We will widely promote that venture companies, which have shown excellent performance and growth potential based on innovative technology even in difficult environments, are the main agents of the Korean economy."