Seoul Enters Global Top 20 Startup Cities for the First Time

StartupBlink "Startup Ecosystem Analysis Report"
South Korea Maintains Global Top 20 Ranking
Five New Cities Including Ulsan and Jeju Added

Seoul has made it into the global top 20 startup cities for the first time this year.

According to the Korea Institute of Startup and Entrepreneurship Development (KISED), the recently published "2025 Startup Ecosystem Analysis Report" by StartupBlink revealed on May 23 that Seoul entered the global top 20 city rankings for the first time this year. Notably, five Korean cities?Ulsan, Jeju, Gangneung, Pohang, and Cheongju?were newly included in the rankings this year.

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StartupBlink is a global startup ecosystem research institute that "maps" startup ecosystems around the world and publishes related reports based on both quantitative and qualitative analysis of national and city-level ecosystems. Its annual "Startup Ecosystem Analysis Report," published since 2017, evaluates over 100 countries and more than 1,000 cities worldwide. The 2025 edition analyzed a total of 118 countries and 1,473 cities.

At the national level, South Korea has maintained its position as 20th globally and 5th in Asia for three consecutive years. The annual ecosystem growth rate stands at 23.7%, surpassing the global average. KISED stated, "StartupBlink highlighted Korea's 'Startup Korea Policy,' noting that the growth of Korea's startup ecosystem is driven by multifaceted policy efforts such as fostering unicorn companies, attracting global enterprises, and expanding the influx of foreign entrepreneurs."

In particular, Seoul has recorded an ecosystem growth rate of over 30% for three consecutive years, moving up from 24th in 2023 and 21st last year to enter the global top 20 city rankings for the first time this year. Daejeon posted an ecosystem growth rate of approximately 58%, achieving the second-highest ranking among Korean cities at 366th. Ulsan (546th), Jeju (852nd), Gangneung (887th), Pohang (903rd), and Cheongju (1048th) were newly included in the rankings for the first time this year.

StartupBlink analyzed that "Korea is achieving results in the number of unicorn companies and company growth rates as policy support and global networks expand rapidly. However, continuous improvement is needed in areas such as the absence of ultra-large innovative companies, insufficient spread of a culture of challenge, and balanced regional development."