South Korea has established a reputation for its strong commitment to innovation, consistently ranking among the top countries worldwide in research and development (R&D), patents, creativity, and corporate-academic collaboration. The government has collaborated closely with industry partners “chaebols” such as SK Group and Samsung to foster a culture of innovation and drive technological advancements.

It was during the 1980s that South Korea first witnessed the emergence of startups. While South Korea may not have traditionally been renowned for entrepreneurship, the country has been experiencing a significant shift in recent years, demonstrating a growing entrepreneurial spirit. Evidence of this is seen in various aspects of South Korea’s evolving business landscape. For instance, the country has witnessed a surge in startups and venture capital investments and is now home to several unicorns and thousands of successful startups. This was made possible through government initiatives including tech incubator programs, the creation of a ministry of SME’s as well as considerable support for self-employment. All this created a favorable environment for entrepreneurship, allowing for newly opened ventures to scale across Asia. South Korean startups have gained global recognition, successfully launching innovative technologies and services in sectors such as technology, e-commerce, entertainment, and cosmetics. This emergence of a vibrant startup ecosystem and the recognition received by South Korean entrepreneurs are clear indicators of the changing perception and increasing prominence of entrepreneurship in the country.

What is even more promising is the focus on social entrepreneurship. Some research indicates that South Korea is among the countries that went the furthest in the promotion of social enterprise models. South Korea introduced the Social Enterprise Promotion Act in 2007, supporting the development of social enterprises. The active promotion of social enterprises has led to several successful ventures focused on job creation, health care, the environment, poverty reduction, education and more. These ventures are supported by a strong entrepreneurial ecosystem and infrastructure including incubators, accelerators, prize competitions, co-working spaces and communities such as K-Startup, Spark Labs, and Google for Startups Korea. Additionally, South Korea has a thorough social venture valuation model used to determine the innovation and growth potential of ventures.

It appears that the essential elements of a thriving ecosystem, including policy, physical infrastructure, financial support, corporate engagement, and robust networks, have been effectively established. So, what are the effects of such an ecosystem? Well, extensive research on the impact of social entrepreneurship in regional economic development within the country showcases how social entrepreneurship can serve as a viable model that holds relevance for application in other regions. A remarkable example of development through social ventures can be seen in the education sector. Social enterprises have introduced novel approaches to tackle educational inequality and enhance learning outcomes. Through utilizing technology, creative teaching methodologies, and community involvement, these initiatives have empowered underprivileged communities, narrowed the education gap, and created a skilled workforce for the future.

Many countries can learn a thing or two from this robust ecosystem.

Article written by: Emmanuel Moges, Venture Fellow at FedTech

Unlocking the full potential of innovative technologies like ChatGPT relies on asking well-formulated questions. It is akin to driving a high-performance sports car, where using only the first gear limits your ability to fully utilize its power. Similarly, many organizations face a similar dilemma, failing to tap into the true potential of the technologies they employ and yielding superficial outcomes. This is particularly relevant today with the emergence of controversial generative AI tools such as ChatGPT and Microsoft Bing.

Generative AI operates on the principles of the ancient Socratic Method, engaging in a dialogue of questions and answers between the user and the system. This interactive model, rooted in the teachings of Socrates over two millennia ago, forms the foundation of human-machine interaction. Notably, the roles of teacher and student can be reversed, with humans teaching machines and machines assuming the role of the teacher. To achieve objective and effective results, it is imperative to ask insightful questions in any given scenario. This need is heightened in our current era, where access to knowledge is abundant, resulting in a deluge of information that makes it challenging to discern what truly matters. When interacting with generative AI, this demand becomes even more crucial due to the technology’s unparalleled ability to consolidate vast amounts of information from diverse sources.

Therefore, I strongly emphasize the significance of asking good questions, paying attention to subtle variations that can significantly impact understanding, particularly when engaging with generative AI. Factors such as tone, format, purpose, limitations, and more should be considered. Additionally, as the conversation progresses, incorporating multiple interactions and considering these variations will yield more refined responses. A compelling example of the importance of generating meaningful interactions with generative AI can be observed in the recent valuation of job postings for AI prompt engineers in the United States, with average annual salaries reaching approximately $0.32 million. This analogy can be likened to the story of the genie in the lamp, wherein making intelligent requests along the way is crucial to avoid misinterpretation, which can lead to unexpected and sometimes detrimental outcomes.

Posing well-crafted questions enables greater speed and efficiency. Moreover, asking the right questions grants the freedom to harness the full potential of available technologies, akin to fully utilizing the capabilities of a sports car. To delve deeper into collaboration and interaction with generative AI, one can explore search engines, consult an extended generative AI advisor, or engage with human consultants. Importantly, it is worth noting that this article was generated in the traditional manner, without the known addition of artificial intelligence.

Through asking good questions, we can foster the coexistence of Homo sapiens and “homo artificialis,” this evolving new species.

Written by: Henrique C. Mariano, Founder of Creatinsights, member of Insper Angels and Angels Investor Club.

The benefits of a multi-cultural, multi-disciplinary, immersive environment for entrepreneurship education are increasingly recognized and supported by academic research. Numerous academic papers from around the world have delved into this topic, featuring entrepreneurs from diverse regions such as the United States, India, China, the Netherlands, and more. This approach to entrepreneurship education not only strengthens the understanding of the topic but also potentially the outcomes of entrepreneurial pursuits. Participants from past research studies and ICSB Academy members have reported gaining a deeper understanding of what it takes to launch a successful venture, receiving valuable feedback, and accessing a strong entrepreneurial ecosystem through their participation. Through embracing this three-pronged model to entrepreneurship education ICSB’s 2023 Academy offers students several advantages.

This approach to entrepreneurship education fosters diverse perspectives by bringing together individuals from various cultural backgrounds. This diversity enhances creativity, encourages innovative thinking, and enables students to consider alternative solutions to entrepreneurial challenges. Additionally, the immersive environment cultivates cultural sensitivity and a global mindset. Students gain a greater understanding of different cultures, customs, and business practices, preparing them to navigate the complexities of international markets and form cross-cultural partnerships.

The immersive aspect of the program, including site visits and various challenges, further reinforce the benefits of this approach. Participants are exposed to real-world scenarios, enabling them to apply their knowledge and skills in practical settings. The final pitching competition provides a platform for participants to showcase their innovative ideas, gain valuable feedback, and potentially bring their visions to life. This experiential learning supports social impact and facilitates deep learning. The cohort-based approach, where participants are grouped together and assigned a coach, adds another layer of support and guidance. This structure promotes peer learning, encourages a sense of community, and allows for personalized mentorship throughout the program.

Participants of this year’s Academy benefit from the collective wisdom and experience of their peers and mentors, enhancing their entrepreneurial journey. The multi-disciplinary nature of the Academy promotes collaboration and increases knowledge transfer among participants. Working in teams comprising individuals with diverse skill sets and knowledge from different disciplines facilitates effective teamwork, communication, and cross-cultural understanding. This collaboration not only enhances the learning experience but also paves the way for potential future partnerships.

Through embracing this entrepreneurship education model this year’s ICSB Academy promises to be an exceptional opportunity for aspiring entrepreneurs to grow, learn, and forge lasting connections.

 Article written by Emmanuel Moges, Venture Fellow at FedTech

East meets West in a tapestry of entrepreneurship that’s as diverse as it is fascinating. The historical narratives, philosophical leanings, and cultural nuances of these two pillars of civilization have shaped their unique entrepreneurial landscapes.

The entrepreneurial saga of the West is as enduring as its civilizations, from the ingenious traders of ancient Egypt, Greece, and Rome to the innovative leaders of Silicon Valley. Throughout history, the West has embraced an entrepreneurial spirit that fuels invention and innovation.

In the East, entrepreneurship has traversed its unique pathway. The Silk Road, for instance, was more than a trade route; it was a vibrant artery for exchanging ideas and technologies that connected the East with the broader world and spawned a unique entrepreneurial ethos.

A compelling case study of the influence of local philosophies on entrepreneurial practices in South Korea. The nation’s Confucian roots have been intricately woven into its entrepreneurship, politics, and governance fabric. Moreover, Confucian principles of ethical leadership and societal harmony have inspired the nation, steering it into an economic powerhouse.

Confucianism, with its emphasis on duty, propriety, and cultivating relationships, permeates the mindset of the Korean entrepreneur. Guided by this philosophy, these entrepreneurs often adopt a measured approach, valuing long-term relationships, quality, and reliability over short-term gains.

This Confucian-inspired approach contrasts sharply with Western entrepreneurship’s individualistic ethos. The latter is often associated with an unrelenting pursuit of immediate profits, viewing risk and aggression as steps toward entrepreneurial success rather than threats.

This interplay of Eastern and Western entrepreneurial philosophies will be in the spotlight at Gwangju’s 67th ICSB World Congress. With a timely theme – “Entrepreneurship for Humanity and Peace” – the Congress will bring together thought leaders from across the globe. It promises to be a unique platform that explores the synergies and differences in global entrepreneurial practices, paving the way for a more harmonious and peaceful entrepreneurial ecosystem.