Nearly 900 Venture Companies with '100 Billion Won Sales'...17.6% Increase (Comprehensive)

320,000 Employed... More Than Samsung
2023 Venture 100 Billion Commemoration Ceremony Held

The number of venture companies achieving annual sales of 100 billion KRW reached a record high, approaching 900 companies. Their impact on the economy is also significant. It was found that 'Venture 100 Billion Companies' employ more people than Samsung.

The Ministry of SMEs and Startups (Minister Lee Young) and the Korea Venture Business Association (Chairman Sung Sang-yeop) held a commemorative ceremony on the 27th to celebrate the achievements and promote the status of 'Venture 100 Billion Companies.' Venture 100 Billion Companies are those among the 127,851 companies that have received venture certification at least once since the venture certification system was implemented in 1998, which recorded sales of 100 billion KRW or more based on the year-end settlement last year.

Last year, the number of Venture 100 Billion Companies was 869, a 17.6% increase from the previous year, marking a record high. The number of Venture 100 Billion Companies increased from 617 in 2019 to 633 in 2020, when the COVID-19 pandemic began, a growth of only 2.6%. However, the growth rate has accelerated since then, with increases of 106 and 130 companies in 2021 and 2022, respectively.

Lee Young, Minister of SMEs and Startups (center), is participating in a ceremony with participating companies at the '2023 Venture Trillion-Won Companies Commemoration Ceremony' held on the 27th at the Mondrian Seoul in Yongsan-gu, Seoul.

Among them, 134 companies joined the Venture 100 Billion Companies for the first time. There were 674 companies that achieved sales of 100 billion KRW consecutively following 2021. There were 61 re-entering companies. Lee Jung-min, Secretary General of the Korea Venture Business Association, said, "The number of companies increased by 130 in just one year, and detailed indicators such as employment, exports, and sales have maintained excellence," adding, "The 100 Billion Company group is a result of the innovation ecosystem and can be called the flower of scale-up policies."

Looking at employment size, Venture 100 Billion Companies employed 320,000 people, an increase of about 20,000 (6.8%) compared to 2021. This exceeds Samsung, which has the highest employment among the four major business groups in Korea: Samsung, Hyundai Motor, SK, and LG. During the same period, Samsung employed 274,000 people.

Total sales also increased by about 33 trillion KRW, or 16.5%, from 2021 to 229 trillion KRW. It is said to have grown to a level comparable to Hyundai Motor, the second-largest business group in Korea, with 240 trillion KRW in sales. In particular, when looking at the sales growth rate by company size compared to the previous year, Venture 100 Billion Companies recorded 16.5%, surpassing large companies at 15.5%. Mid-sized companies recorded 14.6%, and small companies 14.4%.

In terms of research and development (R&D), Venture 100 Billion Companies had an R&D ratio of 2.9% relative to sales, higher than large companies at 1.6%. It was found that each company holds an average of 104.2 industrial property rights.

Lee Young, Minister of SMEs and Startups (sixth from the left in the first row), is taking a commemorative photo with attendees at the '2023 Venture 100 Billion Won Companies Ceremony' held on the 27th at the Mondrian Seoul in Yongsan-gu, Seoul.

At the commemorative ceremony, trophies were awarded to 134 companies that achieved sales of 100 billion KRW for the first time in 2022, recognizing their efforts to reach this milestone amid rapidly changing environments. During the subsequent talk concert, representatives of newly registered Venture 100 Billion Companies, the chairman of the Korea Venture Business Association, and the chairman of the Korea Venture Capital Association attended to discuss investment attraction, global expansion, and youth employment under the theme "Venture 100 Billion Companies: Icons of Innovative Growth."

At the discussion, Minister Lee Young said, "Many countries are paying attention to Korea as a benchmarking target. Efforts are also needed to receive global funds." Yoon Geon-su, chairman of the Korea Venture Capital Association, said, "To attract investment, companies need to clearly define the problems they want to solve," adding, "They also need to share company data with investors and think through details together."

Minister Lee said, "This was a great opportunity to hear the unfiltered voices from the field of Venture 100 Billion Companies, and despite the recent challenging economic environment, the increase of 134 new 100 billion companies confirmed that ventures are at the center of challenges and innovation toward the future," adding, "The Ministry of SMEs and Startups will spare no policy support to ensure that venture companies continue to grow as icons of Korea's innovative growth."

This content was produced with the assistance of AI translation services.