The number of venture firms that turned over more than 100 billion won (US$84 million) last year is 460, a year-on-year increase of 7.
On Aug. 20, the Small and Medium Business Administration and the Korea Venture Business Association announced the results of their study on venture businesses that surpassed 100 billion won in sales as of 2014.
Naver, Sungwoo Hitech, STX Heavy Industries, Yura Corporation, Coway, and Humax were found to have crossed the 1 trillion won (US$840 million) mark. Among venture firms that posted 100 billion won in sales, 19 of them recorded a more than 20 percent increase in sales revenue for three years in a row.
On average, it took 17.1 years for them to post 100 billion won in sales after starting business. However, Wemakeprice, 4:33 Creative Lab, Spigen Korea, Finetechnix, and Young Toys all achieved the same sales figures within 7 years through investing in research and development and cultivating new overseas markets.
The number of companies that were funded by venture capital firms after being established was 198, and 58.7 percent of them received investment within 7 years after being founded. The ratio of R&D investment to sales was 2.9 percent, or 6.2 billion won (US$5.2 million) on average, which is much higher than the 0.7 percent of small and mid-sized companies or the 1.4 percent of large businesses.
Meanwhile, 42 companies became new members of the 100 billion won club this year.