Businesses Founded by Young People in 2013-2015

On April 10, the Hyundai Research Institute published a report on businesses founded by young people in 2013-2015.
According to HRI, conditions for young people founding businesses have seriously deteriorated over recent years, despite government support policies. 

Originally published in the April 18 KBLA Weekly Intelligence Report


The number of businesses founded by young people has sharply decreased over the period 2013-2015, while less than one percent of new businesses (those less than one year old) in 2015 were founded by individuals aged 29 or younger. Retails sales and the hotel and restaurant industries remained the most popular industries in which young people started businesses.

The number of new businesses (those which had been in operation for one year) started by those 29 or younger dropped
by 40.5% over the period 2013-2015, accounting for only 0.9% of all new businesses.


Data SMBA via HRI, Table and Translation KBLA

Between 2013-2015, the people in their 20s and younger were most likely to found businesses in the retail sales (39.2%)
and hotel and restaurant (24.2%) industries.


Data SMBA via HRI, Table and Translation KBLA

In 2014-2015, new businesses in which the founder was 29 or younger had the smallest average number
of employees (2.3 employees), while new businesses in which founder in their 40s had the largest number (3.3 employees).


Data SMBA via HRI, Table and Translation KBLA

 

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