Seoul attracts young entrepreneurs back

[Source] http://www.inc.com/magazine/201112/the-returnees.html

Interesting article that touches entrepreneurship in Seoul.

Part of the reason why youngster flock back to Seoul.

"Choi thought about starting a company after graduation, but he had a problem: His student visa had expired. He didn't have the $1 million in cash necessary to qualify for an investor visa, so he figured his only option would be to get a job and hope that his employer would sponsor his application for permanent residence. He went on a dozen interviews at American medical-device companies, but none were interested, and he finally enrolled in a master's program at Cornell to stay for another year. When it was over, he gave up on the States, returned to Korea, and took a job at the pharmaceutical division of SK, one of the country's largest conglomerates."

Of course, Government's initiatives are the key factor.

Fundings

Over the past two years, the South Korean government has launched a series of policies designed to help people like Choi. The Small and Medium Business Administration—South Korea's version of the SBA—has created hundreds of incubators throughout the country, offering entrepreneurs free office space, thousands of dollars in grants, and guaranteed loans. 

Internet Infrastructure.

In the 1990s, the South Korean government invested heavily in the installation of fiber-optic cables, with the result that by 2000, Koreans were four times as likely as Americans to have high-speed Internet access. Koreans still enjoy the fastest Internet in the world while paying some of the lowest prices. The easiest way to feel like an outsider in this country is to board one of Seoul's subway cars, which are equipped with high-speed cellular Internet, Wi-Fi, and digital TV service, and look anywhere but at the screen in your hand.

 Government's participation in bridging the economy.

Last December, Shin was summoned to South Korea's version of the White House—the Blue House—for a meeting with the country's president, a former Hyundai executive named Lee Myung-bak. In attendance were the CEOs of many of the country's largest companies—LG, Samsung, SK, and half a dozen others.  

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Looking back at Malaysia, those 3 key initiatives aren't really addressed by the government properly.

Internet infrastructure is terrible. The typical home broadband connection is still at ~1Mbps, and signal lost happened all the time.

Well, having said that, maybe entrepreneurship isn't part of the interest of the government after all.