The number of South Korean venture firms with annual sales exceeding 100 billion won ($89 million) jumped 9.2 percent in 2012 from a year earlier, data showed Tuesday.
The data compiled by the Small and Medium Business Administration and the Korea Venture Business Association showed that 416 out of 63,314 venture firms saw their annual sales surpass 100 billion won in 2012, compared with 381 companies in 2011.
The figure represents a 433 percent increase from 2005 when sales of only 78 venture firms exceeded 100 billion won.
Among companies with annual sales exceeding 100 billion won for the first time include AhnLab Inc., South Korea’s leading anti-virus software firm. AhnLab become a high-profile venture company last year when its former founder Ahn Cheol-soo ran in the presidential election. Ahn later withdrew his candidacy.
The data showed that 84.6 percent of South Korean venture firms with annual sales exceeding 100 billion won exported their products.
Han Jung-wha, the head of SMBA, praised the South Korean venture firms for their contribution to economic growth and job creation.
In May, South Korea unveiled a set of measures to make it easier for investors to make risk-taking investments as well as to withdraw and re-invest profit earned from the initial investment. (Yonhap News)
