Seoul looks to foreign entrepreneurs to fuel its next economic engine

Armed with an artificial intelligence (AI) platform designed to predict fall risks for the elderly, a Ukrainian entrepreneur walked away from a Seoul pitch competition this week with something far more valuable than cash: a golden ticket toward permanent residency in Korea.

The winning startup, NeuroDetectYO, was named top entry at Seoul’s second annual "Jump Up, Start Up" foreign entrepreneurship competition.

Founder Oleksandr Yuhai received a 2 million won ($1,500) cash reward, but the most crucial prize was 30 points toward Korea’s notoriously difficult D-8-4 technology startup visa — a vital bridge allowing foreign founders to convert ambitious ideas into permanent Korean businesses.

As domestic birth rates plummet and economic growth slows, Seoul is aggressively pivoting outward, attempting to transform itself into Asia's premier hub for global tech talent. City officials are actively rolling out the red carpet for foreign founders, believing that international perspectives can ignite the capital’s next wave of growth.

"Foreign entrepreneurs are creating new business opportunities in Seoul based on their unique experiences and technological expertise," said Sohn Hyeong-kwon, director of foreign immigration at the Seoul Metropolitan Government. "We will continue providing the support needed for innovative ideas to become Seoul’s new growth engines."

This year's competition drew 40 teams from around the world, with nine finalist startups representing countries including Germany, Indonesia, the United States and Uruguay. Pitching to a panel of venture capitalists and incubators, founders presented business models tailored to local market gaps, spanning AI, health care, edtech and food technology.

Second place went to FlixFluent, led by John Heinemann of Germany, which developed an AI Chrome extension that teaches foreign languages through streaming video content. Third place was awarded to Dots, an AI platform created by Maria Noel De La Paz Suzacq of Uruguay to connect Korean startups with Latin American markets.

For international entrepreneurs, navigating Korea’s immigration system remains a formidable hurdle. To qualify for a tech startup visa, applicants must score at least 60 points out of 300 under a point system governed by the Ministry of Justice, alongside mandatory technical or intellectual property prerequisites. Most participants currently hold student or job-seeker visas, making point-yielding competitions like this one vital for remaining in the country legally.

Through the Seoul Global Center, the city offers a complete lifecycle support pipeline under the government's OASIS startup immigration system, guiding foreign founders from initial business training to corporate registration and office incubation.

The strategy is already yielding results.

Last year's winner, Konnect — an AI-powered travel platform founded by Indian entrepreneur Ravi Sankar — recently secured backing from Korea's prestigious TIPS government-matched investment program.

"Our goal is to ensure these global experts don't just study here, but build their futures here," Sohn said.

This article was published with the assistance of generative AI and edited by The Korea Times.