Young startup leaders overcome economic downturn with bold ideas

South Korean startups led by young entrepreneurs are overcoming the slump in the venture and investment sectors with fresh ideas.

Solive Ventures, a member of the Korea Venture Business Association, is one example.

The startup, founded by a team of Seoul National University students in August 2023, has developed “Peel & Play,” an educational toy mimicking the act of peeling a tangerine, along with a developmental monitoring application called “Kiwoomi.”

The company secured seed funding from Seoul Techno Holdings.

Solive Ventures’ toys utilize peel pieces for various educational purposes, such as imitation play and whac-a-mole games. These toys are designed to help autistic children channel emotional anxiety through physical stimulation, allowing them to focus without social pressure.

“We aim to ease parents’ vague anxieties and concerns, providing comfort and support,” said Solive Ventures CEO Seo Ju-ho.

The company has already sold over 2,000 units and collaborates with more than 900 daycare centers in Korea.

NanumVitamin, another notable startup, operates a meal-sharing platform through its mobile meal ticket solution app, “Nabiyam.”

Launched in September 2023, the service allows families and children with the country’s 310,000 child meal cards to access sharing and discounts at participating stores.

The platform has garnered participation from 3,700 stores nationwide, promoting positive social impact.

“Our goal is to ensure children have healthy, warm meals and to create a system that reassures parents,” said CEO Kim Ha-yeon.

Barca, a startup offering agricultural supply solutions based on production forecasting, was founded by Jeon Hyun-gyun, an alumnus of Seoul National University’s Satellite Geophysics Laboratory.

Barca predicts agricultural production using satellites and AI, purchasing crops in advance to supply to companies in need.

For example, if garlic production is expected to decrease compared to the average year, Barca secures pre-trade contracts with farmers, such as a contract for 6,900-square meters of garlic in Changnyeong County, South Gyeongsang Province, in mid-March.

“We are currently enhancing our solution by analyzing domestic agricultural data and aiming for international expansion,” Jeon said.