South Korea to cultivate 5 'new security unicorns' by 2030

South Korea aims to cultivate five "new security unicorns" by 2030, companies with valuations exceeding 1 trillion won (approximately $720 million USD), as part of a broader strategy to develop advanced technologies into national growth drivers. This initiative, announced at a meeting chaired by President Lee Jae-myung, targets sectors such as artificial intelligence (AI), drones, cybersecurity, and aerospace.

The government's blueprint includes nurturing 50 companies with annual revenues of over 100 billion won (approximately $72 million USD) alongside the five unicorns. President Lee emphasized the need to adapt to a changing global security landscape by positioning new security industries, based on cutting-edge technology, as a new pillar of growth for South Korea. The focus will be on intensive support for agile and creative startups and venture companies.

To facilitate the rapid adoption of innovative technologies, the government plans to significantly reduce institutional hurdles. For non-defense sectors like aerospace, customized fast-track procurement methods will be applied. In defense, a new acquisition system will be introduced to drastically shorten the development and deployment timelines for advanced weapon systems.

A key element of the strategy is the establishment of a "Korean In-Q-Tel," modeled after the CIA's investment arm. This entity will strengthen strategic investments and technological linkages with promising new security companies. The initiative also includes expanding the startup ecosystem centered around universities and fostering specialized talent. Furthermore, a pan-governmental framework and the enactment of a special law will solidify the support infrastructure for these burgeoning industries.

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In response to changes in the global security environment, we will establish new security industries based on advanced technology as a new growth axis for South Korea, and intensively support startups and venture companies with agility and creativity.