Mind the Bridge Presents Methodology for Measuring Innovation Economies, Applied to South Korea

Measuring Innovation Ecosystems

Mind the Bridge introduced its updated methodology for quantifying the health of innovation ecosystems. This model aims to provide a benchmark for countries and regions to compare their innovation performance globally, while also being flexible enough to account for the unique characteristics of different ecosystems.

The Innovation Pyramid

The core of the methodology is a pyramid structure that categorizes companies based on their growth and funding. At the base are startups, which are venture-backed technology companies in their early stages. Moving up, scaleups are defined as companies that have raised over $1 million in venture capital, serving as a key indicator of an ecosystem's maturity.

At the apex of the pyramid are scalers and super-scalers, which are companies that have achieved significant international expansion beyond their home markets. These companies are considered disproportionately impactful on a country's innovation profile and are counted separately from early-stage startups.

Beyond Venture Capital

In addition to the VC-backed pyramid, the methodology also incorporates innovative SMEs (small and medium-sized enterprises). These are established, revenue-generating companies that compete through technology and innovation, rather than relying solely on venture funding. Including innovative SMEs is crucial for a complete assessment, especially in economies like South Korea where corporate-led and government-backed innovation plays a significant role alongside the venture capital route.

Application to South Korea

The latest application of this refined model was presented in Seoul, focusing on the innovation economy of South Korea. This presentation served as an opportunity to detail how Mind the Bridge approaches the complex task of measuring and comparing innovation across diverse global contexts.