What Indian Startups Can Learn from South Korea’s $100 Billion Culture Strategy

Korean dramas, cosmetics, K-pop, kimchi. From beauty aisles to streaming platforms, Korean culture has gone global. But this dominance didn’t emerge overnight—it was built through deliberate strategy and smart policy.

As Vandana Tolani, Founder and CEO of Convanto, a leading financial advisory platform for startups, puts it:

“India has centuries of cultural depth—Ayurveda, Yoga, spices, crafts. Yet, we still mostly sell raw materials, not stories. South Korea’s journey isn’t just inspiring—it’s instructive.”

From K-Pop to K-Beauty: How Korea Turned Crisis Into Startup Gold

In 1997, South Korea stood on the brink of economic collapse. The Asian Financial Crisis had gutted its economy—its currency plummeted, markets crashed, and companies shut down. The government was forced to accept a $58 billion bailout from the International Monetary Fund (IMF)—one of the largest in history.

The cause? An overdependence on traditional heavy industries like automobiles, steel, and electronics—sectors vulnerable to global demand shocks.

But instead of simply rebuilding what had failed, South Korea chose transformation.

Why South Korea’s Ministry of Culture Should Inspire Indian Policy Makers

In 1998, the South Korean government launched a dedicated Ministry of Culture, with a bold new mandate: to make culture a driver of economic growth.

What followed was a coordinated national effort to invest in media, entertainment, education, and branding:

• K-pop infrastructure: idol training academies, state-backed production studios
• Academic programs: university degrees in pop culture marketing
• Export strategy: structured promotion of Korean content, cosmetics, cuisine, and lifestyle abroad
• This wasn’t accidental soft power. It was intentional nation branding—with measurable economic outcomes.

BTS Adds $4.6B to Korea’s GDP. What Will Your Startup Add to India’s?

South Korea’s “Hallyu,” or Korean Wave, went global. The results are undeniable:

• In 2012, Gangnam Style became the first video to hit one billion views on YouTube.
• In 2021, Netflix’s Squid Game generated $900 million in value, becoming the platform’s most-watched series.
• K-pop group BTS contributes over $4.65 billion annually to South Korea’s GDP through music, merchandise, media, and tourism.
• K-beauty exports hit $8.5 billion in 2023 and are projected to exceed $10 billion.
• Korean food exports surpassed $12 billion, making kimchi, ramen, and gochujang global staples.

What Korea is exporting is not just food or music—it is a narrative, a lifestyle, and a cultural identity—packaged, promoted, and monetized with precision.

India’s Opportunity: Culture as Capital

India has long been admired for its spiritual, culinary, and artisanal traditions. Yet, in the global marketplace, these cultural riches remain largely underleveraged.

As Vandana Tolani notes, “South Korea isn’t selling commodities. They’re selling culture and a compelling narrative. India, meanwhile, continues to provide the backdrop while others tell the story. We must reverse that.”

India holds all the raw ingredients for cultural influence:

• Ayurveda and Yoga
• Diverse cuisine and spices
• Design and textile traditions
• Regional music and storytelling forms

What’s missing is the narrative infrastructure—an ecosystem that enables founders and creators to transform this cultural depth into global economic value.

What Indian Startups and Policymakers Can Do

To turn culture into capital, India must embed storytelling, branding, and export-readiness into its startup ecosystem. Key actions include:

• Creating policy support for culture-tech startups, wellness brands, craft clusters, and content creators
• Investing in IP creation—not just technology, but cultural narratives and brand identity
• Training founders in global storytelling, branding, and cultural marketing
• Fostering public-private partnerships to incubate and scale culturally rooted, export-ready startups

Korea Invested in Narrative. Indian Founders Must Do the Same

South Korea’s rise shows that culture is a scalable product, not just an expression. K-pop groups operate as IP-driven businesses—each one a brand, merch line, and media franchise. The Korean model underscores the value of investing early in narrative infrastructure—studios, storytelling, and distribution pipelines that convert local identity into global demand.

Crucially, this was backed by government-startup synergy—where policy incubated, funded, and promoted creative ventures.

For Indian founders, the message is clear: Build for global from day one. Whether in wellness, fashion, food, or craft, success lies in packaging culture with brand-first thinking, export-ready design, and the courage to lead with story—not just product.

“At Convanto,” says Vandana Tolani, “we work with founders who are ready to scale culturally rooted, globally relevant businesses. We are sector-agnostic and provide end-to-end support—from fundraising and growth strategy to pitch decks and financial models.”

Can India Do What Korea Did?

South Korea’s transformation is more than a case study—it is a blueprint. In just two decades, it turned national identity into global economic power by aligning policy, storytelling, and investment.

The question is not whether India has the potential. It’s whether we will choose to act.

India must move beyond being a supplier of ingredients. It must become the owner of its narrative.

It’s time Indian startups stopped exporting only products—and started exporting culture, emotion, and experience, supported by a policy framework that values storytelling as strategy.