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 opportu