It’s true that South Korean start-up scene is getting better from the interest of institutional funds, which got up from the apparent success of the Grouponzi-style businesses, esp. TicketMonster. But it’s a whole lot different story that the Americans return here because Seoul is a better place for start-ups. The M&A market for Internet start-ups in Seoul is almost non-existent, except few cases like TM, and TNC, the only acquisition Google made in South Korea. I don’t understand how this ecosystem would persist without deals any longer.

As a side note, the Shin in the article is a family member of the “big brother” Chaebol, Samsung Group, which has close knots with big conglomerates such as CJ Group, Joongang Ilbo, Shinsegae, and more, almost to the extent of their aggregate revenue reaching almost a half of South Korea GDP, so he earned attractive deals from big local brands so easily. Shin wan’t irrational enough not to exploit his family connections to build a business based on a totally unprofitable model, a feat only possible at the right moment and right place. Definitely, he’s a smart guy, smart enough being ready to return if he no longer sees his advantages here in Seoul, which I think would be quite unlikely though, due to his superb “Zuck status” in S. Korea.