Is The Next Bill Gates Living In Seoul?

The government gives a spur to startups as the chaebol slow

Sitting in his company's cramped office above a smoky barbecue joint in downtown Seoul, Yoon Suk Min hardly looks like a millionaire. Yet in May, he struck it rich. The 30-year-old founder of Web International Co., a maker of Internet communications software, saw his company go public on KOSDAQ, the Korean over-the-counter exchange, at $28 a share. By the end of the month, Web shares were trading at $50, and Yoon, who maxed out on his credit card to finance his startup in 1994, was worth $11 million. Like any Silicon Valley hotshot, he's angling to list Web on the NASDAQ market in the U.S. in the next few years. Says Yoon: "I have seen things I thought impossible become realities."

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