Korean startups band together to take on the mighty chaebol

Seoul

SOMETIMES you need a bunch of Davids to take on Goliath. In South Korea, where family-run conglomerates such as Samsung dominate just about every aspect of life, one startup thinks it's found just such a formula to break their hold.

Yello Mobile Inc, a cross between Rocket Internet and Y-Combinator, is building a coalition of up-and-comers to take on the nation's chaebol. It's invested in more than 60 startups in areas from online shopping to digital media, assembling an alliance of businesses last valued at US$4 billion. They pool resources and customers, share costs, and help each other out on everything from payments to delivery.