Business Korea

Coupang has made the list of the world’s 50 smartest companies for 2016 selected by MIT Technology Review, a magazine published by the Massachusetts Institute of Technology.

Each year, Technology Review has picked 50 companies that best combine innovative technology with an effective business models since 2010. The magazine defines smart companies as ones that use overwhelmingly creative technology to redefine industries. It selects them by considering many elements including whether their technologies are innovative enough to transform society and whether they make innovations in business models, apart from their external conditions such as financial standing and researcher numbers.

Coupang is the only Korean company placed on the list, ranking 44th for the first time this year. Above all, since the magazine published the list, it is the first time for a Korean startup to join the 50 smartest companies. This year, the world’s largest online retailer, Amazon has topped the list, and other global IT firms leading the market such as Tesla Motors (4th), Facebook (15th), IBM (45th), and Intel (49th) are included in the list.

Coupang is selected for its rocket delivery that is a direct delivery system based on sophisticated IT technology and its logistic system. The Korean company has been highly acclaimed as it provides consumers with the best shopping experience in terms of mobile shopping through its innovative technology. In addition, Coupang is winning great responses from local consumers with establishment of new sales systems such as the mobile environment and the item market.