Over 60 percent of business startups in South Korea are founded for livelihood purposes. 
 
Only 21 percent of startups were innovative in nature using ideas or technologies to create opportunities for success.
 
This is according to a report released Thursday by the Hyundai Research Institute which called for effective policy measures on startup support.
 
The report said that 63 percent of people started a new business in South Korea because of livelihood concerns, much higher than 26 percent in the U.S. and 13 percent in Israel.
 
The innovative kind of startups tallied 21 percent in Korea, while the figure hovered above 50 percent in the U.S., Israel, Finland and Sweden. 
 
Some 42 percent of business founders in Korea said they feared failure, also higher than their counterparts in the U.S.(29.7%), Sweden(36.5%) and Finland(36.8%).