Likewise, South Korea, the fourth-biggest Asian economy, is referred as one of the four Asian Tigers. Its entrepreneurial success is well documented in the prior literature (Steers et al., 1997). South Korea has consistently maintained a high level of economic growth. For instance, South Korea was among the two fastest growing OECD economies during 1990-2007. During 1970-2002, its economy grew by an average of 7.2 percent annually (European Commission, 2013). According to Boston Consulting Group (BCG) and the National Association of Manufacturers and the Manufacturing Institute, it ranked No. 2 in innovation index in 2008 and No. 1 among the world's top 20 countries by GDP (Andrew et al., 2009). The country is arguably among Asia's "front-runners" (Wielemaker and Gedajlovic, 2011). South Korean companies such as Kia, Samsung, LG and Hyundai rank among the top global brands. In Interbrand's 2013 list of the world's Best Global Brands, for instance, Samsung ranked No. 8 and was the highest ranked Asian brand. These two economies' entrepreneurial successes and the key ingredients of entrepreneurial ecosystems are characterized by strong similarities and striking differences. For instance, in terms of most institutional indicators-corporate governance practice, corruption perceptions