The policy framework must be changed so that nurturing venture and startups can become South Korea's top economic policy.
Song Byeong-jun, chairman of the Korea Venture Business Association, emphasized this during his first press conference after taking office on the 29th at the Fairmont Ambassador Seoul in Yeouido. Leading the mobile game company Com2uS, Chairman Song took over as the 12th leader of the Korea Venture Business Association on Feb. 28.
On this day, Chairman Song raised concerns about the crisis in venture businesses, asserting that "a transformative venture policy that can change the venture ecosystem in a completely different way must be realized." He presented restoration of the venture ecosystem, regulatory innovation paradigm shifts, privately led AI transformation (AX) ecosystem platform construction, and diffusion of entrepreneurship as key tasks.
In particular, Chairman Song stressed the need to expand the domestic venture investment market to 50 trillion won for the restoration of the venture ecosystem. He noted, "When examining the global venture ecosystem, the advancement of the ecosystem and the growth of innovative companies are closely linked to venture investment and financial markets," adding, "Currently, the venture investment ratio compared to South Korea's gross domestic product (GDP) is only one-fifth of that of the United States and Israel."
Chairman Song continued, "To expand the current 12 trillion won venture investment market to 50 trillion won, it is necessary to establish mandatory venture and startup investments in the legal fund, allow and activate public pension fund investments in ventures, and create a virtuous cycle structure in the recovery market."
Regarding strengthening the Korea Venture Business Association's position as the leading organization in the innovation ecosystem, Chairman Song said, "We will open the association's doors to all corporations pursuing innovation and work together to realize that goal." The Korea Venture Business Association is strengthening collaboration with representative corporations from various fields, including Furiosa AI, Ably, Viva Republica, SM Entertainment, NEOWIZ, Grace, and StageFive.
On this day, the Korea Venture Business Association also presented three key policy tasks: strengthening financial liquidity for innovative industries, flexibilizing working hours, and introducing criteria for regulatory innovation, announcing plans for policy proposal activities. Additionally, in celebration of the 30th anniversary of the association’s founding, various commemorative projects will be conducted, including holding a "Venture Week" event in the first week of December.