On the 4th, venture corporations expressed their hope to President-elect Lee Jae-myung that the proposals made during the election period for the venture and startup sectors will be implemented as practical policies that can be felt in the business field.
Korea Venture Business Association (KOVA) issued a statement that day, noting, “The number of startup corporations, which are the seeds of ventures, has decreased for three consecutive years, and as the venture investment market shrinks, the operating profits of venture corporations have turned into losses for the first time in history, indicating that the challenges and growth vitality that symbolize ventures are disappearing.”
They added, “90.5% of venture corporations recognize the current economic situation as very serious,” and urged the need for immediate measures and a swift response to play a central role in overcoming the crisis.
Specifically, they proposed the mandatory venture investment of 68 statutory funds, expanding private venture capital investment, introducing regulatory innovation benchmarks, and making exceptions to the 52-hour workweek for key research personnel in venture corporations.
KOVA conveyed, “We sincerely hope that the major venture policy tasks will be reflected in the new government’s national agenda, creating an environment where venture corporations can play the role of a leading pitcher in Korea’s economic growth.”