Venture Business Association Selects 79 Outstanding Venture Companies in 2020

On the 11th, the '2020 Excellent Venture Best Company Selection Certificate Award Ceremony' is being held in the conference room of the Venture Business Association.

[Asia Economy Reporter Kim Cheol-hyun] The Korea Venture Business Association (Chairman An Geon-jun) announced on the 11th that it has finally selected 79 venture companies with outstanding performance and innovation in a total of seven categories as the '2020 Excellent Venture Companies' targeting unlisted venture companies.

Now in its fifth year, the selection of excellent venture companies was conducted to share the achievements of outstanding venture companies, which are key players in the Korean economy, and to focus on supporting the growth of the selected companies. Applications were accepted from unlisted venture companies, and a comprehensive evaluation was conducted based on management performance over the past three years, including innovation, growth potential, job creation, and social contribution activities.

The Korea Venture Business Association explained that the 79 companies selected as excellent ventures this time achieved outstanding performance and innovation in each category despite difficult economic conditions and showed growth potential to lead new industries. First, 32 companies were selected in the 'Sustainable Growth' category, showing an average sales scale of 13.6 billion KRW, sales growth rate of 154%, and operating profit growth rate of 408%. Among them, the top excellent venture company was Clever (CEO Jung Jong-hong).

In the 'Job Creation' category, 22 companies were selected with an average employment size of 86.8 employees and an employment growth rate of 64.1%. The top excellent venture company was Brandy (CEO Seo Jeong-min). The 'Global' category included 15 companies, showing an average export scale of 6.4 billion KRW, an export ratio to sales of 56.4%, and an export growth rate of 70.5%. The top excellent venture company was ECS (CEO Kim Yong-beom). In the research and development category, 16 companies were selected with an average of 29 intellectual property rights held and an R&D expenditure ratio of 21% relative to sales. The top excellent venture company was Bereks (CEO Lee Nam-wook).

The 'Startup' category selected seven companies founded less than three years ago, considering innovation and growth potential, with the top company being Autonomous A2Z (CEO Han Ji-hyung). The 'Social Contribution and Social Venture' category selected four venture companies that are solving social problems through continuous social contribution activities and innovative technologies.

The Regional Excellent Venture category, newly established this year, selected eight venture companies outside the metropolitan area that contributed to innovation, growth, job creation, and regional community development. Recommended by each branch of the Korea Venture Business Association, two companies each from Busan, Ulsan, Daegu-Gyeongbuk, and Jeonbuk were finally selected.

Kim Jin-hyung, the full-time vice chairman of the Korea Venture Business Association, said, "Following last year's Japanese export restrictions and this year's COVID-19, venture companies are going through very difficult times," adding, "We plan to actively support venture companies that have shown excellent performance and growth potential despite difficult conditions to grow further."