[New Year's Message] An Geonjun, Chairman of the Korea Venture Business Association, "COVID-19 Crisis Can Become a New Innovation Opportunity"

An Geon-jun, Chairman of the Korea Venture Business Association

Chairman An Geon-jun of the Korea Venture Business Association stated in his 2021 New Year's address that the crisis caused by the novel coronavirus infection (COVID-19) will become another turning point for our economy to leap forward in the process of transitioning to a digital economy.

In his New Year's address on the 1st, Chairman An said, "Despite the uncertain business environment caused by the spread of COVID-19 last year, venture companies created more than 20,000 new jobs and accounted for 13% of the domestic stock market capitalization, emerging as an innovative group of companies to overcome the national economic crisis." He added, "Based on the innovation and challenging spirit inherent to venture companies, they timely developed new technologies and services and created markets, presenting alternatives to overcome the crisis in industries and the national economy stiffened by COVID-19. They are also preparing solutions to lead the digital economy in the post-COVID era."

Chairman An continued, "Last year, there were institutional changes expected in the venture ecosystem. The 'Three Data Laws,' which form the foundation of the 4th Industrial Revolution, passed the National Assembly, and meaningful changes such as the enforcement of the 'Venture Investment Promotion Act Amendment' to revitalize private capital venture investment and the allowance of holding 'Corporate Venture Capital (CVC)' occurred." He added, "The long-awaited 'Special Act on Venture Businesses' was amended last year, and with the private-sector-centered venture business verification system being implemented from February this year, it is expected that various venture companies with excellent innovation and growth potential will emerge, promoting startups and growth."

Furthermore, Chairman An said, "To foster non-face-to-face industries, digital transformation, smartification of traditional industries, and activation of artificial intelligence and data industries, and to create new industries and enhance future competitiveness, our government must strive to prepare more bold and progressive venture policies." He concluded, "I urge venture companies to become the main players of the national economy, wielding new challenges and innovation as weapons to lead the growth of the Korean economy and the era of the digital economy."