Venture Business Association Completes Formation of 'Venture Business Verification Committee'

Appointing Jung Joon, CEO of 'Solid', as the Inaugural Chairman

Jung Joon, CEO of Solid

[Asia Economy Reporter Kim Cheol-hyun] The Korea Venture Business Association announced on the 28th that it has completed the formation of the 'Venture Business Verification Committee,' composed of private experts who will carry out the selection of venture companies, ahead of the implementation of the private-led venture business verification system following the amendment of the Special Measures Act on the Promotion of Venture Businesses (hereinafter referred to as the Venture Business Act).

The venture business verification system, which had been primarily conducted by public institutions, contributed to the quantitative expansion of venture companies and the establishment of the system. However, since a high proportion of venture business verifications were obtained mainly for guarantees and loans, the system has been reorganized to be centered on private experts to address this issue. The Korea Venture Business Association has been designated as a venture business verification agency by the Ministry of SMEs and Startups, which oversees the operation of the system, and since July last year, it has been preparing in advance by building the necessary IT system for the revised venture business verification system, revising laws and regulations, and designating specialized evaluation agencies.

To form the members of the Venture Business Verification Committee, the association received candidate recommendations from 45 organizations, including groups and academic societies with legal qualification expertise across the venture ecosystem. Requirements were reviewed by industry experts for the recommended candidates. For those who passed, a committee for recommending members was held, and a final selection of 50 members, including the chairperson, was made.

As the inaugural chairperson of the Venture Business Verification Committee, Jeong Jun, CEO of Sollid and a first-generation domestic venture entrepreneur, was appointed considering his representativeness and symbolism in the venture industry. Chairperson Jeong will represent the committee and oversee its operations. CEO Jeong stated, "The venture business verification system has contributed significantly to the formation of Korea's venture ecosystem and the quantitative growth of venture companies over a long period." He added, "Based on the experience and data accumulated in the market so far, we will strive to ensure that the venture verification system discovers many startup venture companies and practically contributes to their further growth."

The first Venture Business Verification Committee meeting is scheduled to be held in early March, and companies wishing to obtain venture business verification through the renewed system can apply via the 'Venture Verification Integrated Management System,' which will open on the 12th of next month, the system implementation date.