Minister Kwon Chil-seung: "Please strive to select truly venture-like innovative companies and revitalize the venture ecosystem"
From the left in the photo are Jeong Jun, CEO of Solid, Kang Sam-gwon, Chairman of the Korea Venture Business Association, Kwon Chil-seung, Minister of SMEs and Startups, and Cha Jeong-hoon, Director of the Startup Venture Innovation Office at the Ministry of SMEs and Startups, posing for a group photo. Photo by the Ministry of SMEs and Startups
[Asia Economy Reporter Kim Heeyoon] The privately-led 'Venture Business Verification System' is officially launching.
The Ministry of SMEs and Startups and the Korea Venture Business Association announced on the 4th that they held the '1st Venture Business Verification Committee' and will fully implement the system.
Until now, venture business verification was handled by public institutions. With the revision of the 'Special Measures for the Promotion of Venture Businesses Act' in February last year, the responsibility for venture business verification shifted to the private sector.
To this end, the Ministry of SMEs and Startups and the Korea Venture Business Association completed related preparations over the past year, including ▲designation of specialized evaluation agencies ▲formation of the Venture Business Verification Committee ▲establishment of an IT system.
Previously, the Korea Venture Business Association was designated as the venture verification agency. Going forward, venture investment verification will be led by the venture business organization, the Korea Venture Business Association. Applications for venture verification can be submitted through the 'Venture Verification Integrated Management System' website.
Private-led Venture Verification System Procedure Diagram. Graphic provided by the Ministry of SMEs and Startups.
The Venture Business Verification Committee, composed of 50 private experts, will hold meetings with the attendance of 7 to 10 members weekly after preliminary review of on-site evaluation results from specialized evaluation agencies. Through this, final decisions regarding venture business verification will be made.
At the 1st Venture Business Verification Committee meeting, the operation status of venture verification was reviewed, and discussions were held regarding the committee's launch and future activities.
Minister Kwon Chil-seung urged, "Please operate the system fairly and transparently so that companies with true venture characteristics can receive verification and a venture ecosystem with innovative growth potential can be established. The role of everyone here is important."
Kang Sam-kwon, Chairman of the Korea Venture Business Association (CEO of Point Mobile), emphasized, "We will do our best to ensure the stable settlement of the revamped venture verification system. We will serve as a hub for the private venture ecosystem and spare no effort to support the improvement of the management environment and sustainable growth of venture businesses."
Jung Joon, Chairman of the Venture Business Verification Committee, stated, "As the verification entity of the privately-led venture verification system, we will fulfill our entrusted role well. We will make every effort to select venture businesses with high innovation and growth potential that can respond to rapidly changing industrial environments."
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