Small and Medium Business Institute Relaunched as 'Small and Medium Venture Business Institute'... Transition to Legal Institution

Odongyun Inaugural Director "Providing Accurate Predictions and Reliable Alternatives"

The Korea Institute for Advancement of Small and Medium Enterprises (KIASME) changed its name to the Korea Institute for Small and Medium Venture Businesses, a statutory research institute, in accordance with the revision of the Basic Small and Medium Enterprise Act by the National Assembly, and held its inauguration ceremony on the 11th. Kwon Chil-seung, Minister of SMEs and Startups (third from the left in the front row), and Oh Dong-yoon, the new president (fourth from the left in the front row). Photo by Korea Institute for Small and Medium Venture Businesses

[Asia Economy Reporter Kim Heeyoon] The Small and Medium Business Research Institute is rebranding and launching anew as the Small and Medium Venture Business Research Institute.

In accordance with the revision of the Basic Small and Medium Enterprise Act by the National Assembly, the institute changed its name to the legally established Small and Medium Venture Business Research Institute and held its inauguration ceremony on the 11th.

At the inauguration ceremony, Kwon Chil-seung, Minister of the Ministry of SMEs and Startups, National Assembly members Song Gap-seok, Kim Gyo-heung, Kim Kyung-man, Lee Dong-joo, as well as Kim In-ho, the first director of the Small and Medium Business Research Institute, and former directors attended. The event included the proclamation of the vision for the Small and Medium Venture Business Research Institute and a plaque unveiling ceremony.

The institute has played a role in investigating and researching domestic and international issues related to small and medium enterprises to assist in policy formulation. The amendment to the Basic Small and Medium Enterprise Act, which passed the National Assembly plenary session last year, established a legal basis for the establishment of the Small and Medium Venture Business Research Institute, including its operation and budget.

Furthermore, considering its representativeness as the only dedicated research institution related to small and medium venture businesses in Korea and its role as a policy research institute under the Ministry of SMEs and Startups, the name was changed from the former ‘Small and Medium Business Research Institute’ to the ‘Small and Medium Venture Business Research Institute.’

Through this, the institute explained that the status of a national research institution dedicated to small and medium venture-related national research tasks has been established four years after the elevation of the Ministry of SMEs and Startups in 2017.

Oh Dong-yoon, the first director, stated, “With the launch of the Small and Medium Venture Business Research Institute, we will enhance our status and capabilities to provide accurate forecasts and reliable alternatives regarding small and medium venture business policies and trends, and develop into the nation’s top national research institution.”

Kwon Chil-seung, Minister of the Ministry of SMEs and Startups, said, “At a time when the role of small and medium venture businesses, the growth engine of our economy, is more important than ever, the launch of the Small and Medium Venture Business Research Institute carries significant implications. We hope it will conduct field-oriented research reflecting the voices from the small and medium venture business sector, contribute to innovation and growth through high-quality research, and leap forward as a world-class specialized research institution for small and medium venture businesses.”