Shortage of Skilled Professionals... "Discussion Needed on Utilizing Female Workforce"
"Expansion of Mother Fund in National Tasks... Expected Support"
Business Expansion Including Market Development and Network Provision
Kim Bun-hee, Chairwoman of the Korea Women Venture Association, is being interviewed by Asia Economy at the CEO office of Messy International in Bangbae-dong, Seoul. Photo by Moon Ho-nam munonam@
"Recently, there is a shortage of skilled personnel not only in the IT sector but also across manufacturing, service industries, and other sectors. It is necessary to prioritize discussions on utilizing female workforce by fostering and retraining women."
Kim Bun-hee, President of the Korea Women Venture Association, expressed her thoughts on the manpower shortage faced by small and venture companies in an interview with Asia Economy on the 20th.
She also emphasized the need for policies supporting female entrepreneurship from the perspective of corporate innovative growth and securing diversity. She pointed out, "Venture companies are a key alternative to overcoming economic crises and leading new growth engines. Considering that women-led companies in technology-based industries account for 40% of the total, the proportion of investment attraction in women-led companies is significantly low."
As of the end of last year, the number of women venture companies was 4,104, accounting for 10.7% of all venture companies. In the same year, 121 women-founded startups attracted investments worth 914.7 billion KRW, which was only 7.6% of the total investment amount.
President Kim said, "The association has continuously proposed activating investment attraction for women-led companies, and the current government's national agenda includes expanding the Women’s Enterprise Mother Fund, which is expected to be helpful in the future." She also plans to establish a 'Global Innovation Center' in Gwanak-gu, Seoul, which will consolidate programs related to women ventures in one place.
Qualitative growth of women venture companies is also a challenge to be addressed. Among the 18 domestic unicorn companies, only one, Kurly, is led by a woman, and among KOSDAQ-listed companies, only 61 (4.3%) are women-led. President Kim emphasized, "Just as Google and Facebook inspired young people’s entrepreneurial motivation, successful models of women venture companies should expand to create a virtuous cycle that spreads the women entrepreneurship boom."
From her field visits, the biggest difficulty women entrepreneurs face in running their businesses was 'market development.' In response, she said, "We plan to increase educational opportunities for developing public procurement market channels and promote activities to introduce women venture products to local governments and public institutions."
The association provides various training programs for women ventures. These include specialized education in areas necessary for business management such as organizational management and marketing, breakfast seminars to strengthen CEO innovation capabilities, and forums providing insights for sustainable growth. President Kim stated, "We plan to build cooperative relationships with research institutes, universities, and companies to provide networks supporting women venture growth and expand linked projects."
Finally, she urged the new government for active interest and support for women venture companies. She emphasized, "Fostering women ventures is strategic support that creates new value based on diversity, a driving force for attracting female talent, and a proactive investment."
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