Venture Industry: "Overcoming Economic Crisis as a Global Startup and Venture Powerhouse"

'2023 Innovation Venture Industry New Year's Meeting' Held
Lee Young, Minister of SMEs and Startups, Attends to Encourage Venture Entrepreneurs

[Asia Economy Reporter Kim Cheol-hyun] The innovative venture industry gathered in one place and pledged to contribute to the global expansion of ventures and overcoming the economic crisis in the Republic of Korea. They also unveiled the slogan, "A Strong Korea in Crisis, Together with Innovative Ventures! Towards a Global Startup and Venture Powerhouse Creating the Future!"

Four related organizations in the innovative venture industry?the Korea Venture Business Association (Chairman Kang Sam-gwon), Korea Venture Capital Association (Chairman Ji Seong-bae), Korea Accelerator Association (Chairman Shin Jin-oh), and Korea Women Venture Association (Chairwoman Kim Bun-hee)?held the "2023 Innovative Venture Industry New Year Meeting" on the 31st at EL Tower in Yangjae-dong.

Shin Jin-oh, chairman of the Korea Accelerator Association, which hosted this New Year meeting, said, "Although difficulties are expected this year due to worsening domestic and international economic conditions, if all members of our venture industry unite and move forward, we will be able to wisely overcome the crisis and realize a global startup and venture powerhouse."

Kang Sam-gwon, chairman of the Korea Venture Business Association, also said, "The new year should be a turning point for overcoming the economic crisis and making a leap forward. At the center of this, I hope that our venture companies will be able to demonstrate the prowess of K-ventures on the global stage based on the technological capabilities and resilience accumulated through innovation."

Lee Young, Minister of SMEs and Startups, is delivering a congratulatory speech at the 2023 New Year's Meeting of the Innovative Venture Industry held on the 31st at EL Tower in Yangjae, Seoul.

Following this, a "Venture Industry New Year Dialogue" was held with Minister Lee Young of the Ministry of SMEs and Startups and heads of innovative venture organizations in attendance, discussing current issues such as expanding support for overseas expansion of venture companies, establishing a system linked to payment for supplies, and plans for managing the mother fund. Minister Lee encouraged, "Although 2022 was a difficult year with investment sentiment greatly shrinking to the extent that it was called a venture ice age, it was thanks to the efforts of the innovative venture industry that ventures and startups recognized worldwide could emerge." He also stated, "We will focus our policy capabilities on discovering and nurturing startups in the digital and deep tech fields and globalizing the domestic startup and venture ecosystem."

On this day, Minister Lee also received a plaque of appreciation recognizing his contributions to the development of the venture industry, including the introduction of the payment linkage system. Minister Lee emphasized, "To overcome the crisis, the private sector and government must become one team. The Ministry of SMEs and Startups will do its best to cooperate with the innovative venture industry to realize a private-led startup and venture ecosystem."