Venture Industry: "22nd National Assembly Must Strengthen Policy Funding and R&D Support"

Survey on Corporate Opinions Regarding Legislative Tasks of the 22nd National Assembly

The venture industry raised its voice ahead of the start of the 22nd National Assembly term, emphasizing the need for financial and research & development (R&D) support to revitalize the venture ecosystem.

Tasks for the 22nd National Assembly to Revitalize the Venture Ecosystem [Data provided by the Korea Venture Business Association]

The Korea Venture Business Association announced the results of the "Survey on Venture Business Opinions for the 22nd National Assembly" on the 28th. This survey was conducted targeting 280 venture companies to promote the activation and growth of the venture ecosystem.

The top priority task to be promoted in the 22nd National Assembly was "strengthening financial support such as policy funds," accounting for an overwhelming 47.1%. This was followed by "strengthening R&D support" (22.5%) and "activating venture investment through the introduction of advanced financial systems" (11.1%). An association official explained, "This is interpreted as a voice of regret over the recent government cuts in R&D budgets," adding, "There are also opinions that direct government investment in new industries and the establishment of funds within the private ecosystem are necessary."

Among the bills proposed in the 21st National Assembly but not processed, the bill that the next National Assembly must pass was "relaxation of regulations on corporate venture capital (CVC)," which received the highest response at 24.5%. This was followed by the "amendment to the Serious Accident Punishment Act to defer application to workplaces with fewer than 50 employees" and the "enactment of the Artificial Intelligence (AI) Basic Act."

The industry was found to have a negative outlook and low expectations for the 22nd National Assembly. Only 21.5%, about two out of ten venture companies, viewed the future business environment positively. In contrast, 41.5% responded that the business environment would worsen. Expectations for the 22nd National Assembly were "low" at 30.7%, higher than those who responded "high" at 28.9%.

Sung Sang-yeop, president of the Korea Venture Business Association, said, "The association strives to represent the venture industry and serve as a catalyst for the growth of new industries," adding, "Based on the results of this survey, we will convey the industry's voice to the 22nd National Assembly for the activation and growth of the venture ecosystem and continue to cooperate."