Small and Medium Venture Business Research Institute and 10 Academic Societies
Exploring Strategies for Globalization and Productivity Improvement of SMEs
Minister Oh Young-joo "Government-wide Policy Announcement in July"
To foster the leap of small and venture enterprises, the Ministry of SMEs and Startups, the Korea Institute of Startup & Entrepreneurship Development, and related organizations along with 10 academic societies gathered their expertise.
On the 27th, the Korea Institute of Startup & Entrepreneurship Development held an integrated academic event at EL Tower in Yangjae, Seocho-gu, Seoul, under the theme “Strategies and Tasks for Productivity Improvement for the Globalization of Small and Venture Enterprises.” This integrated academic conference involved 10 academic societies representing research on small and venture enterprises.
The integrated academic conference was divided into Part 1 session, main session, and Part 2 session, featuring a total of 34 presentations, exploring strategies for productivity improvement for the globalization of small enterprises and policy directions for small and venture enterprises.
Minister Oh Young-joo of the Ministry of SMEs and Startups is delivering the keynote speech at the "3rd Integrated Academic Conference on SME and Startup Research" on the 27th. (Photo by Korea Institute for SMEs and Startups)
The first keynote speaker, Oh Young-joo, Minister of the Ministry of SMEs and Startups, stated, “Small enterprises account for 99% of all companies, 81% of employees, 37% of sales, and 25% of research and development (R&D) investment.” He diagnosed, “Although they are the backbone of our economy, sales and productivity are very low when looking at the number of companies and employees.”
He added, “To increase the sales and productivity of our small enterprises trapped in a box range, we ultimately need to go global,” emphasizing, “We are preparing various policies to increase the number of companies entering overseas markets and diversify regions.”
Minister Oh presented five major policy strategies to support the new leap of small enterprises: ▲Innovative Growth ▲Sustainable Growth ▲Inclusive Growth ▲Global Leap ▲Smart Support.
He explained, “In April, when announcing the small enterprise leap strategy, we revealed plans to improve the corporate ecosystem from a thumbtack-shaped structure where small merchants account for 95% of the total to a pyramid structure with a thick layer of growth companies.” He added, “In July, a pan-government policy to revitalize the venture investment market will also be announced.”
The second keynote speaker, Lee In-ho, Vice Chairman of the Korea International Trade Association, presented on the topic “Strategies and Tasks for the Globalization of Small and Venture Enterprises,” identifying export difficulties for small enterprises as ▲increased trade regulations and barriers from major countries ▲constant supply chain disruptions due to geopolitical risks ▲challenges in transitioning to new industries such as AI, digital, and eco-friendly sectors.
As solutions, he emphasized, “Establish export support policies tailored to the growth stages of small enterprises to minimize blind spots in support” and “alleviate interest burdens and expand loan credit guarantee limits.”
Following the keynote speeches, a special corporate lecture titled “Global Startup Challenge” was delivered by Lim Sung-won, CEO of Imprimed, active in Silicon Valley. CEO Lim highlighted the advantages of Silicon Valley as ▲a culture of mutual support without envy ▲existence of role models at each stage ▲an ecosystem that embraces failure and encourages recovery ▲people who listen to dreams.
He encouraged global startups by stating, “Korean entrepreneurs can buffer financial risks by leveraging the strengths of two different markets and utilize investor pools from both sides.”
Meanwhile, this year’s academic conference continued the tradition from last year by selecting and awarding outstanding academic papers, followed by research presentations. The awardee of the year was Professor Lee Sung-ho of Hanbat National University from the Korean Academy of Small Business Studies for his work titled “Strengthening the Global Competitiveness of Domestic Small Enterprises: The Role of Entrepreneurial Orientation and Business Innovation.”
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