'Five Major Tasks Including Fostering Future New Technologies and Industries'
Expansion of Financial Investment Support Programs and Alliances
Launch of Committee Gathering Voices of Venture Startups
Domestic and international venture capital firms and policy financial institutions have formed the ‘Venture＋Investment Alliance’ to revitalize venture finance and investment.
On the 20th, at the FKI Tower Conference Center in Yeouido, Seoul, participants are taking a commemorative photo during the launch ceremony of the 'Venture＋Investment Alliance.' [Photo by Korea Venture Business Association]
The Korea Venture Business Association announced on the 20th that it launched the Venture＋Investment Alliance at the FKI Tower Conference Center in Yeouido, Seoul, to support venture business financing centered on the private sector and to activate venture investment.
The alliance consists of a total of 35 institutions, including policy financial institutions, venture capital (VC), securities firms (IB), corporate venture capital (CVC), and overseas investors, aiming to build a cooperative connection network among various investment entities. Representative participants include Korea Development Bank, Korea Credit Guarantee Fund, Korea Technology Finance Corporation, Bokwang Investment, Parksha Capital, Yozma Group Korea, Shinhan Venture Investment, TS Investment, and NH Investment & Securities.
The alliance’s five major promotion tasks are ‘financial support and activation of new investments,’ ‘fostering future new technologies and new industries,’ ‘growth and development through open innovation,’ ‘attracting overseas investment and strengthening global competitiveness,’ and ‘strengthening data-based investment matching.’
The Korea Venture Business Association plans to expand and enhance the major financial investment support programs it currently operates in collaboration with the alliance participant groups. Seong Sang-yeop, chairman of the Korea Venture Business Association, explained, “The association is conducting projects directly linked to the growth of venture companies, including venture investment forecasting, globalization, market development, talent acquisition, research and development (R&D) support, and open innovation. In the future, we aim to build a two-way digital matching platform based on artificial intelligence (AI) and big data in cooperation with alliances and others.”
Chairman Seong also said, “The alliance’s ultimate goal is to create an ecosystem that fosters future new technologies and new industries by revitalizing the private-led venture investment market. We hope it will provide strong courage and hope to promising venture startups struggling with a lack of funds.”
Minister Oh Young-joo of the Ministry of SMEs and Startups is delivering a congratulatory speech at the launch ceremony of the 'Venture+ Investment Alliance' held on the 20th at the FKI Tower Conference Center in Yeouido, Seoul. [Photo by Ministry of SMEs and Startups]
On the same day, Minister Oh Young-joo said in his congratulatory speech, “No one would deny that the engine called venture companies needs the driving force of venture investment to continue innovation in today’s highly mature venture capital market,” adding, “The alliance itself is deeply meaningful, and I ask that it play a significant role in the future development of the industry.”
Minister Oh continued, “This is a time when a more efficient and creative attitude is required to respond to changing domestic and international environments,” emphasizing, “For venture companies’ innovation to continue, the domestic venture capital market must firmly support it. To this end, the venture ecosystem must become more globalized than before so that various entities such as overseas VCs and foreign capital can participate in the domestic venture capital market.”
Meanwhile, on the same day, the Korea Venture Business Association held the largest venture industry event, the ‘Venture Summer Forum,’ at the FKI Tower Conference Center. The forum, held under the theme ‘Everything about Venture_Seeking Your Chance,’ was attended by about 500 venture entrepreneurs and venture ecosystem stakeholders.
The forum’s most notable feature was the preparation of programs that create opportunities for collaboration among participants, such as the ‘Global Story Session,’ ‘Investment Story Session,’ and ‘Lunch and Dinner Networking_Venture Class SSUM.’
In the Global Story Session, under the theme ‘Innovative Venture Companies Leading the Global Market,’ speakers including Lee Se-young, CEO of Lytton, Lee Joo-wan, CEO of Megazone Cloud, and Jung Se-ju, chairman of the board of Noom, discussed the challenges and growth of innovative venture companies leading the global market.
Additionally, the ‘Startup Committee’ was launched to gather on-site voices addressing current issues faced by venture startups. The committee plans to operate as a community that promotes exchange and growth among venture ecosystem members by collaborating with venture startups from various fields and related organizations to collect on-site voices and jointly respond to industry issues such as regulatory innovation and conflicts between new and old industries.
Seong Sang-yeop, Chairman of the Korea Venture Business Association, is giving a presentation at the Global Story session within the Venture Summer Forum held on the 20th at the FKI Tower Conference Center in Yeouido, Seoul. [Photo by Korea Venture Business Association]
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