Chairman Song Byungjun: "Fostering Ventures and Startups as the Top National Economic Agenda"

First Press Conference by Korea Venture Business Association Chairman
Emphasis on Expanding Venture Investment from 12 Trillion to 50 Trillion Won
Pushing for Greater Flexibility in Working Hours and Introduction of National Regulatory Standards
"Desperate Situation for the Venture Industry... Policies to Transform the Landscape"

The Korea Venture Business Association has decided to make the fostering of ventures and startups the top priority of national economic policy, and will pursue key policies such as strengthening financial liquidity, increasing flexibility in working hours, and introducing national standards for regulatory innovation.

At a press conference held on the 29th at the Fairmont Ambassador Seoul in Yeouido, Seoul, Song Byungjun, Chairman of the Korea Venture Business Association, stated, "In order to overcome the current crisis and drive future innovation, fostering ventures and startups must be made the highest priority of national economic policy." He added, "For the 21st presidential election, we will also take the lead in driving policy innovation by delivering key election agendas to each campaign camp."

Song Byungjun, chairman of the Korea Venture Business Association, is speaking at a press conference held on the 29th at the Fairmont Ambassador Seoul in Yeouido, Seoul. Korea Venture Business Association
Photo by Korea Venture Business Association

This press conference was organized to share the association's major projects and policy directions, marking two months since Chairman Song took office. He emphasized, "Given the difficult economic conditions currently faced by venture companies and their role in the future, we must fundamentally shift policy so that fostering ventures and startups becomes the top priority of Korea's economic policy."

Chairman Song outlined the following as key initiatives during his term: ▲Restoration of the venture ecosystem ▲Paradigm shift in regulatory innovation ▲Establishment of a private sector-led artificial intelligence transformation (AX) ecosystem platform ▲Promotion of entrepreneurship ▲Strengthening the position as the leading organization in the innovation ecosystem.

He said, "To expand the current 12 trillion won venture investment market to 50 trillion won, it is necessary to overhaul the venture ecosystem. This includes making it mandatory for statutory funds to invest in venture startups, allowing and promoting venture investment by public pension funds, and establishing a virtuous cycle in the exit market."

Regarding the importance of revitalizing the KOSDAQ market, as emphasized by the Korea Venture Capital Association, he said, "I fully agree," and added, "A virtuous cycle is created when the KOSDAQ market is revitalized, allowing venture investment funds to be recouped and thereby activating the venture investment market."

He also stressed the need for regulatory innovation. Chairman Song said, "Regulatory innovation is the most efficient and only way to support companies without additional budget," and pledged, "I will work to establish a regulatory innovation framework."

At the Venture Business Association press briefing held on the 29th at the Fairmont Ambassador Seoul in Yeouido, Seoul, the key promotion tasks of the Venture Business Association are being presented. From the left, Junghee Yoo, Head of Innovation Policy Division at the Venture Business Association; Kyungyun Lee, Senior Vice Chairman (CEO of RSquare); Byungjun Song, Chairman of the Association (Chairman of Com2uS); Kihyuk Kim, Vice Chairman (CEO of SWM); Jungmin Lee, Secretary General. Venture Business Association

To strengthen its position as the leading organization in the innovation ecosystem, the association has decided to open its doors to and cooperate with all companies driving innovation, including large enterprises, mid-sized companies, and financial institutions. At the association's board meeting the previous day, leading companies from various fields?including FuriosaAI, Ably Corporation, Viva Republica (Toss), SM Entertainment, Neowiz, Grace, and Stage Five?joined as executive member companies.

The three core policy tasks presented were: ▲Strengthening financial liquidity for innovative industries ▲Increasing flexibility in working hours ▲Introducing national standards for regulatory innovation. Jungmin Lee, Secretary General of the Korea Venture Business Association, said, "The venture industry is in a more desperate situation than ever before," and added, "Although it will not be easy, with a do-or-die determination, we will ensure that these policy tasks are realized so that, on a small scale, ventures can grow, and on a larger scale, the Korean economy can grow."

Chairman Song stated, "The current situation for venture companies is as if they are standing in the midst of a torrential downpour, facing a life-or-death crisis," and added, "The association will serve as a focal point in realizing transformative venture policies that can fundamentally change the venture ecosystem in ways completely different from the past."