"Venture Policy as the Nation's Top Priority"... Innovation Venture Industry Proposes Policy Agenda

IVOC Announces Policy Proposals to Revitalize the Ecosystem
Includes Mandatory Investment in Startups by Statutory Funds
"Ventures and Startups Are the Core Growth Engine of Korea’s Economy"

The Innovation Venture Organizations Council (IVOC) announced policy proposals on May 13 aimed at revitalizing the venture and startup ecosystem ahead of the 21st presidential election.

The policy proposal was drafted to complete Korea’s innovation ecosystem, based on the recognition of the current comprehensive economic crisis facing the country. It reflects both the on-the-ground policy needs of ventures and startups and the input of experts.

Venture Business Association

With the goal that "For the youth and future of Korea, venture policy must become the nation’s top economic agenda," IVOC proposed measures to invigorate the venture ecosystem by selecting 150 action items across four major areas to realize a nation strong in innovation and entrepreneurship.

As three key initiatives to achieve this, IVOC proposed: mandatory investment in ventures and startups by 68 statutory funds; reform of labor time regulations, including the 52-hour workweek system; and the introduction of a national regulatory innovation standard system along with the transfer of industrial regulatory authority to local governments.

IVOC plans to make every effort to ensure that the main policies proposed are actively reflected in presidential candidates’ pledges and are realized as core state affairs by the next administration.

Song Byungjun, chairman of the Venture Business Association, which serves as the secretariat for IVOC, stated, "Ventures and startups are the undisputed driving force of Korea’s economy. We will do our utmost to ensure these policy proposals are actively reflected in presidential pledges, so that the ecosystem is revitalized and contributes to the recovery and renewed growth of the Korean economy."