Innovation Venture Organizations Council Signs 'Venture Startup Policy Agreement' with Democratic Party Election Committee

Policy Proposal with 150 Action Items Delivered by the Innovation Venture Organizations Council
Discussion on Expanding Innovative Finance, Rationalizing Labor Systems and Regulations

The Innovation Venture Organizations Council (referred to as the Council) held a 'Venture Startup Policy Agreement Ceremony' with the Small and Medium Business Committee of the Democratic Party of Korea's Election Countermeasures Committee on May 15 at the Korea Venture Business Association in Guro-gu, Seoul.

The Council, launched in September 2017 under the leadership of the Korea Venture Business Association, is an organization where related private associations and groups collaborate to develop policy agendas and make policy proposals to the government, all under the shared goal of completing the innovation and venture ecosystem.

From the left, Byungjun Song, Chairman of the Korea Venture Business Association, and Chilsung Kwon, Chairman of the Meoksanism Committee, are taking a commemorative photo after signing the agreement. Korea Venture Business Association

At this agreement ceremony, the Council delivered a policy proposal containing 150 action items across four major areas aimed at realizing a nation of innovation driven by entrepreneurial spirit to the Democratic Party of Korea's election committee. The main key tasks included: mandating venture and startup investments from 68 statutory funds; reforming working hour systems such as the 52-hour workweek; introducing a national goal for regulatory innovation standards; and transferring industrial regulatory authority to local governments.

The Democratic Party of Korea and the Council selected the following as core tasks for the 21st presidential election and signed the agreement: establishing venture policy as a core agenda of economic policy; preparing measures to expand innovative finance, such as utilizing pension fund investment pools; rationalizing labor systems for the innovative growth of venture companies; and rationalizing regulations to discover new industries and expand opportunities for innovation.

Song Byungjun, Chairman of the Korea Venture Business Association, stated, "It is time for ventures and startups to take the lead in the Korean economy and drive the nation's future," and added, "I hope that the policies proposed today to vitalize the venture and startup ecosystem will be realized as the top priority agenda of the next government's economic policy."

Kwon Chilsung, Chairman of the Meoksanism Committee of the Democratic Party of Korea, said, "Fostering ventures, startups, and small and medium-sized enterprises has been a core policy task continuously pursued by our Democratic Party, and with today's policy agreement ceremony, we will further strengthen the foundation for the growth of ventures and startups."