Innovation Venture Organization Council Delivers Venture Policy Proposals to People Power Party Election Committee

Tasks Include Mandatory Venture Investment by Statutory Funds
"Ventures and Startups Should Lead the Way in Strengthening National Competitiveness"

On May 27, the Innovation Venture Organization Council announced that it had delivered 150 action items across four major areas aimed at achieving a "nation of innovation based on entrepreneurship" to the People Power Party at the office of the Policy Committee Chairman at the National Assembly in Yeouido, Seoul.

The Innovation Venture Organization Council, launched in September 2017 under the leadership of the Venture Business Association, is an alliance of 18 private associations and organizations that develop venture policies and make policy proposals to the government.

The Innovation Venture Organization Council is taking a commemorative photo after delivering a presidential election policy proposal book to Kim Sanghoon, head of policy at the People Power Party's Central Election Committee. From left to right: Yoo Dongjun, vice president of the Korea Angel Investment Association; Kim Hakkyun, chairman of the Korea Venture Capital Association; Kim Sanghoon, head of policy at the People Power Party's Central Election Committee; Song Byungjun, chairman of the Venture Business Association; Sung Misook, chairwoman of the Korea Women Venture Association; Han Sangwoo, chairman of the Korea Startup Forum; Jeon Hwasung, chairman of the Early Investment Accelerator Association. Venture Business Association

At the delivery ceremony, six heads of member organizations attended, including Kim Sanghoon, head of policy at the People Power Party's Central Election Committee; Song Byungjun, chairman of the Venture Business Association; Jeon Hwasung, chairman of the Early Investment Accelerator Association; Kim Hakkyun, chairman of the Korea Venture Capital Association; Sung Misook, chairwoman of the Korea Women Venture Association; Han Sangwoo, chairman of the Korea Startup Forum; and Yoo Dongjun, vice president of the Korea Angel Investment Association.

The heads of the Innovation Venture Organization Council emphasized that, for the benefit of young people and future generations, venture policy must be set as the top priority of South Korea's economic policy. The main key proposals delivered to the People Power Party's Central Election Committee include: mandating venture and startup investment for 68 statutory funds; reforming working hour systems such as the 52-hour workweek; implementing a national goal for regulatory innovation standards; and transferring industrial regulatory authority to local governments.

After having delivered its policy proposals to the Democratic Party of Korea on May 15, the Innovation Venture Organization Council completed its policy delivery ceremony with the People Power Party on this day and plans to soon hold a similar event with the Reform Party's election committee.

Song Byungjun, chairman of the Venture Business Association, said, "Please make efforts so that the various policy tasks delivered today are reflected, enabling ventures and startups to take the lead in strengthening South Korea's national competitiveness."