Attending the "Youth Startup Imagination Concert"
"We Will Lead the Era of the 'Third Venture Boom'"
"Establishing a 1 Trillion Won Restart Fund"
Participated as a Judge at the IR Pitching Event
On September 17, President Lee Jaemyung stated, "The government will keep its promise to realize a 40 trillion won venture investment market." President Lee also announced plans to establish a 1 trillion won restart fund to support the recovery and growth of young startups.
On this day, President Lee Jaemyung hosted the "Youth Startup Imagination Concert" at Pangyo Startup Square under the theme "We Are Youth, Challenging the Present," to encourage the challenges and innovation of young people alongside youth startups. He said, "We will support the passion of innovative startups and lead the era of the 'third venture boom,' where startups drive future economic growth."
This talk concert was held in conjunction with "Youth Day" to listen to the voices of young startup founders and present the new administration's startup support policies. Over 100 participants attended, including startups, investors, and related associations and organizations.
President Lee added, "To ensure that experiences of failure do not hinder new challenges and that our young people can use them as assets for growth, we will create a 1 trillion won restart fund to support the recovery and growth of young startups."
Prior to the Imagination Concert, the Ministry of SMEs and Startups announced the "New Government Startup and Venture Policy Vision." This policy vision demonstrates the government's commitment to providing comprehensive support to create a dynamic startup ecosystem where youth ideas lead to innovation and deep tech startups, including those in artificial intelligence (AI), can grow rapidly.
The Ministry of SMEs and Startups will launch the "Startup Rookie Project" to support the ambitious entrepreneurship of young people, ensuring that ideas are transformed into innovation. Through the "Startup for All Platform" and "Startup Audition," the ministry plans to discover about 1,000 'startup rookies' who take the lead in challenges. Outstanding entrepreneurs identified will be nurtured using the "venture studio" model, in which professional accelerators and venture capital firms provide support from initial investment to close mentoring. By 2030, the ministry plans to supply a total of 11 trillion won in innovative funding, including 3 trillion won in venture funds and 8 trillion won in technology guarantees, to support early-stage and young entrepreneurs.
With the goal of fostering next-generation AI and deep tech unicorns (unlisted startups valued at over 1 trillion won), the government will fully implement the "NEXT UNICORN Project," which will provide 13.5 trillion won in focused investments according to each stage of growth. Promising companies discovered and nurtured through this project will be supported by building an "investment growth ladder" in collaboration with the National Growth Fund, which was launched this year, to foster high-tech companies. In addition, the government will establish inter-ministerial cooperation systems to support startups in key technology sectors such as AI, defense industry, and climate tech.
Furthermore, to support bold overseas expansion, the government will establish a "Startup and Venture Campus" (tentative name) in Silicon Valley, USA, to provide integrated services for startups to settle abroad. In addition, the government will build the "K-Open Innovation Hub" (tentative name), a platform that enables startups to collaborate widely with not only large corporations but also mid-sized companies, small businesses, and public institutions. The government also plans to expand opportunities for collaboration with global big tech companies such as Google and Nvidia.
Doubling of Fund-of-Funds Investment Budget... Considering Expansion of Tax Support by Growth Stage
To create a 40 trillion won venture investment market, the Ministry of SMEs and Startups will double the investment budget for the fund-of-funds and extend its duration, while simultaneously improving the venture investment system to attract more private capital into the venture investment market. The ministry is also considering expanding tax support for new industry youth startups and regional venture investments, as well as increasing investments in later-stage companies and secondary funds, thereby expanding tax incentives at each stage from startup to growth and exit.
A safety net will be established to ensure that experiences of failure can be turned into assets. The ministry plans to expand the prohibition of joint liability, which currently applies only to venture investment associations and companies, to include startup planners and individual investor associations. To ensure that young people restarting their businesses can secure sufficient investment, the ministry will create a 1 trillion won "restart fund" by 2030. When startups face challenges in areas such as law, management, or taxation during their growth, the K-Startup Startup Support Portal will be positioned as the first point of contact, connecting various support organizations and startups and providing integrated consulting.
During the subsequent Imagination Concert, six startups representing youth and deep tech discussed topics such as youth challenges, deep tech, and globalization. The youth panel included Hwang Hyeonji, CEO of S'more Talk; Hong Ilho, CEO of FactoSquare; Lee Seyoung, CEO of RYUTEN Technologies; Park Jaepil, CEO of Nara Space Technology; Kim Jongkyu, CEO of SixtyHertz; and Jeong Jiha, CEO of Tripbtoz.
Participants at the concert made suggestions including: expanding government support for youth and early-stage startups; increasing the participation of deep tech startups such as those in AI in large-scale policy projects; expanding government interest in the defense and climate tech sectors; and supporting local market entry for global expansion. President Lee also participated as a panelist, communicating with young people across three main sessions: "Youth Challenge," "Deep Tech," and "Global."
Meanwhile, before the concert, President Lee visited startup exhibition booths to experience humanoid robots and participated as a guest judge at an investor relations pitching event, offering encouragement to startups. The presidential office stated that the talk concert was an opportunity to witness the boundless imagination and intense deliberation of our youth and that, reflecting the opinions gathered at the event, the government will create an environment where youth startups launched with innovative ideas can freely take on new challenges.
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