30 Years of Venture-Driven Innovation: "This Era Calls for a New Venture Spirit" (Comprehensive)

From First-Generation Founders to Young Entrepreneurs in Their 20s and 30s
Sharing Experience and Challenges, Discussing the 'Next 30 Years'
Exploring Future Innovation Strategies Beyond AI and Deep Tech

At the event commemorating 30 years of venture businesses, which brought together first-generation founders and young entrepreneurs in their 20s and 30s, there was a consensus on the need for a new leap forward in the venture ecosystem during the era of artificial intelligence (AI) transformation. Participants agreed to share the experience accumulated by the venture sector over the past 30 years and to jointly prepare for the 'next 30 years' that will drive future technological innovations such as AI.

Song Byungjun, Chairman of the Korea Venture Business Association, stated at the '30th Anniversary Ceremony of Korea Venture' held on December 2 at the Grand Intercontinental Parnas in Gangnam-gu, Seoul, "Over the past 30 years, venture companies have been the driving force of innovation and a key pillar of economic growth in Korea, forging a path even in times of crisis." He added, "For the next 30 years, we must leap beyond being one of the world's top four global powers, based on future technologies such as artificial intelligence (AI), deep tech, bio, and space, and strive to become the strongest nation in the world."

Song Byungjun, Chairman of the Korea Venture Business Association, is speaking at the '30th Anniversary Ceremony of Korea Venture' held on the 2nd at the Grand Intercontinental Parnas in Gangnam-gu, Seoul. Korea Venture Business Association

This ceremony was organized to express gratitude to the venture entrepreneurs and related organizations that have built and led the growth of the venture ecosystem over the past 30 years, and to present a vision for innovation over the next three decades. More than 1,000 people attended the event, including member companies, venture entrepreneurs, startups, and representatives from related organizations.

At the beginning of the ceremony, the late honorary chairman Lee Minhwa, founder and first president of the association, appeared in an AI-restored video. He emphasized, "The achievements accumulated over 30 years in the venture sector can only be protected through constant challenge, not mere maintenance," and stressed, "Our generation must innovate the system, and the next generation must innovate the world, creating a virtuous cycle of innovation."

The 'Challenge Across Generations' talk show featured entrepreneurs representing the first to fourth generations of the venture sector, who reflected on their respective eras of founding and industrial environments. Participants pointed out that, in the rapidly changing market environment driven by the AI transformation, venture companies can become a new growth engine for the Korean economy. Baek Junho, CEO of FuriosaAI, remarked, "When the automobile industry became advanced, every country faced a crossroads between becoming a consumer or a producer. Now, AI is that turning point."

Cho Hyunjung, Chairman of Bit Computer, commented, "Right now, you have to be completely obsessed to survive in the venture ecosystem. All legacy work is being replaced by artificial intelligence (AI), so the only way forward is to create something new."

Jang Dongmin, CEO of Pureunhaneul (center), and Kwon Sungtaek, CEO of Torder (right), are conducting the 'Venture On the Block' program at the 30th Anniversary Ceremony of Venture Companies of Korea held on the 2nd at the Grand Intercontinental Parnas in Gangnam-gu, Seoul. Venture Business Association

In the afternoon, the event continued with a comprehensive look into the stories of venture entrepreneurs. During the 'Venture On the Block' program, which focused on young entrepreneurs and startups, Jang Dongmin, CEO of Pureunhaneul, and Kwon Yongtaek, CEO of Torder, shared their startup journeys. Jang, who is also a broadcaster, said, "There are so many obstacles to overcome on the path of entrepreneurship. Capital is one issue, but it is especially challenging to introduce something new to people."

He continued, "You must always remain flexible. In life, there will definitely be moments when you think, 'This has come to me.' At those times, it's important to quickly identify what you need to learn and put it into action."

The discussion program '30UNDER30 Debate' for young entrepreneurs was also held. The young founders agreed that while limited social experience and networks can be initial hurdles, having less to lose is actually a strength. Son Sooyoung, CEO of Aswemake, said, "It may be difficult to start, but once you do, you can work even harder. Starting a business in your twenties is a huge opportunity."

However, some pointed out that one should not be overly attached to the label of 'being young.' Lee Dongheon, CEO of Asleep, said, "Young entrepreneurs have the advantage of strong resilience, but lack of experience has often been a major stumbling block during failures. Ultimately, the essence of business is to deliver results, so it is important to listen to the advice of experienced mentors and internalize it as your own."

The Venture Business Association conveyed a message through an AI-restored video of the late Lee Minhwa, the founder and first honorary chairman of the Venture Business Association.