VC, Venture, Women Venture, Early-Stage AC Associations, and Korea Startup Forum
"Effective Measures for the Advancement of the Venture Ecosystem"
The Council of Innovative Venture Organizations-which includes the Korea Venture Capital Association (VC Association), Korea Venture Business Association, Korea Women Venture Association, Early Investment Accelerator Association, and Korea Startup Forum-expressed their support on December 18 for the government's newly announced "Comprehensive Plan for Becoming One of the World’s Top Four Venture Powerhouses."
No Yongseok, First Vice Minister of the Ministry of SMEs and Startups, unveiled the comprehensive plan for advancing into the world’s top four venture powerhouses on the same day, outlining startup and venture policy directions centered on the venture ecosystem and big tech (large information technology companies). The plan addresses ongoing field demands such as the K-Big Tech Growth Track, fostering regional and early-stage investment environments, and expanding resources for venture investment. Additionally, it reflects a policy commitment to resolving regulatory uncertainties in new industries like artificial intelligence (AI) and deep tech, expanding regulatory free zones, and improving systems to facilitate mergers and acquisitions (M&A) and secondary transactions. These efforts aim to eliminate growth bottlenecks in technology development, commercialization, and investment recovery for ventures and startups.
Kim Hakkyun, President of the VC Association, stated, "It is time not only to expand resources for venture investment through policy finance, but also to promote a virtuous cycle of investment and exit through M&A and secondary markets. I expect this comprehensive plan will serve as an opportunity for our venture ecosystem to leap to the highest global standards."
Song Byungjun, President of the Korea Venture Business Association, said, "Venture businesses are the core driving force of our economy and a key solution for overcoming crises. I expect this comprehensive plan will lay the foundation for the advancement of the venture ecosystem and the innovative growth of venture businesses, and we will do our utmost for Korea to become one of the world’s top four venture powerhouses."
Sung Misuk, President of the Korea Women Venture Association, commented, "This comprehensive plan will serve as a solid stepping stone for our venture businesses to make another leap forward amid rapidly changing industrial technologies and the global environment. I hope that, empowered by this plan, women-led venture businesses will also achieve innovative growth and make even greater contributions to the development of the venture ecosystem."
Jeon Hwaseong, President of the Early Investment Accelerator Association, said, "I believe the industry’s longstanding wishes have been partly addressed through the relaxation of mandatory investment requirements and the expansion of corporate investment ratios in investment funds. For the startup ecosystem to regain its vitality, a virtuous cycle of investment in early-stage startups is essential. I expect these measures will mark a new turning point."
Han Sangwoo, Chairperson of the Korea Startup Forum, remarked, "This plan is significant in that it presents a 'growth pathway' at the national strategy level, enabling startups not only to thrive but also to grow beyond unicorn status into global big tech companies. The Korea Startup Forum will actively cooperate with the government to ensure that entrepreneurs’ voices are reflected in policy outcomes, including the K-Big Tech Growth Track, the expansion of B2B and B2G markets, and the development of global expansion infrastructure."
The Council of Innovative Venture Organizations will continue to communicate closely with the government, represent the voices of startups, venture investors, and the broader startup ecosystem, and actively cooperate to create a healthy, innovation-driven venture ecosystem led by the private sector and supported by the government.
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