KT held a lecture yesterday at Umyeon R&D Center where invited guest Yigal Erlich gave a talk about Israel’s Creative Economy. Erlich, who is chairman of the Israeli venture capital firm Yozma Group, counted suitably timed startup investment and quick global partnership, as two of the main factors for the success of Israel’s venture ecosystem.
Israel’s government was regarded as successful following the establishment of the Yozma Group which invested in startups. Yozma attracted global investors which acted as a base for many startups to expand overseas.
Erlich emphasized that while venture companies continued to emerge in Israel, there was active support for human resources. He said that the top talent created a successful and entrepreneurial environment by not being afraid to fail and producing leading-edge technology.
KT Chairman Seok-chae Lee also commented, saying, “Active investment in ideas from ventures and making use of them is the role of major companies, starting with KT. Just as he connected Israel’s ventures to Silicon Valley, Korean companies need to become a base on which the ideas of Korean ventures can be shown to the global market on.”
This article was translated from the original article by Shiso Kim at ET News, a partner of VentureSquare.