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An entrepreneur who has been at the forefront of South Korea's venture ecosystem for 25 years has called for fundamental reform of the current corporate rehabilitation and personal bankruptcy systems, drawing on his own two failed experiences. The advocate pointed out that even after legal immunity, businesses still face 14 years of difficulties in recovering due to financial blacklists and bureaucracy, and strongly criticized the structural flaws that prevent the President's promises from being implemented on the ground.
According to the commentator, unlike Silicon Valley, where failure is perceived as "learning data," Korean society is dominated by a sentiment that labels failed entrepreneurs as incompetent or criminal. In particular, he criticized the double standard of encouraging scientists' experimental failures while punishing entrepreneurs' business failures. The commentator analyzed that the abuse of the breach of trust law, which criminalizes poor business judgment, and the irregular joint and several guarantee clauses hidden in investment contracts are pernicious toxic clauses that hinder the efforts of innovators.
Specific adverse factors in the current system include the permanent retention of internal credit information at financial institutions even after legal deletion, the complete severance of financial transactions during rehabilitation proceedings, and the persistent tax delinquency trap even after discharge. The absence of DIP financing (funding for companies undergoing rehabilitation) operated by developed countries like the US has also been criticized, with promising technology companies unable to overcome temporary liquidity crises and "blooding to death on the operating table," resulting in significant social costs.
To address this, the proponents proposed a diverse policy roadmap. Key points include the effective abolition of financial blacklists, the decriminalization of management failure through reform of breach of trust laws, and the establishment of a system for tax exemptions and suspension of collections for those who fail with integrity. Beyond simple financial support, the goal is to establish an institutional foundation where the valuable expertise gained through failure can be recycled into a driving force for national innovation.
Below is the original blog post written by CEO Jinman Park.
Policy Recommendations for a Nation Where Failure Becomes an Asset for Success
- The Coming Out Story of a Failed Venture Entrepreneur
Park Jin-man
Eliminating the regressive elements of the corporate rehabilitation and personal bankruptcy systems and establishing a genuine re-challenge ecosystem.
1. Who am I?
Mid-2012: Company bankruptcy and appointment of a corporate rehabilitation administrator.
2013: Filing for personal bankruptcy. Establishing a new corporation (no policy support, no access to corporate financing)
July 2015: Personal bankruptcy completed (personal credit cards and personal cell phone service unavailable)
Around October 2018: Establishment of an electric scooter manufacturing plant in Jiangshan City, Zhejiang Province, China.
September 2020: Factory closure due to COVID-19 outbreak
2023: Open a mobile phone account and obtain a credit card (personal credit recovery stage reached)
2023 – Present: Apply for a corporate loan from a bank → Still rejected.
Currently: Restarting a business in the robotics, mobility, and food tech fields (sharing failure experiences through the YouTube channel "Revival Coach")
2. Experiencing the contradictions of the system
Reality after credit recovery is completed in 2023:
✅ Personal Finance: Credit card issuance and mobile phone account opening possible (with legal immunity)
❌ Corporate Finance: When applying for a business loan, you receive a notice saying, "Unapproved due to court receivership history." (The wall of reality.)
❌ Policy Support: Disqualified from the qualification screening for re-challenge companies due to their history of being listed on Shinbo and Kibo (policy contradiction)
Although legally exempted, in the financial world, they are still treated as delinquents. This is why I'm writing this advice. The gap between law and reality is eroding the will to try again.
3. My 25-Year Entrepreneurial Journey: A Record of Challenges and Frustration Since 2000
As the author of this book, I'm not someone who simply experienced the 14-year journey of "bankruptcy in 2012 → re-establishment in 2026." I'm an entrepreneur who has been fighting at the forefront of the Korean venture ecosystem since the early 2000s.
Early 2000s: Started a venture (IT/software field)
Mid-2000s: Participated in a policy proposal to abolish the joint guarantee system, along with Chairman Lee Min-hwa (KAIST Department of Technology Management) and Chairman Koh Young-hwa (Korea Angel Investment Association). At the time, he argued that requiring founders to put up all of their personal assets as collateral was excessive. However, opposition from the financial sector slowed the system's progress.
Mid-2000s to 2010: Participated in the movement to revitalize angel investment. I worked on the ground to build a startup ecosystem. At the time, the concept of "angel investment" was still unfamiliar, so I combined small investments with mentoring to support aspiring entrepreneurs.
2007: I decided to enter the Chinese market. At the time, China was rapidly emerging as the "world's factory," and I attempted to transition to a manufacturing-based business. I risked everything, dreaming of success in the Chinese market.
2007-2012: We endured several crises in China. Unpredictable variables continued to arise, such as exchange rate fluctuations, rising labor costs, and soaring raw material prices. However, we persisted and continued our business.
Mid-2012: The company finally went bankrupt and entered corporate rehabilitation proceedings. It was the darkest moment in my 25-year entrepreneurial career.
The story that followed is as described above: personal bankruptcy filing in 2013, discharge in 2015, re-entering the Chinese market in 2018, setbacks due to COVID-19 in 2020, credit recovery in 2023, and current re-challenges in the robotics, mobility, and food tech sectors.
Over the past 25 years, I've experienced three startups and two failures. Here are the lessons I've learned:
"Failure is not an end, but a process. But Korean society doesn't recognize that process."
4. Why We Need the Saying "Failure is an Asset to Success": A Philosophy on the Value of Failure
A. Korean society's perception of failure: The "failure = loser" formula
In Korean society, business failure is equated with personal incompetence, moral failings, and even criminal activity. The stigma of being a "loser," a "debtor," or a "bad credit risk" follows you for life.
The financial sector's perspective: "Those who fail once will fail again." → Permanent credit rating downgrade.
Social Perspective: "Those who fail in business are incompetent." → Difficulty finding a job or starting a new business.
Legal Perspective: "Management Failure = Potential Breach of Trust" → Risk of Criminal Punishment
B. Failure Perception in the US/Europe: “Failure = Learning Data”
On the other hand, in the US and Europe, including Silicon Valley, failure is recognized as a necessary process on the way to success.
Silicon Valley's 'Fail Fast, Learn Fast' Philosophy
Steve Jobs: He was ousted from Apple in 1985, but after working at NeXT and Pixar, he returned to Apple in 1997. He created the iPhone and iPad, changing the world. Without failure, there would have been no iPhone.
Elon Musk: Tesla has been on the verge of bankruptcy several times, and SpaceX's rockets have exploded dozens of times. Yet investors respect him as a "challenging innovator."
Jeff Bezos: He failed several times before founding Amazon, and Amazon itself was losing money for its first ten years. Yet, no one called him a "failure."
In Silicon Valley, "founders who never fail" are often viewed with suspicion, as it implies they "haven't tried enough."
European examples:
Netherlands: 'Second Chance Policy' provides insolvent businesses with full credit recovery and funding for re-establishment within two years.
German: Under bankruptcy law (Insolvenzordnung), "good faith failures" (Redlicher Schuldner) are discharged from bankruptcy after three years, compared to five to seven years in Korea.
UK: Entrepreneurs proudly list failures on their resumes, and are often credited with "crisis management skills."
C. Scientists' Experiments vs. Entrepreneurs' Startups: Why the Double Standard?
When a scientist fails 1,000 times in the lab, it's hailed as "great research." The government continues to fund R&D because it knows that failure data is the foundation for success.
But why are entrepreneurs labeled "incompetent" after their first business failure? Starting a business is a form of experimentation. It's a process of formulating hypotheses in an uncertain market, testing them, and then revising them if they fail.
[Key Question] How can we make entrepreneurship seem like a scientific experiment?
“How can we create a society where entrepreneurship is seen as a scientific experiment, where failure is seen as a stepping stone to success?”
This is the fundamental reason I'm writing this proposal. Korean society must become a nation that recognizes failure as "data" and respects re-challenges as "the result of learning."
D. Why companies favor those with experience in failure
It's clear why global companies give extra credit to those who have experienced startup failure:
Problem-solving skills: Experience with quick judgment and response in crisis situations.
Risk Management: Learn firsthand what's at stake.
Perseverance and Resilience: The mental fortitude to not give up even in the face of setbacks.
Humility and a Learning Attitude: Learning from Failure
Network: The connections and industry understanding built during the startup process.
Google, Amazon, Microsoft, and others actively recruit "experienced failures" with these skills. In Korea, on the other hand, "startup failure = a blot on your resume."
5. The Origin of President Lee Jae-myung's "Failure is an Asset to Success" Statement
It's no coincidence that President Lee Jae-myung mentioned "a country where failure becomes an asset to success" in his 2026 New Year's address. This policy direction stems from the following background:
[Policy Background]
The Korean economy's innovation stagnation: A shift from a large-cap economy to one centered on startups and ventures is needed, but the fear of startup failure is hindering innovation.
Low birth rate and aging population crisis: It is not large corporations but small and medium-sized enterprises and venture companies that can create jobs, and if these fail and fail to recover, economic vitality will disappear.
Research results from KAIST's Failure Research Institute and others: Data showing that repeat entrepreneurs have a 30% higher chance of success than first-time entrepreneurs have influenced policy decisions.
Global Trend: While the US and Europe are driving innovation with a "re-challenge ecosystem," Korea remains stuck in the perception that "failure = falling behind," according to an international comparison.
Voices from the Field: The collective petitions of entrepreneurs seeking to re-challenge in 2024-2025 and the movement to abolish joint guarantees have put pressure on the political world.
However, the problem lies in the gap between "announcement" and "implementation." While the president promised, the reality remains that "one failure is the end." Financial institutions still refuse loans based on past performance, and even policy-based financial institutions turn a blind eye to companies attempting a comeback.
“We need to create a system that actually works, not just a policy with fancy words.”
This is why I'm writing this proposal. With 25 years of experience as an entrepreneur and two failures under my belt, I know exactly what the problem is and what the solution is. Now is the time for the government to listen.
II. The President's Promise: New Year's Address for 2026
Key Points from President Lee Jae-myung's 2026 New Year's Address (Source: Gyeongsang Ilbo, January 4, 2026)
"I will make 2026 the first year of Korea's great leap forward. A society that fears failure and hesitates to take on challenges has no future. I will build a nation where people can rise again even after falling, a nation where failure is not a scarlet letter but a medal of honor."
Startup and venture company support policy promise:
Corporate tax exemption for the first 5 years of business (regional differences apply)
Unsecured re-startup funding of up to 1 billion won for failed entrepreneurs.
The credit recovery period for honest failures has been shortened from 7 years to 3 years.
I want to believe this promise. But the reality on the ground remains that "one failure and it's over." The President's promise is being nullified by bureaucracy and the financial sector's self-preservationism.
II-A. The Reality of Venture/Startup Bankruptcies: A Crisis in 2025, as Seen Through Statistics
1,657 cases
The number of corporate bankruptcies in 2023 (a 65% increase compared to 1,004 in 2022)
1. 2025: Innovators on the Brink
The year 2025 is being recorded as the "age of startup closures," surpassing the "startup ice age." Promising startups, unable to overcome the "Valley of Death" due to prolonged high interest rates and a shrinking investment market, are going bankrupt one after another.
A surge in bankruptcy/reorganization filings: More than 20 promising startups that raised Series A or higher funding in 2025 filed for court receivership or bankruptcy.
Shrinking investment market: As venture capital (VC) investments become more conservative, there are more cases of companies failing to secure additional funding and going bankrupt.
Declining survival rate: The survival rate for new businesses in their third year has fallen to an all-time low, and the structural cause is not simply the economic downturn, but the absence of a re-challenge ecosystem.
[Warning] The cost of failure is too high.
In South Korea today, startup failure goes beyond simply shutting down the business; it means the founder's personal "social ostracism" and "economic death." Despite research (KAIST Failure Research Institute) showing that repeat entrepreneurs have a 30% higher chance of success than first-time entrepreneurs, our society is discarding this valuable experience.
III. Seven Retrograde Elements of the Current System
Retrograde Factor 1: The Inconsistency of Credit Information Registration Periods and the Trap of "Permanent Retention"
1. Problems with the operating mechanism:
Surface Area Deletion: Public information from the Korea Credit Information Services will be deleted five years after the legal discharge decision (one year after the faithful repayment according to the 2025 amendment).
Actual Permanent Preservation: However, individual financial institutions permanently store and share past default/reorganization/bankruptcy records under the names of the 'Internal Credit Score System (CSS)' and 'Special Debt Management Ledger.'
2. The Reality of Loan Review:
When submitting a loan application at a bank counter, the computer system automatically displays a warning message such as "Code 99: Default/Lawsuit/Legal Proceedings History." Even if the branch manager attempts to approve the application, the head office's risk management department notifies the system of a "Reject."
3. Limitations of the December 2025 revision:
While the revision allows for the deletion of information after one year of good debt repayment, this only applies to credit bureau listings. Because financial institutions' internal policies lack legal enforcement, the "blacklist" remains in effect. 82% of companies undergoing rehabilitation are failing to secure financing for this very reason.
Retrograde Factor 2: Separation of Personal and Corporate Credit (At the Level of Corporate Identity Denial)
1. The gap between legal theory and reality:
Under commercial law, a corporation has a legal personality independent of its shareholders. However, Korean financial practices consider small and medium-sized enterprises (SMEs) to be the individual CEO.
2. Problems with the new/pre-registered review manual:
80% dependence on CEO credit: In the technology evaluation models of the Korea Technology Finance Corporation and Korea Credit Guarantee Fund, the CEO's credit rating acts as a key factor in guarantee approval.
When evaluating a company for re-challenge: The CEO's past 'subrogation history' is prioritized over the company's technological prowess or business viability, and the company is automatically disqualified.
3. Overseas comparison:
US/Germany: A corporation's credit is assessed based on its cash flow and assets. The CEO's personal credit is not an absolute ground for corporate loan rejection.
Korea: “Your credit score hasn’t recovered, so it’s difficult to get a corporate loan.” is the standard response.
Retrograde Factor 3: The Five-Fold Shackle of the Stigma Effect
According to a 2025 report from the Korea Institute of Finance, the stigma effect is not simply a psychological aversion, but rather operates as a real economic blockade in five ways.
Financial blockade: Complete halt to transactions in the financial sector, forcing people into the high-interest private debt market.
Termination of Transaction: Termination of an existing contract due to a large company purchasing policy stating, “We will not transact with companies under court receivership.”
Talent drain: The perception of the company as a "failed company" leads to the loss of key personnel and the inability to hire new ones.
Policy exclusion: When selecting government R&D projects, projects are excluded based on financial indicators such as "debt ratio" and "capital erosion."
Social distrust: Opportunity deprivation due to the social perception that “losers = immoral people.”
In contrast, in Silicon Valley, failure is seen as a "tuition," and investments are made based on data showing that repeat entrepreneurs have a higher chance of success than first-time entrepreneurs.
Retrograde Factor 4: Founder's Joint Liability Hell (Resurrection via a Detour)
[Warning] The 2022 abolition of joint guarantees was a half-baked plan.
The government is promoting the abolition of joint guarantees, but in the investment field, individual entrepreneurs are being ensnared by clever contractual clauses.
1. The Trap of Put Options:
The key point is the clause hidden in the investment agreement, "Exercise of stock purchase rights upon occurrence of a material adverse effect." If the company experiences difficulties, investors use this clause to demand the return of their investment. If the company runs out of money, they hold the "stakeholders (founders)" jointly liable.
2. Real Case: Urbanbase vs. Shinhan Capital
2017: Attracted 500 million won in investment (starting with a partnership for success)
2023: Filed for rehabilitation due to worsening management
Lawsuit: Shinhan Capital seeks KRW 1.2 billion (including 15% annual compound interest) from the founder based on a stock purchase right clause.
Ruling (2025): The court recognized the private autonomy of the investment agreement and ruled against the founder. The founder's home was seized.
3. Five toxic clauses that kill entrepreneurs:
Put Option
Loss of Benefit on Term (EOD) and Early Redemption Claims
Excessive penalty clause
Comprehensive Stakeholder Solidarity Responsibility Signatory
High compound interest rates of 15-20% per year
Retrograde Factor 5: Disruption of Financial Transactions During Corporate Restructuring (Absence of DIP Financing)
1. Loss of golden time:
The moment a rehabilitation application is filed with the court (D-Day), all banks are notified via the Financial Supervisory Service's computer network. Within 24 hours, all current transactions are suspended, corporate card use is blocked, and existing loans are subject to full recovery due to "loss of maturity benefit."
2. Deactivation of Debtor-In-Possession Financing (DIP):
United States: Funds lent to companies in rehabilitation (DIP financing) have super-priority and are often guaranteed by the government. Companies in rehabilitation can also use working capital.
Korea: While there's a legal basis for this, commercial banks are reluctant to lend due to risk regulations. Even policy-based financial institutions like the Industrial Bank of Korea are reluctant.
Ultimately, Korean companies filing for rehabilitation face the prospect of surgery, but fail to receive blood transfusions (or funds) and end up bleeding to death. This explains why Korea's rehabilitation success rate (approximately 30%) is only half that of the United States (approximately 60%).
Retrograde Factor 6: Criminal Punishment Risk (How Well-Intentioned Managers Turn into Criminals)
1. Structural contradiction:
It typically takes three to six months from filing for rehabilitation to receiving court approval. During this period, the company's accounts are frozen, preventing it from paying employees' salaries. This directly violates Article 43 of the Labor Standards Act (nonpayment of wages), and the CEO is subject to criminal charges.
2. Representative case of Shin Taeyang Construction (December 2025):
Despite his desperate efforts to save the company, he was sentenced to a suspended prison sentence due to unavoidable nonpayment (approximately 200 million won). His "efforts to save the company" were merely grounds for sentencing; they did not prevent the "constitution of a crime."
A criminal record can be another shackle, such as excluding venture business certification when starting a new business and limiting participation in government support programs.
Retrograde Factor 7: The Residual Restrictions on Occupation and Qualifications
While a legal revision in March 2025 eased some qualification restrictions for bankruptcy applicants, restrictions still apply to approximately 300 qualifications essential to business operations, including professional licenses for doctors, lawyers, and certified public accountants, as well as construction and security business permits. For an average of three to five years before a discharge is finalized, failed entrepreneurs are legally denied even the opportunity to leverage their expertise to get back on track.
III-A. Step-by-step problems in court receivership/rehabilitation procedures
The rehabilitation process is a system designed to save a company, but in reality, there are traps that can kill a company at each stage.
step
Procedure contents
Death Trap
Step 1
Application for rehabilitation
Immediately suspend financial transactions, suspend corporate cards, and freeze funding sources.
Step 2
Preservation measures/appointment of a manager
Management rights are restricted, and all expenditures require court approval (missing the golden opportunity).
Step 3
Drafting a rehabilitation plan
It takes 3 to 6 months, during which time the sales network collapses due to lack of operating funds.
Step 4
Creditor consent
Low consent rates from financial institutions, pressure from secured creditors to push for an auction.
Step 5
Court approval
If the liquidation value is judged to be higher than the going concern value, the company is declared bankrupt immediately.
Step 6
Plan execution
No new loans or facility investments even during the 10-year installment repayment period.
Step 7
End of rehabilitation
“Successful Graduation” but Normalization Agent with Permanent Credit Information Retention
IV. International Comparison: How Does the United States Differ?
The bankruptcy and rehabilitation systems of South Korea and the United States differ sharply in their perspectives on "recovery." While South Korea punishes failure, the United States views it as a learning experience.
division
United States (Chapter 11)
Korea (Corporate Rehabilitation Act)
credit history
Automatic/complete deletion after 7 years
(Fresh Start)
5-year storage + permanent preservation of financial institution's internal database
(Eternal Stigma)
Funds during rehabilitation
Activation of DIP Financing
(Granting of priority payment rights)
Complete suspension of financial transactions
(effectively cutting off the funding)
Management rights
Principle of retaining existing management
(DIP: Debtor In Possession)
Frequent appointment of court administrators
(Disconnection of management expertise)
Re-entrepreneurship awareness
“Failure Experience = Asset”
Additional points when attracting investment
“Failure = Bad Credit”
Factors that exclude financial/policy support
Joint responsibility
Strict compliance with limited liability for corporations
(Personal responsibility of managers is rare)
Irregular contracts such as stock purchase rights
Forced unlimited liability on founders
[Success Story] Marvel Comics
Although it filed for Chapter 11 bankruptcy protection in 1996, it successfully secured funding through a debt-in-investment (DIP) financing and successfully restructured. It later reemerged as a film studio and was acquired by Disney for $4 billion. Under the Korean system, Marvel would have vanished into history in 1996.
V. 10 Policy Proposals
Proposal 1: Abolish the Individual-Corporate Credit Synchronization System and Introduce a "Re-challenge Evaluation Model"
Status: The CEO's personal credit accounts for 80% of a company's evaluation.
Proposal: Enact a bill prohibiting the reflection of an individual representative's past insolvency history in corporate financial screening after three years have passed since discharge from court receivership/bankruptcy or when good management has been proven (amendment to the Credit Information Act).
Roadmap: Year 1 (pilot application of new/pre-existing credit cards) → Year 3 (expansion to commercial banks).
Proposal 2: Honorable Failure Certification
Status: No distinction between fraudulent bankruptcy and honest business failure.
Proposal: A committee under the Ministry of SMEs and Startups would review and certify companies based on criteria such as: no fraudulent accounting; no embezzlement/breach of trust; and a history of honest tax payment. Certified companies would be required to receive fast-track recovery support (funding, guarantees, R&D).
Overseas case: The Netherlands' 'Second Chance' policy.
Proposal 3: Re-challenge Bridge Loan (Private-Public Matching Fund)
Status: Early stage of re-startup (Death Valley), no funding.
Proposal: Create a matching fund with 80% government guarantee and 20% private venture capital investment. In the event of failure, the government guarantee portion will be fully forgiven (if the project fails with integrity).
Budget: KRW 100 billion per year (support for 2,000 companies).
Proposal 4: Introducing a Real-Name System for Loan Denial Reasons and the Right to File Objections
Status: Rejected on the vague grounds of “comprehensive consideration.”
Proposal: Mandate written notification of specific reasons (e.g., credit bureau code XX) when a loan is denied. Establish a dedicated complaint center at the Financial Supervisory Service. Impose fines for any inappropriate past history inquiries.
Proposal 5: Re-Startup Hub, a mentoring and networking platform for startups seeking to re-start their careers.
Current status: Lack of a forum for sharing failure experiences, deepening isolation.
Proposal: Establish a mentoring group of 1,000 successful entrepreneurs who have bounced back from failure. Establish an online and offline hub offering one-stop support, from psychological counseling to legal, financial, and investment assistance.
Proposal 6: Invalidating Toxic Clauses in Investment Agreements and Mandating Standard Contracts
Current status: Irregular joint and several guarantees through stock purchase rights, etc.
Proposal: Amend the Venture Investment Promotion Act. The provision holding individual founders financially responsible for losses resulting from poor management judgment will be nullified. Violations will result in suspension of venture capital licenses.
Proposal 7: Expanding the scope of exemption from criminal punishment (Special Act on Unpaid Wages)
Status: Unavoidable non-payment during rehabilitation proceedings is also subject to criminal punishment.
Proposal: Enact a special law to exempt from criminal punishment wage arrears that occur from the time the court decides to initiate rehabilitation until the time of approval, and to give top priority to the government's payment of wages (advance payments).
Proposal 8: Guarantee the Right to Be Forgotten
Status: Even after exemption, the blacklist is permanently maintained on the financial institution's internal network.
Proposal: Mandate permanent deletion (hard delete) of records from financial institutions' internal servers five years after a discharge decision. Introduce punitive damages for violations that result in loan denials.
Proposal 9: Activation of Korean-style DIP financing (K-DIP)
Status: Unable to secure financing for rehabilitation company.
Proposal: Create a dedicated DIP fund worth 2 trillion won annually at policy-based financial institutions (Korea Development Bank and Korea Development Bank). Legally guarantee priority repayment rights and grant immunity for DIP loans (assigned to staff).
Proposal 10: Suspend tax collection after personal bankruptcy discharge and introduce "tax incentives for returning taxpayers."
[Voice from the Field] I was exempted from taxation, so why do they keep harassing me with taxes?
"I received a discharge from personal bankruptcy in 2015. However, until 2023, I've been receiving tens of millions of won in back taxes from the National Tax Service and local tax offices every year. If the court granted a discharge, why does the government continue to collect? This is double punishment."
1. Current status and issues
Exclusion of Tax Claims from Discharge: According to Article 566 of the Debtor Rehabilitation and Bankruptcy Act, tax claims are excluded from discharge. This means that even if you receive discharge from personal bankruptcy, any unpaid taxes, such as value-added tax, corporate tax, and comprehensive income tax, arising from past business operations will remain.
The vicious cycle of permanent collection: Tax delinquency records are subject to a statute of limitations (5-10 years), but the statute of limitations can be suspended simply by sending a demand letter, effectively allowing for lifetime collection.
Threat of Asset Seizure: As soon as you succeed in starting a new business and start generating income, your bank account and assets will be seized, taking away all the benefits of your recovery.
Policy support exclusion: Tax delinquents are disqualified from applying for government support projects (R&D, export support, etc.) and are also prohibited from participating in government procurement bids.
2. Specific proposal contents
A. Tax exemption system for honest failures
If a re-entrepreneur who has received a discharge from personal bankruptcy receives a "certification as a sincere failure," 80% of past business-related delinquent taxes will be exempted, and the remaining 20% will be allowed to be paid in interest-free installments over a period of five years after re-entrepreneurship.
Certification criteria: ▲No intentional tax evasion ▲No fraudulent bankruptcy ▲No embezzlement or breach of trust ▲Proof of re-establishment (maintaining business registration for at least one year)
B. Establishing a grace period for re-establishment (Tax Holiday)
A system that suspends the seizure and collection of past unpaid taxes for the first five years when a business is re-established after discharge from personal bankruptcy.
During this period, if the re-established business gets back on track (annual sales of 500 million won or more or 3 years of continuous profitability), 50% of the overdue amount will be forgiven and the remainder will be converted to long-term installment payments.
C. Establishment of a National Tax Service-Court Linkage System
When the court decides to discharge personal bankruptcy, a system is established to automatically notify the National Tax Service and local tax offices and register the individual as a 'recovery support recipient.'
This will stop sending reminder letters and automatically apply tax benefits when re-establishing a business.
3. Budget and effectiveness
Budget: 50 billion won per year (tax reduction funds)
Beneficiaries: Approximately 5,000 re-entrepreneurs
Benefits: Free from the fear of tax garnishment and enable a stable recovery. The five-year survival rate after re-establishment is expected to increase from 40% to 65%.
Proposal 11: Banning credit card companies from collecting debt during personal bankruptcy proceedings and establishing a "mandatory adjustment of rehabilitation claims" system.
[Voice from the Field] I filed for bankruptcy, but why does my credit card company keep harassing me?
"Even after I filed for personal bankruptcy, credit card companies kept calling and texting me every day. Even when I told them, 'We're in legal proceedings,' they threatened, 'Pay now, whatever.' I endured this suffering for over two years until the bankruptcy proceedings were over."
1. Current status and issues
Gaps in Preservation Measures: It usually takes 1 to 3 years from the time of filing for personal bankruptcy to the decision on discharge. During this period, the court's preservation measures (ban on debt collection) are not issued promptly or are ineffective.
Aggressive collection efforts by credit card companies: Major credit card companies operate their own collection teams, and even though they are aware of bankruptcy filings, they pressure customers by claiming, "We reserve the right to collect until the court makes a decision."
Increased mental distress: Filing for bankruptcy is a last resort. However, even during this process, you may experience extreme stress and depression due to receiving daily calls and texts demanding payment.
Violations of debt collection laws are rampant: Illegal debt collection practices, such as phone calls after 9 p.m. and visits to workplaces, are rampant, but actual punishment is rare.
2. Specific proposal contents
A. Automatic collection suspension system immediately upon filing for bankruptcy
Establishing a system that automatically sends a "collection prohibition notice" to all creditors (financial institutions, credit card companies, loan companies, etc.) as soon as a personal bankruptcy or personal rehabilitation application is filed with the court.
If collection continues after receiving the notice, a fine of 5 million won per case and sanctions from the Financial Supervisory Service (including suspension of business) will be imposed.
B. Rehabilitation Claims Mandatory Adjustment System
During bankruptcy proceedings, individual creditors are prohibited from collecting debt, and only a court-appointed trustee is required to investigate and determine debts.
In case of violation, the payment order of the relevant bond is demoted to the lowest (Subordination).
C. Illegal Debt Collection Reporting Center and Punitive Damages
The Financial Supervisory Service established a "Reporting Center for Illegal Debt Collections During Bankruptcy Proceedings." Reports will be immediately investigated, and if any illegal activity is confirmed, the debtor will be ordered to pay punitive damages (three times the amount of the debt collected) for emotional distress.
3. Budget and effectiveness
Budget: 10 billion won per year (system construction and supervision personnel)
Effects: Significantly reduces debtors' psychological distress during bankruptcy proceedings. Expected to reduce suicide rates.
Proposal 12: Policy Execution Monitoring: A System to Ensure the "Actual Operation" of Re-challenge Support Policies
[Voice from the Field] There's a re-challenge policy, but no one has received it.
"The government announced it would provide 1 billion won in funding for re-starting businesses. I met all the qualifications. However, when I applied, I was rejected, saying, 'This year's budget has been exhausted' and 'the screening criteria have not been met.' I asked 50 people around me who are re-starting businesses, but not a single one received support. Is this policy just for publicity?"
1. Current status and issues
The gap between announcements and reality: Every year, the government announces impressive re-challenge support policies, but only a tiny fraction actually benefit. As of 2024, only 150 (5%) of the 3,000 applicants for re-challenge funds were approved.
Stringent screening criteria: On paper, it says that any "restarted business" can apply, but in reality, the requirements are ▲credit rating of 6 or higher ▲collateral provision ▲joint guarantor, etc., which practically make it impossible for those with a history of failure to pass.
Early Budget Exhaustion: While budgets are allocated at the beginning of the year, most of them go to "good startups" (those that have already succeeded), leaving desperate early-stage startups behind due to "budget exhaustion."
The wall of bureaucracy: Applications exceed 30 pages, and review can take more than six months. Meanwhile, companies struggle to make ends meet due to financial difficulties.
2. Specific proposal contents
A. Mandatory disclosure of policy enforcement rates (Transparency)
Mandatory disclosure of quarterly 'number of applicants / number of approved applicants / approval rate / average processing time' for all re-challenge support policies.
Any business with an approval rate of less than 20% is automatically designated as a subject of National Assembly audit.
B. Fast-Track System for Urgent Cases
For companies that have been in the re-challenge phase for less than three years and are recognized as needing urgent funds (e.g., to pay wages or key clients), the application will be reviewed and funding will be guaranteed within two weeks.
Applications can be submitted with simplified documents (5 pages or less).
C. One-Stop Center, a dedicated re-challenge support center
The Ministry of SMEs and Startups has established a dedicated support center for companies seeking to re-enter the market. Everything from application to approval and follow-up management will be handled in one place.
The center director will be appointed as a private sector expert (a successful entrepreneur who has re-challenged), and the team will be comprised of at least 50% non-civil servant field experts.
D. Detailed notification of reasons for rejection and opportunity for retrial
If a re-challenge application is rejected, a written notification must be provided stating the specific reason (e.g., low credit rating, lack of business viability, etc.) rather than “inadequate comprehensive review result.”
One opportunity to reapply after supplementation within 30 days is granted.
E. Policy Real-Name System (Accountability)
Specify the department and person in charge of announcing the re-challenge policy, and if the policy implementation rate falls below 50% of the target, reflect it in the person in charge's personnel evaluation.
Holding people accountable for “policies that are announced but not implemented.”
3. Budget and effectiveness
Budget: KRW 30 billion per year (dedicated center operation and system construction)
Benefit: Target increase in actual approval rate for re-challenge policy from 5% to 40%
Effect: Bridging the gap between policy and practice. Establishing a system where those who truly need it receive real support.
Proposal 13: Reform of Breach of Trust Law – Legislating "Management Failure ≠ Crime"
[Statistics of Anger] Why are Korean businesspeople indicted 31 times more often than Japanese businesspeople?
Average number of indictments for breach of trust in Korea between 2014 and 2023: 965 vs. 31 in Japan
Even considering population differences, this is abnormal. Even more shocking is the acquittal rate for breach of trust, at 6.7%, double the overall crime average (3.2%). This means that even if a defendant is prosecuted on a "what if" basis and found not guilty, their life is shattered in the meantime.
[Source: Sisa Journal 2024, Ministry of Justice Statistics]
1. Current status and issues
A. The truth about the breach of trust that has plagued businessmen for 70 years.
Article 355 of the Criminal Act: Breach of Trust: “When a person managing another’s business acquires a financial benefit or causes a third party to acquire a financial benefit through an act contrary to his or her duty, thereby causing damage to the person.”
The crux of the matter: The concepts of “breach of duty” and “damage” are so broad that even a failure of business judgment constitutes a crime.
No proof of intent required: Unlike the US and Germany, in Korea, prosecution is possible even without "self-interest." A person is investigated simply because an investment decision ended in failure.
B. Tragedy on the Scene: The Moment Managers Become Criminals
"I don't want to live my entire life as a failed businessman. I want to get back on my feet. I want to start a new life as a successful businessman. But reality forces me to crawl. If I go somewhere and tell people my company went bankrupt, they treat me like some kind of weirdo. Why am I treated like a criminal? I didn't commit accounting fraud or embezzlement. I just did my best in business and failed for various unavoidable reasons."
– The cry of a re-challenging entrepreneur
C. The Promise and Betrayal of Reform in 2025-2026
September 2025: The government and ruling party officially announce the "abolition" or "major reform" of the breach of trust law, a pledge to break the 70-year shackles.
January 2026: Nothing has been done yet. Politicians are backing down, fearing criticism that they are "favoring the chaebols."
January 26, 2026: Eight economic organizations (including the Korea Economic Association, the Korea Chamber of Commerce and Industry, and the Federation of Korean Industries) submitted a petition to the National Assembly and the Ministry of Justice requesting reforms to the breach of trust law. However, no response was received.
2. Specific proposal contents
A. Legislation of the Business Judgment Rule
Amendment to Article 355 of the Criminal Act: Adding “the purpose of promoting one’s own or a third party’s benefit” as a mandatory requirement for the crime of breach of trust (German and Japanese models).
New Disclaimer: Exemption from criminal liability in the following cases:
If sufficient information is collected and a rational decision-making process is followed.
If internal control procedures such as board approval are followed
If no personal gain is gained
If it was within the scope of reasonable business judgment
Shifting the burden of proof: Currently, the defendant must prove innocence, but after the revision, the prosecution must prove “intention and pursuit of private gain” to indict.
B. Decriminalization of Business Failure
Principle: Pure failure of business judgment, excluding obvious fraud, embezzlement, and fraudulent accounting, is excluded from criminal punishment and is pursued only through civil damages and director liability.
Overseas Cases: In the US and UK, imprisonment for management failure is rare. These cases are resolved through civil procedures such as shareholder derivative suits.
C. Device to prevent 'innocent prosecution'
In cases where a person is indicted for breach of trust but is found not guilty, the state is obligated to pay attorney fees and compensation for mental damage to the victim (businessperson).
Providing personnel disadvantages to prosecutors with high acquittal rates (suppressing indiscriminate prosecutions).
3. Budget and effectiveness
Budget: 20 billion won per year (compensation for false accusations, research on system improvement)
Effects: Eliminate the "criminal stigma" against businesspeople. Transform management failure into a normal path to recovery. Target reduction in the number of breach of trust prosecutions in Korea from 965 to 100 per year (equivalent to advanced countries).
National Competitiveness: Restoring entrepreneurship. Improving global investors' perception of "Korean risk." Activating the venture ecosystem.
Proposal 14: Shifting National Perception to "Failure is an Asset" – Entrepreneurship as a Scientist's Experiment
[Key Question] How can we make entrepreneurship seem like a scientific experiment?
"How can we create a society where entrepreneurship is seen as a scientific experiment, where failure is seen as a stepping stone to success? If I go out to Gwanghwamun Square and publicly appeal, will this society change?"
1. Current Status: Korean Society's Double Standards on Failure
Scientists' failed experiments: Even if they fail 1,000 times, they are still respected as part of the "research process" and continue to receive government R&D funding.
Entrepreneurs' business failures: Even one failure can lead to being labeled as "incompetent," "bad credit," or even "criminal."
Contradiction: Both are "challenges amid uncertainty," so why are only entrepreneurs being stigmatized?
Silicon Valley's 'Fail Fast' philosophy:
“Fail Fast, Learn Fast, Start Again Fast”
– Steve Jobs was kicked out of Apple, then came back and created the iPhone.
– Elon Musk has failed countless times at Tesla and SpaceX, but no one treats him like a criminal.
In Silicon Valley, "founders without experience with failure" are often viewed with suspicion, as it implies they "haven't taken on enough challenges."
2. Specific proposal contents
A. Mandatory introduction of 'Failureology' into elementary, middle, and high school curricula.
Ministry of Education curriculum reform: New "Entrepreneurship and Failure Studies" unit added to "Career and Career" course for third-year middle school and first-year high school students.
Training Content:
Failure stories of world-renowned entrepreneurs (Steve Jobs, Elon Musk, Jack Ma, etc.)
Successful Re-challenge Stories in Korea (Yanolja CEO Lee Su-jin, etc.)
A methodology for analyzing failures and learning from them
Scientific thinking training that views entrepreneurship as an "experiment"
Practical Training: Students will form teams and conduct a small-scale entrepreneurship experiment (budget: 100,000 won per team). Regardless of success, they will be evaluated by writing an "experiment report."
B. Innovation in University Entrepreneurship Education – Mandatory "Re-Challenge Curriculum"
Mandatory establishment of a dedicated course on "Failure and Recovery" at university entrepreneurship education centers nationwide.
Faculty: 50% successful entrepreneurs who have tried again, 50% experts in analyzing failures.
Collaboration with KAIST Failure Research Center: Building a database of failure cases and developing educational content.
C. Additional points are given to those with experience in starting a business.
Government Recommendation Announcement: Large corporations and public institutions are encouraged to award 5 extra points in document screening to applicants with at least one year of experience in starting a business, and an additional 3 points to applicants with experience in re-applying after failure.
Logic: Those with entrepreneurial experience possess the capabilities necessary for an organization, including problem-solving skills, risk management skills, quick decision-making skills, and persistence.
Overseas case: The Singapore government operates a system that gives preference to those with entrepreneurial experience when hiring civil servants.
D. National Media Campaign "Your Failure Changes Korea"
TV Public Service Announcement: A documentary-style program featuring the stories of 10 successful entrepreneurs who have successfully challenged themselves again. Free to air on prime time on terrestrial networks like KBS, MBC, and SBS (public service announcements are mandatory).
YouTube Campaign: Collaboration between the Ministry of SMEs and Startups and major creators. Production of viral content, including the "Failure Showoff Challenge."
Messages: “Failure is a Badge of Honor,” “Retry is Innovation,” “Korea Gives Second Chances.”
E. Hosting the annual 'Re-Challenge EXPO'
Scale: Held for 3 days every November at large exhibition halls such as COEX.
Contents: ▲ IR pitching for re-challenge companies ▲ Investor matching ▲ Mentoring booth ▲ Exhibition of success stories ▲ Award ceremony for 'Re-challenge Entrepreneur of the Year'.
Objective: A symbolic event that positively illuminates re-challenge and removes social stigma.
3. Budget and effectiveness
Budget: 40 billion won per year (educational programs, media campaigns, and expo operations)
Effects: Long-term project of 5-10 years. By shifting social awareness, it will increase investment attraction for entrepreneurs seeking to re-enter the workforce, induce a change in financial institutions' attitudes, and foster entrepreneurial spirit among young people.
Metrics: ▲Success rate of attracting investment for re-challenge businesses ▲Public opinion survey on re-challenge entrepreneurs ▲Increase in the number of applications for re-startups.
Proposal 15: A system to "restore honor" for entrepreneurs who re-enter the workforce – the Gwanghwamun Declaration and a national apology.
[Scream] Will this society change if I go out to Gwanghwamun and shout?
“If I go out to Gwanghwamun Square and shout and appeal publicly, will this society change?”
Yes, your voice is needed. But you can't stand alone; the nation must stand together.
1. Proposal Contents
A. Regularization of the Presidential "Re-challenge Entrepreneurs' Meeting"
Once a quarter, the President invites 10 entrepreneurs who are trying again to enter the business to the Blue House (or his office) to hear their voices directly.
Public Live Broadcast: Delivering the message to the public that “even failed entrepreneurs are valuable assets to the Republic of Korea.”
Immediate Action: Immediately instruct relevant ministries to improve the institutional issues raised at the meeting.
B. 'Gwanghwamun Re-Challenge Declaration Ceremony' – A National Apology and Promise
Date: November 2026 (International Entrepreneurship Month)
Location: Gwanghwamun Square
FORM: The President, being present, declares:
"A National Apology": "For so long, South Korea has failed to properly protect entrepreneurs who have taken on challenges. It has treated failure as a crime and denied them a chance to recover. On behalf of the nation, I apologize."
"Promise": "From now on, the Republic of Korea will recognize failure as a learning experience and become a nation where the government actively supports new challenges."
“Symbolic Act”: The President personally awards “Badges of Honor” to 10 successful entrepreneurs who have tried again.
Media Effect: Broadcast live to the entire nation. This declaration marked a turning point in shifting social awareness.
C. Establishment of the 'Re-Challenge Entrepreneur Hall of Fame'
Location: Central Seoul (e.g. Gwanghwamun, Yeouido)
Exhibition contents: ▲Success stories of Korean re-challenges ▲Stories of failure and recovery from entrepreneurs around the world ▲Exhibition of analysis of failure data ▲'Failure Record Wall' where visitors can anonymously record their own failure experiences.
Educational function: Operates a student group tour program, targeting 100,000 visitors annually.
2. Budget and effectiveness
Budget: 15 billion won per year (for the symposium, declaration ceremony, and establishment and operation of the Hall of Fame)
Effect: The symbolic impact can be greater than the actual change. For a nation to step forward and declare, "Failure is not shameful," is the first step toward removing social stigma.
VI. Comprehensive Budget and Expected Effects
Proposed business name
Annual budget
note
Certification and support for honest failures
300 billion won
R&D, commercialization funds
Re-challenge Bridge Loan Guarantee Fund
100 billion won
Loss reserve fund
Creation of a Korean-style DIP fund
200 billion won
Policy finance investment
Institutional improvement and system establishment
50 billion won
IT, Platform, Campaign
Expanding the payment of wage arrears
75 billion won
recoverable receivables
[New] Tax Special Provisions for Re-Reporters (Tax Exemption)
50 billion won
Tax relief resources
[New] Debt Collection Ban System During Bankruptcy Proceedings
10 billion won
Director and punitive damages
[New] Re-challenge Policy Implementation Monitoring Center
30 billion won
Dedicated organization operation
[New] Reform of breach of trust and compensation for victims of false accusations
20 billion won
Research on legal improvement and compensation
[New] Failure Studies Education and Awareness Change Campaign
40 billion won
Educational Programs + Media + Expo
[New] Re-challenge Entrepreneur Honor Restoration System
15 billion won
Symposium, Gwanghwamun Declaration, Hall of Fame
Grand total
815 billion won
About 3% of the national R&D budget
[Investment Return Analysis]
The expected economic and social effects of the annual investment of 890 billion won are enormous.
Economic impact: Increased cumulative GDP by 7 trillion won over five years (recycling of lost technology/experience + revitalization of entrepreneurship)
Job creation: approximately 40,000 quality jobs (an average of five jobs per new business)
Reduced social costs: approximately 3 trillion won in welfare and opportunity costs for those with bad credit.
Increased success rate: Restarting a business successfully increased from 30% to 70% (exceeding US levels).
Suicide Rate Reduction: A 40% Reduction in Economically Suicidal Suicides is Projected (Benefits of Debt and Bankruptcy Stress Relief + Breach of Trust Reform)
Increased tax revenue: The normalization of resurgent companies is expected to increase tax revenue by approximately 5 trillion won over the next 10 years (recovery of approximately 5.6 times the investment).
National Competitiveness: Shifting international perception to a "nation that tolerates failure." Increased inflow of talented foreign talent and capital.
Economic impact per won invested: approximately 8.1 won (ROI 810%)
VII. Collection of Failure Cases and Presentation of Reality
We deliver the voices of the field, hidden behind the statistics and filled with tears.
Case 1: My 14-Year Journey (2012 Court Receivership → 2026)
After going bankrupt in 2012, the company attempted a comeback in China, but was thwarted by COVID-19. Despite legally recovering all credit in 2023, bank tellers simply repeat, "We can't do this because of our past record." Despite its recognized technological prowess in the robotics and food tech sectors, it's struggling to secure financing from the financial sector, surviving on private loans and borrowing from friends and acquaintances.
Case 2: The Tragedy of the Urbanbase Founder (The Resurrection of Joint Liability)
Urbanbase, a promising proptech startup, was initially considered a "successful partner" when it first attracted investment. However, as the company struggled, the investment firm transformed into a "debt collector." After losing a 1.2 billion won lawsuit for abusing its stock purchase rights, the founder lost his home and his family faced the prospect of being forced into the streets. This wasn't an "investment," but a "high-interest secured loan."
Case 3: CEO of AI Startup C (a victim of the lack of DIP financing)
An AI company preparing for a technology-specific listing. Due to a temporary liquidity crisis, it filed for rehabilitation. However, immediately after filing, bank transactions were cut off, and service was suspended due to inability to pay server costs. An audit report from an accounting firm stated, "With just 1 billion won infusion, we could turn a profit within six months," but the bank ignored it, citing risk regulations. Ultimately, the company went bankrupt.
Case 4: Shin Tae-yang Construction CEO (a conscientious manager turned criminal)
He sold his home and sold all his personal savings to pay his employees' salaries, but was sentenced to prison for three months' unpaid debts due to the delay in receiving approval for rehabilitation. "The law for workers has turned the CEO into a criminal, permanently hindering his chances of recovery."
Case 5: CEO K of Fintech Startup (Stigma Effect)
After a past business failure, I completed personal rehabilitation and founded a fintech startup. Despite being designated as an innovative financial service provider, the Korea Credit Guarantee Fund (KCGF) denied my application for collateral due to a "history of subrogation." The reason given was, "Your technology is innovative, but your history is flawed."
Case 6: My Experience – The Never-ending Nightmare of Tax Collections
In July 2015, I received a court order acknowledging my personal bankruptcy discharge. Legally, all debts were discharged. However, until 2023, every May and November, I received tax delinquency notices from the National Tax Service and district offices, urging me to pay tens of millions of won.
“The court has granted immunity, so why is the government still urging me?” I asked the official in charge. This is the response I received:
"Tax claims are not exempt from discharge. They are a lifelong obligation. As soon as property is acquired, it is seized."
As soon as I successfully restarted my business and started generating revenue, my bank account was seized. The money was meant to pay my employees' salaries. Legally, I was given a fresh start, but in reality, the shackles of my past haunt me for the rest of my life. This is a double punishment.
Case 7: Mr. L, in his 40s – The credit card company's malicious debt collection continued even during the bankruptcy filing.
In March 2022, I filed for personal bankruptcy. My lawyer told me, "Now that the legal process has begun, the urging will stop." But the reality was different.
The three major credit card companies bombarded me with calls and texts every day from 8 a.m. to 10 p.m. When I told them, "I've filed for bankruptcy," the debt collectors responded:
"We have the right to collect our money until the court's decision is made. Pay us now, or we'll call your workplace."
I actually got a call at work, and my boss informed me of the bankruptcy, forcing me to resign. For two years, until the bankruptcy proceedings were finalized, I didn't have a single day of peace. I endured it by taking antidepressants, but an acquaintance in a similar situation ultimately took his own life.
The bankruptcy system, supposedly protected by law, proved useless in reality. Credit card companies knew all too well how to circumvent the law.
Case 8: Mr. M, in his 30s – "The re-challenge policy is a pie in the sky."
In 2024, the government announced a policy of providing 1 billion won in unsecured support to companies seeking to re-enter the market. I met all the eligibility requirements:
✅ Personal bankruptcy discharge completed (2022)
✅ 2nd year of re-establishment (AI-based logistics solution)
✅ Holds 2 patents
✅ Series A investment (KRW 500 million)
I submitted my application and waited six months. The result was "Not meeting the criteria." When I asked for a specific reason, all I got was "Comprehensive evaluation."
I later learned that of the 2,800 applicants for re-challenge funding that year, only 120 (4.3%) actually received support. I asked 50 people in the same industry who were re-challengeing, and not a single one received support.
The government makes flashy announcements, but in reality, no one benefits from the policy. This is a fraud.
VIII. Conclusion: A Word to the President
Dear Mr. President,
In his 2026 New Year's address, the President promised a "nation where failure becomes an asset to success." If that promise is to be more than just rhetoric, we must immediately remove the "blood clots blocking the aorta," not the "thorns under the fingernails."
Tens of thousands of failed entrepreneurs, including myself, are not criminals. We took on challenges, failed, and lost everything in return. However, in the process, we gained invaluable experience and know-how that cannot be bought with money. Letting this asset go to waste would be a national loss.
We're not looking for special treatment. We want a fair starting line.
If you've been granted immunity, please truly absolve yourself of responsibility. If you've eliminated joint guarantees, please block any bypasses. If someone offers to save the company, don't reject their hand; take it.
For 2026 to truly become the "first year of Korea's great leap forward," we must empower those who have failed to rise again. They are the warriors who most desperately desire success and are the most adept at overcoming crises.
February 1, 2026
Current robotics, mobility, and food tech entrepreneurs
(South Korean citizens who are trying again after 14 years of bankruptcy in 2012)