The Korea Venture Business Association (Chairman Song Byeong-jun) announced the results of a survey on ‘Venture Business Policies Desired from the Next Government’ on the 12th.
This survey was conducted to identify policy directions and support measures that should be given priority for the development of the domestic venture business ecosystem ahead of the launch of the new government, and a total of 570 venture businesses participated over four days from April 18 to 22.
◆ Management situation evaluation
90.5% of venture companies responded that the current economic situation in South Korea is 'bad' (somewhat bad + very bad), and more than half (53.7%) also evaluated the current overall management situation of companies negatively.
The responding companies were found to be experiencing many difficulties in each sector of their overall management activities. In particular, the companies that responded that they were experiencing difficulties in ‘developing overseas markets’ were the highest at 78.4%, followed by ‘funding, operation and securing liquidity’ (73.5%) and ‘securing and maintaining necessary personnel’ (67.7%).
◆ Necessary support policies
Venture companies were surveyed to have chosen ‘job creation through support for corporate growth’ (46.9%, 1st and 2nd place) as the most important task that the next government should pursue to revitalize the Korean economy. This was followed by ‘expanding and supporting future new technologies and growth engines (44.2%)’ and ‘promoting consumption through domestic demand stimulation’ (31.6%).
In addition, the responding companies were found to recognize that all of the policies and support systems in each field presented in the survey should be addressed urgently by the next government. ‘[R&D] Expansion of R&D investment to secure technological competitiveness’ recorded the highest response rate at 88.8%, followed by ‘[Human Resources] Strengthening support for securing and retaining excellent human resources’ (85.6%) and ‘[Finance] Expansion of financial support such as guarantees and loans’ (84.7%).
◆ Expectations for the next government
Venture companies appear to have high expectations for the next government's venture company support policies.
66.8% of all responding companies answered that they ‘expect (somewhat expect + very expect)’. On the other hand, only 8.4% answered that they ‘do not expect (not at all expect + somewhat expect)’.
Lee Jeong-min, Secretary General of the Korea Venture Business Association, said, “Venture businesses are going through a more difficult time than ever. I hope that urgent tasks that need to be resolved to revitalize the venture ecosystem will be quickly promoted after the new government takes office.” He added, “Many venture businesses have expressed positive expectations for the next government’s venture business support policies, so the association plans to continue communicating and cooperating so that these voices from the field can be faithfully reflected in the next government’s policies.”
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