Korea Startup Forum (hereinafter referred to as KOSPO) announced on the 26th that it held an innovation discussion on the topic of “Again, a good country for startups” with members of the Democratic Party of Korea in the 3rd seminar room of the National Assembly Members’ Hall on the 25th.
This symposium was co-hosted by Reps. Jang Cheol-min, Kim Han-gyu, Lee Eun-ju, and Lee Jae-gwan of the Industry, Trade, Resources, SMEs and Startups Committee of the Democratic Party of Korea and Reps. Park Sang-hyeok, Kang Jun-hyeon, Kang Hoon-sik, Kim Nam-geun, Lee In-young, Lee Jeong-moon, and Jeon Hyeon-hee of the Political Affairs Committee, and a discussion on innovation suggestions for startups and a general discussion were held with Rep. Jang Cheol-min as the moderator.
From the startup industry, Chairman Han Sang-woo of COSPO, Vice Chairman Koo Tae-eon, as well as Vice President Kang Ki-hyeok of Newbility (AI robotics), CEO Lee Hyeon-jae of Yesfuture (attracting global talent), CEO Nam Seong-jun of Dajayo (revitalizing regional startups), CEO Kim Cheol-beom of Deepplant (revitalizing middle-aged and older startups), CEO Jeong Ji-eun of Codith (innovating public services), and founder Jeon Sang-yeol of Nowbusking (creating a startup culture) attended and continued to present policy proposals.
Chairman Han Sang-woo of COSP opened the forum with opening remarks, saying, “The new growth engine for the Korean economy can be found in startups,” and “Since startups are playing a significant role in various fields such as AI robotics, attracting global talent, and digital transformation, it is important to create an environment where they can compete fairly under equal rules.”
Lee Hyun-jae, CEO of Yes Future, emphasized, “As countries around the world compete to attract global talent, it is important for Korea to create an environment where excellent overseas talent can contribute to our economy through startups.” He said, “As domestic startups have recently been positively considering hiring highly capable foreign talent, I hope that related regulations will be improved and policies supplemented so that talent exchange and market entry between Korea and overseas startup markets can be mutually smooth.”
Nam Jun-da, CEO of Dajayo, said, “In order for local startups to become more active, we need to provide many opportunities to local entrepreneurs and improve institutional inconveniences.” He added, “The regulatory sandbox is currently being operated by the central government, but it needs to be legislated nationwide so that each local government can utilize it as well. We also need to look into blind spots, such as cases where business expansion is restricted due to the regulatory sandbox.”
Kim Chul-beom, CEO of Deepplant, emphasized, “At a time when the retirement of middle-aged and older people is accelerating, expanding startup opportunities will become an important task for increasing the sustainability of our economy.” He added, “In particular, policies for middle-aged and older entrepreneurs should be considered, such as further activating specialized support and systems for middle-aged and older entrepreneurs and establishing educational programs that can help middle-aged and older workers settle into the startup market.”
Kang Ki-hyeok, Vice President of Newbility, said, “Korea’s AI robotics industry is gradually developing and exerting global influence, so it is important to expand it and lay a good foundation for growth,” adding, “To this end, Korea needs to prepare specific strategies and responses to strengthen the AI industry like the US and China, and improve and review regulations, such as customized support measures for early, mid, and late-stage AI robotics companies and easing of technology special listing requirements.”
Jeong Ji-eun, CEO of Codit, said, “Unlike overseas countries such as the U.S., Korea’s excessive regulatory environment is making it difficult to attract investment, and startups also have difficulty understanding regulations.” She added, “Public procurement and regulatory innovation are important for the growth of the Govtech industry and increased participation by startups, and it is necessary to protect their technology and create a fair competitive environment.”
Jeon Sang-yeol, founder of Now Busking, said, “Entrepreneurship is more than just creating a company; it has the power to shape a specific industry.” He added, “Regardless of size, startups all create social value, and their members are also entities that constantly spread the value of entrepreneurship, so I hope people view the very existence of this ecosystem as meaningful.”
In the comprehensive discussion 'Republic of Korea Innovation, National Assembly and Startup Dialogue' policy talk that followed, under the leadership of Rep. Jang Cheol-min, measures to spread the growth of startups and entrepreneurship spirit and directions for policy improvement were discussed. Rep. Kang Hoon-sik advised, "Startups need to understand the gaps in related laws and regulations for business growth and have a strategy to effectively utilize the National Assembly," emphasizing cooperation between the National Assembly and startups. Rep. Park Sang-hyeok said, "I deeply sympathize with the innovation that startups will bring about, and I will work to improve regulations and support policies so that they can unfold their growth potential."
Korea Startup Forum Chairman Han Sang-woo, who co-hosted this meeting, said, “The government and the National Assembly should work together to create a society that respects entrepreneurs who challenge innovation, accumulate failures, and grow even in difficult times such as the economic crisis.” KOSPO will work to ensure that startups can achieve results through free and fair competition. Representative Jang Cheol-min concluded by saying, “We will continue to support and make the current startup industry issues discussed at today’s meeting, such as the AI industry ecosystem, middle-aged and older startup policy, technology special listing requirements, and regulatory sandbox improvement plans, into actionable tasks so that they can lead to meaningful results.”
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