Song Byeong-jun, chairman of the Venture Business Association, stated on June 10 that "policy finance must support diverse venture companies to achieve 'growth for all.'"
Speaking at a press conference held at the Kensington Hotel in Yeouido, Seoul, Song praised the government's comprehensive plan for becoming one of the world's top four venture nations, saying it would "revitalize the venture ecosystem." The plan includes allowing pension and public funds to invest in ventures and extending the lifespan of the venture investment fund by ten years.
However, he expressed concerns about the concentration of funds. "Recently, policy funds and private investments have been focusing on specific sectors or markets, raising concerns about imbalances within the venture ecosystem," he pointed out. He emphasized that the benefits of policy measures should reach a variety of venture companies, including those in the KOSPI (Korea Composite Stock Price Index) and KOSDAQ, as well as innovative firms in sectors beyond semiconductors. "This is essential for achieving true growth for all, rather than just a select few," he added.
Song also called for improvements to KOSDAQ policies. The government is currently working on a two-tier system for the KOSDAQ market, which includes a premium and standard segment, the introduction of promotion and relegation systems, a general ban on dual listings, and stricter delisting criteria.
He noted, "There are points of concern regarding side effects that deviate from the original policy goals among the key policy directions for revitalizing KOSDAQ," and stressed the need to address issues such as market hierarchy and the stigma effect of the segment and relegation system, as well as the uniform dual listing regulations.
He also urged for the relaxation of work hour rigidity, including exceptions to the 52-hour workweek for key research and development personnel. This rigidity could hinder growth in a venture market characterized by fierce technological innovation and global competition. According to a survey by the Venture Business Association, over 70% of venture employees expressed a desire for improvements to the work hour system.
"R&D and global responses for venture startups do not operate on a fixed timetable," Song said, appealing for flexibility in the current system for R&D personnel, who are the source of competitiveness for venture companies.
The association also unveiled a business plan tailored to the era of artificial intelligence transformation (AX). It aims to actively drive AI transformation across industries through its newly established 'AX Bridge Committee.'
Song concluded, "As AI breaks down industrial boundaries and intensifies global competition, the South Korean venture ecosystem must once again take center stage on the world stage," emphasizing that the Venture Business Association will serve as a 'field-centered think tank' that translates the voices from the ground into refined policies and actions.
* This article has been translated by AI.
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