Venture and Startup Sector Urges Swift National Assembly Approval of Win-Win Cooperation Act Amendment

"Essential to Protect Venture and Startup Technologies for the Second Venture Boom"

[Asia Economy Reporter Kim Cheol-hyun] Five venture and startup organizations, including Korea Startup Forum, Startup Alliance, Korea Business Incubation Association, Korea Angel Investment Association, and Korea Accelerator Association, issued a statement on the 2nd urging the National Assembly to pass the amendment to the 'Act on the Promotion of Mutual Cooperation between Large and Small and Medium Enterprises.'

The venture and startup sector stated in the statement that they expect sufficient protection for small and medium enterprises through this amendment regarding technology theft, which had not been properly protected under the existing legal system. In particular, they emphasized that the damage from technology leakage suffered by small and medium enterprises alone reached 112 billion KRW in the past year, highlighting that this amendment is a crucial law for ventures and startups, which relatively lack technology protection capabilities.

They also said that this amendment will not stifle corporate activities through regulation and make our economy difficult, but rather will add vitality to our economy by protecting the growth engine of ventures and startups called 'technological capability.' A venture industry official said, "With recent expansion of venture investment and the enactment of the Venture Investment Promotion Act accelerating the second venture boom, this amendment must be promptly implemented so that ventures and startups can achieve sustainable growth through technological innovation."

This content was produced with the assistance of AI translation services.