Minister Kwon Chil-seung of the Ministry of SMEs and Startups: "Venture is like the sea... We will build lighthouses closely"

Continuous Venture-Related Activities... Full Effort to Spread the 'Second Venture Boom'

Minister Kwon Chil-seung of the Ministry of SMEs and Startups is giving a briefing on key issues, including the analysis results of changes in the Korean startup ecosystem, at the Government Seoul Office in Jongno-gu, Seoul, on the 26th. Photo by Kim Hyun-min kimhyun81@

[Asia Economy Reporter Kim Heeyoon] Kwon Chilseung, Minister of SMEs and Startups, stated that he will "establish more and denser lighthouses to illuminate" the venture companies that are the main players of the second venture boom.

On the afternoon of the 29th, Minister Kwon said on his social media (SNS) Facebook, "I think 'venture is like the sea,'" and added, "I support startups, re-entries, and investments."

He continued, "On Monday, I analyzed and reported on the history of Korean startups over the past 20 years; on Tuesday, I visited Bodyfriend, a company that succeeded in re-entry; and yesterday, I held a meeting with TIPS startups and operators," emphasizing, "In the voyage of startups involving founding, crisis, investment, and success, we must ensure that startups do not give up."

Minister Kwon's remarks are interpreted as his determination to establish more and denser policies (lighthouses) to support the re-entry and success of venture companies and startups.

Earlier, on the 26th, Minister Kwon personally presented an analysis of the changes in Korea's startup ecosystem over the past 30 years. This was the first time the government publicly announced an analysis of the startup ecosystem's changes, proving the 'second venture boom' numerically after 20 years.

In the briefing, Minister Kwon stated, "The government's startup budget has more than doubled compared to 2016, and newly established corporations last year also doubled compared to 2000," adding, "We will continue to strive to successfully sustain the passionate startup fever and the second venture boom."

Minister Kwon said, "Just as you must plot coordinates on the vast ocean and navigate accurately to reach your destination, the choices of venture startup entrepreneurs and investors are no different," and added, "(They) are navigating the unknown journey beyond the horizon with passion, courage, and an innovative mindset."

Photo by Minister Kwon Chil-seung, captured from Facebook

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