[Asia Exclusive] Kim Yong-moon: "Innovation Ecosystems Differ from the US and China... Public-Private Cooperation Is the Answer"

Private Sector-Led US, Government-Driven China
Korea Is Different... A New Model Must Be Established
Connecting Various Startup-Centered Entities
Aiming for Upstream and Open Innovation

Kim Yong-moon, President of the Korea Institute of Startup & Entrepreneurship Development, is being interviewed at Tipstown SI in Yeoksam-dong, Seoul. Photo by Kang Jin-hyung aymsdream@

Kim Yong-moon, President of the Korea Institute of Startup & Entrepreneurship Development, stated that it is time to redefine the domestic innovation ecosystem model based on public-private cooperation centered on startups. He also emphasized the need to expand platforms for exchange and collaboration where large corporations and startups maintain a symbiotic relationship through open innovation.

In a recent interview with Asia Economy at Tipstown SI in Yeoksam-dong, Seoul, President Kim said, "The domestic startup ecosystem is shifting from policy-driven to private sector-centered," adding, "The public-private cooperation model, such as the TIPS program, is the most suitable for our country."

The domestic startup environment, as seen by President Kim, differs from the private sector-driven ecosystem of the United States, which leads global innovation with Silicon Valley, and from China, which is driven by strong government policies like Zhongguancun. He explained, "It is insufficient to create a private sector-centered ecosystem like the U.S., and it is also difficult for the government to lead as in China, since the privately pioneered startup ecosystem is already developing," adding, "It is time to redefine the ecosystem model based on public-private cooperation, a unique innovation model for the Republic of Korea."

He also expressed the opinion that the approach should shift from the ‘downstream’ method, where technologies developed by universities or government-funded research institutes are transferred to large corporations for market entry, to an ‘upstream’ method. He said, "The existing method takes a long time for basic research to reach the market and inevitably results in lower global competitiveness," and added, "I hope an upstream model will be established where startups take the lead, connecting and collaborating with various actors in the innovation ecosystem to advance innovation."

President Kim noted, "Although startups are small in size, they can quickly demonstrate results through flexible responses," but added, "This is only possible with the cooperation of all members of the innovation ecosystem."

Collaboration between large corporations and startups through open innovation can also be a way to advance the innovation ecosystem. Open innovation is an open innovation strategy where companies procure the technologies and ideas they need from external sources to solve problems. President Kim said, "Global corporations such as Amazon and Microsoft have become attracted to domestic startups, and cases of their participation in the ecosystem have increased," adding, "Domestic large corporations are also turning their attention to our startups and promoting open innovation."

The Korea Institute of Startup & Entrepreneurship Development is conducting the ‘Large-Startup Problem Solver Platform,’ a collaboration program that solves problems proposed by large corporations using the ideas and technologies of startups. President Kim said, "There is a need to expand various platforms for exchange and cooperation where large corporations and startups can collaborate."

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