Jiseongbae, Chairman of the Venture Capital Association, "We Must Achieve the Advancement of a Private Sector-Centered Innovation Ecosystem"

Revealed Through the 2022 Year of the Black Tiger New Year's Address

Chairman Ji Seong-bae

[Asia Economy Reporter Kim Cheolhyun] Ji Seongbae, chairman of the Korea Venture Capital Association, emphasized that this year, along with the 'private sector-centered' advancement of the innovation ecosystem, qualitative leaps and changes must be achieved together. On the 3rd, Chairman Ji stated in his New Year's address, "Venture investment is leading the new future of Korea by creating new values and orders beyond survival and recovery."

Chairman Ji first said, "Despite the difficult period of COVID-19 in 2021, the cumulative venture investment amount in the third quarter surpassed 5 trillion won for the first time ever, recording the best performance in all areas of funding, investment, and recovery. The Venture Investment Promotion Act, which had been a long-standing wish of the industry, marked its first year of enforcement, and with the introduction of SAFE, an investment method from Silicon Valley, the barriers to venture investment entry were eased, and the venture investment market experienced quantitative expansion, making it an impressive year according to Chairman Ji.

He added, "Although the venture investment market was clearly booming last year, we must not be intoxicated by the numbers and silently prepare to walk the unfamiliar and rugged path again. During prosperous times, we must invest in the future, prepare for innovation, and continuously secure talent," he said.

To this end, the association plans to focus efforts this year on establishing a sustainable and self-reliant venture investment ecosystem centered on private capital, so that more unicorn companies can be born. Chairman Ji explained, "We will support the large-scale inflow of market liquidity into venture investment through proposals to strengthen incentives such as venture investment tax benefits and support for building a foundation for private mother fund formation. He continued, "We will take the lead in expanding the foundation for the advancement of venture funds through proposals to extend fund duration and strengthen industry self-regulation functions, and we will drive the expansion of excellent talent inflow into VCs through the expansion of talent recruitment platforms," he said.

Chairman Ji concluded, "The venture investment industry is an important pillar of the venture ecosystem and has established itself as a core of national economic development," adding, "I hope a new history of hope and change will be written based on the DNA and spirit of challenge that become stronger in times of crisis."

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