Sung Myung-ki, CEO of Yeoui System, Receives 'Entrepreneurship Award' from World Small and Medium Enterprises Council

Served as the 6th and 8th President of the InnoBiz Association
Implemented Performance Sharing System since 2003
Recognized for Contributions to Sharing with Employees

[Asia Economy Reporter Kim Bo-kyung] Sung Myung-gi, CEO of Yeoui System (photo), received the 'People-Centered Entrepreneurship Award' presented by the International Council for Small Business (ICSB).

At the ICSB awards ceremony held at Lotte Hotel in Jung-gu, Seoul, at 10 a.m. on the 2nd, CEO Sung was recognized for his contributions such as the performance-sharing system with employees implemented since 2003 and received the grand prize. He served as the 6th and 8th president of the Innobiz Association and is currently the chairman of the Seongnam Industrial Complex Management Corporation.

While working as a researcher at a defense industry company, CEO Sung sensed that computers would change the world when the 8-bit personal computer was introduced in Korea in 1983, and he began his entrepreneurial challenge. In his office, a large framed calligraphy reads "Challenge." CEO Sung said, "Entrepreneurship is the spirit of challenge that transforms an entrepreneur's imagination into customer experience," adding, "Challenge requires the courage of a manager and people."

Located in Seongnam's High-Tech Valley, Yeoui System develops and supplies industrial controllers and smart factory solutions such as industrial computers, industrial network equipment, and embedded systems. It is a technology-innovative small and medium enterprise with sales increasing from 39.2 billion KRW in 2020 to 44.8 billion KRW in 2021, and expected to reach 55 billion KRW this year.

CEO Sung stated, "When the company faced a crisis in 2003 and survival was at stake, we introduced a performance-sharing system and a responsible business division system to turn the crisis into an opportunity," and added, "Since then, whenever we have encountered difficulties, we have overcome them by finding solutions together with our employees."

Yeoui System has implemented departmental and individual evaluation systems so that employees can overcome crises on their own and develop a sense of ownership, sharing management performance. Every five years, overseas backpacking trips, free health checkups, and free provision of recreational facilities are provided as employee welfare programs, and dividends exceeding 20% are paid annually. The company also practices corporate social responsibility (CSR) through well-digging projects in Kenya, Africa, and support for socially marginalized groups in local communities.

CEO Sung, having served twice as president of the Innobiz Association, emphasized the importance of scale-up companies in the national economy. Currently, as chairman of the Seongnam Industrial Complex Management Corporation, he supports the establishment of innovation support centers and startup support centers to transform aging industrial complexes into innovative industrial complexes.

Meanwhile, ICSB is an international organization established in the United States in 1955 for the development of small and medium enterprises. ICSB has members including over 2,000 researchers, government officials, and entrepreneurs in small and medium enterprises and entrepreneurship from more than 70 countries worldwide. The ICSB Korea branch, established in 1987, has about 100 active members including professors in the SME sector, cooperative and SME support organization personnel.

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