Junggiyeon Holds the '1st Integrated Academic Conference on Small and Medium Venture Business Research'

'The 1st Integrated Academic Conference of Small and Medium Venture Business Research' Poster

[Asia Economy Reporter Donghyun Choi] On the 16th, the Korea Institute of Small and Medium Venture Business held the 1st Integrated Academic Conference of Small and Medium Venture Business Research under the theme "Korea's Leap Forward Again, Together with Small and Medium Venture Businesses" at the Korea Federation of SMEs in Yeouido, Seoul.

This integrated academic conference was attended by the Korean Society of Small and Medium Venture Business Policy, the Korean Academy of Business Administration, the Korean Northeast Asian Economic Association, the Korean Marketing Association, the Korean Small Business Association, and the Korea-Japan Economic Association to discuss the role of small and medium venture businesses for Korea's leap forward again.

The integrated academic conference is the first occasion to unite the research on small and medium venture businesses, which had been sporadically conducted by various academic societies based on business administration. It holds great significance as it is the first time to expand the culture of small and medium venture business research to economics-related academic societies and to create a forum to jointly consider policy agendas for realizing the new government's national task of "stabilizing and diversifying supply chains."

Lee Young, Minister of SMEs and Startups, emphasized the severe domestic and international environment such as COVID-19, soaring raw material prices, and global supply chain restructuring through a congratulatory video, and requested experts to engage in in-depth discussions to serve as a foundation for the policy transformation of small and medium venture businesses aligned with the economic policy direction of "private-led innovative growth."

In the comprehensive session, Hong Unseon, Vice President of the Korea Institute of Small and Medium Venture Business, presented on the topic "Are Small Business Owners a Burden or a Key to Our Economy?" He addressed the direction of financial support for small business owners amid high risks of debt insolvency. He emphasized that the uniform policy of selecting and supporting beneficiaries as before is no longer appropriate and highlighted a policy paradigm shift, such as providing a policy menu that allows beneficiaries to choose and apply for policies suitable to their environment. From this perspective, in line with the end of the third extension and repayment deferral of small business loans scheduled for September, he proposed three policy options as a stable exit strategy: ▲temporary cash support ▲significant debt reduction ▲partial cash support combined with partial debt adjustment. Through this, he aimed for efficient policy implementation, smooth landing of small business support policies, and expected effects on structural innovation and re-entrepreneurship support for small business owners.

The second presenter, Lee Hongbae, President of the Korea-Japan Economic Association, forecasted in his presentation "The Ripple Effects of Export Controls on Materials, Parts, and Equipment between Korea and Japan and Supply Chain Restructuring" that supply chain restructuring will expand from general-purpose products to core advanced technologies. He argued that close cooperation between Korea and Japan is more important than ever to resolve this issue.

Choi Sujeong, Director of the Korea Institute of Small and Medium Venture Business, presented "Small Businesses and Regulatory Innovation," emphasizing the need for regulatory governance innovation for the major transformation of small and medium venture businesses through innovative growth.

In the afternoon session, under the theme "Global Supply Chain," the Korean Small Business Association, the Korean Northeast Asian Economic Association, and the Korea-Japan Economic Association will continue with academic conferences by each society. The final session will feature academic conferences conducted by the Korean Academy of Business Administration, the Korean Society of Small and Medium Venture Business Policy, and the Korean Marketing Association under the theme "Sustainable Growth Strategies for Small and Medium Venture Businesses."

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