"Supplementing the Rigid 52-Hour Workweek System"... Ministry of SMEs and Startups Holds Policy Consultation with Venture and Startup Sectors

Minister Lee Young of the Ministry of SMEs and Startups Communicates with Startup and Venture Association Heads on the 13th
"Expand Operation of Angel Investment Hub" "Need for Private Sector MoFund"
"Expand Communication and Listen to Private Opinions... Will Reflect in Policy Direction"

Minister Lee Young, Ministry of SMEs and Startups [Photo by Yonhap News]

[Asia Economy Reporter Kim Bo-kyung] Lee Young, Minister of the Ministry of SMEs and Startups, held a meeting to listen to the opinions of the venture and startup industry and reflect them in policies.

On the morning of the 13th, the Ministry of SMEs and Startups held the "1st Startup and Venture Policy Sharing Council," a meeting to share policy visions among major associations such as the Korea Venture Business Association, at Tipstown S6 in Yeoksam-dong, Seoul.

The policy council is being held in the order of small business owners on the 14th of last month, startups and ventures on this day, and SMEs on the 15th.

In his opening remarks, Minister Lee Young expressed gratitude, saying, "The recent activation of Korea's startup and venture ecosystem is due not only to government efforts but also to the active interest of ventures, startups, and related associations."

He added, "The relationship between the government and the private sector is a partnership moving toward the common goal of revitalizing the startup and venture ecosystem," and requested, "We ask for active policy proposals from the associations."

After the Ministry of SMEs and Startups announced the future direction of startup and venture policy on this day, a discussion among attendees followed. Heads of associations took turns making policy proposals.

Kim Bun-hee, President of the Women Venture Association. / Photo by Moon Ho-nam munonam@

Kim Boon-hee, President of the Korea Women Venture Association, urged the preparation of supplementary measures, saying, "Due to the rigid 52-hour workweek system, ventures and startups are facing difficulties in workforce management."

Ko Young-ha, President of the Korea Angel Investment Association, emphasized the need to expand the Angel Investment Hub to resolve polarization between the metropolitan area and non-metropolitan areas, and Ji Sung-bae, President of the Korea Venture Capital Association, presented the view that a private mother fund is necessary to establish a stable private investment base.

Shin Jin-oh, President of the Korea Accelerator Association, proposed the need for systematic management of startup planner professionals, and Park Jae-wook, Chairman of the Korea Startup Forum, suggested improving the stock option system to become a practical reward.

Nam Min-woo, Director of the Korea Youth Entrepreneurship Foundation, mentioned that entrepreneurship education should be shifted to practical activities such as startup club activities and meetings with entrepreneurs.

Minister Lee said, "We will carefully review the matters discussed at the council and reflect them in future policy directions, and we will actively expand such communication opportunities to listen to the voices of the private sector."

He added, "I ask the representatives of the associations to actively share their work and know-how and to play a leading role in actively discovering and investing in early-stage startups."

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