Ministry of SMEs and Startups Collaborates with Startup Industry to Improve Regulations

Startup Venture Companies New Industry Regulation Meeting Held

Cho Joo-hyun, Vice Minister

[Asia Economy Reporter Kim Cheol-hyun] The Ministry of SMEs and Startups (hereinafter referred to as the Ministry) announced on the 13th that it held a meeting with the Korea Startup Forum, a representative organization of startups, and six startup and venture companies entering the market with new business models.

This meeting was organized as part of the "Economic Regulation Innovation Promotion Strategy" jointly announced by the Ministry of Economy and Finance and other economic ministries on the 23rd of last month. The Ministry is acting as a co-hosting ministry to identify and improve regulations in the new industry sector.

The companies attending the meeting consisted of three companies recognized by the Ministry for their technological excellence and innovation, which have been intensively supported through startup support projects but face difficulties entering the market due to regulations, and three companies participating in regulatory free zones that have proven the safety of their business models. For example, "PetNow" developed a technology that uses artificial intelligence (AI) to identify dogs by the pattern on their noses, but this new animal registration method needs to be recognized as a valid registration method under the current "Animal Protection Act."

Cho Joo-hyun, Vice Minister of the Ministry, said, "The government has made continuous efforts to improve regulations that startups and venture companies may face when entering the market with new business models, but it has not reached the level of bold regulatory reform that is felt on the ground." He added, "As the main ministry for fostering startups and venture companies, we are striving to listen to opinions through various channels to reflect the vivid voices from the field." Vice Minister Cho also stated, "We will not stop at identifying and conveying regulations but will focus on deriving the rationale for the need to improve the identified regulations and creating final improvement plans through consultations with the regulatory authorities."

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