The Top SME Policy Desired by Young CEOs for the Next Government Is "Financial Support"

Launch of the 'SME Youth and Future Committee'
Aiming to Improve Startup Support and Develop New SME Policies through Collaboration with Early- and Mid-Stage Companies

On May 14, the Korea Federation of SMEs announced the launch of the 'SME Youth and Future Committee.' The SME Youth and Future Committee was established to improve startup support systems and develop new SME policies by collaborating with early- and mid-stage SMEs that have been in business for less than 10 years. The committee is chaired by Kim Hakbeom, President of the Korea Young Entrepreneurs Association.

The committee members appointed on this day include: Kwon Kyungmin, CEO of Hyupsung Group; Shin Seungryul, CEO of Impaxis; Kang Morae, CEO of Morae; Bang Suyeong, CEO of Iboonuil Korea; Kim Hyoim, CEO of Heyf; Jeon Changdae, CEO of The Pict; Kim Namhyun, CEO of New Heritage; Kim Minhyung, CEO of Wizel; Bae Kyunghwa, Senior Manager at the Korea SMEs and Startups Agency; Yoon Heejung, Secretary-General of the Korea Young Entrepreneurs Association; Kim Sanghyeong, Senior Vice Chairman for Startup Law at the Korea Young Entrepreneurs Association; Kwon Junhwa, Research Fellow at the Korea Small Business Institute; Lee Ilhan, Professor at Chung-Ang University; and Chu Moongap, Head of Economic Policy at the Korea Federation of SMEs.

During the committee meeting, the results of the 'Policy Survey on SME Policies Desired by Young CEOs for the Next Government,' conducted from April 24 to May 1 with 100 member companies of the Korea Young Entrepreneurs Association, were also announced. The biggest difficulty faced during the startup process (multiple responses allowed) was 'funding procurement' (41.8%), followed by 'marketing and securing sales channels' (32.4%).

In addition, when asked about the top priorities for the next government to promote SME growth (multiple responses allowed), the most frequently cited was 'financial support' (25.0%), followed by 'startup support' (19.6%).

Kim Hakbeom, the committee chair, stated, "Startups are the key drivers of innovation in the Korean economy, but the startup environment has become increasingly challenging due to high interest rates, sluggish domestic demand, and excessive regulations." He added, "Meanwhile, the number of unicorn companies?those valued at over $1 billion?continues to rise in the United States, China, and India, but there are fewer than 30 in Korea." Kim further emphasized, "To achieve innovative growth and strengthen the competitiveness of the Korean economy, we must create a favorable startup environment where new companies can emerge. Through the newly launched SME Youth and Future Committee, we will seek ways to support the increase in startups and entrepreneurs who are taking on new industries."

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