Korea Institute for Advancement of Technology Listens to Business Succession Challenges and Suggestions On-Site
On-site Meeting with SMEs Undergoing Business Succession
On September 24, the Korea Institute for Advancement of Technology announced that it had visited Saehan, located in Chungju, North Chungcheong Province, and held an on-site meeting with small and medium-sized enterprises (SMEs) undergoing business succession.
Many domestic SMEs are facing a transition period for business succession due to the aging of the founding generation. According to last year's "SME Status Survey" released by the Korea Federation of SMEs, about 30% of SMEs responded that they would choose to sell or close their business if succession to their children proved difficult. Companies unable to secure successors risk losing core technologies or experiencing a discontinuity in management know-how.
This meeting was organized to listen to the voices of SMEs pursuing business succession and to explore practical support measures. Both the founding generation and the second generation currently managing the business attended the event.
The agenda included: presentations on generational change and innovation case studies among SMEs; listening to difficulties and suggestions regarding business succession and discussing policy support measures; and a tour of Saehan's smart manufacturing site. Participating business leaders called for systematic policy support in areas such as information provision, strategy development, digital and AI transformation, financing, entry into new markets, and professional workforce training during the succession process.
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Kang Seokjin, Chairman of the Korea Institute for Advancement of Technology, stated, "It is most important to faithfully reflect the voices from the field of business succession in our policies." He added, "We will continue to strengthen support so that companies facing generational change can achieve innovation and growth, and we will expand the system for linking various business programs."
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