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Domestic venture and startup industries and major related organizations unanimously expressed their welcome upon news of the nomination of Lee So-young, a member of the Democratic Party of Korea, as the candidate for Minister of SMEs and Startups (Ministry of SMEs and Startups). Given that the candidate has deeply addressed innovation ecosystems and small business policies in the National Assembly, she is evaluated as the right person equipped with both on-the-ground understanding and legislative execution capabilities. The organizations also urged her to work hard on regulatory innovation and institutional improvements to support the growth of ventures and startups amidst technological disruptions, including AI (artificial intelligence).
The Korea Venture Capital Association (VC Association) issued an official statement on the 30th: "We sincerely welcome the nomination of Lee So-yeong (Rep.) as the new Minister of SMEs and Startups together with the venture capital (VC) industry." It further evaluated that "Lee (Rep.) is a policy expert who has proactively led activities in the National Assembly's Ministry of Trade, Industry and Energy, Small and Medium Enterprises, and Venture Companies Committee and the startup research group 'Unicorn Farm,' advancing legislative efforts for regulatory innovation in new industries and nurturing ventures."
Continuing, the statement said: "We hope that after taking office, she will promote the inflow of private capital and boldly remove various regulations hindering the growth of venture capital to bring about substantive institutional improvements." It also expressed expectations that "she will not spare policy support for the advancement of domestic exit markets, including IPOs (initial public offerings) and M&As (mergers and acquisitions)."
The Venture Company Association also praised her on the same day: "Her excellent expertise and execution capabilities proven in the legislative arena, along with her ability to communicate with the field, make her an expert equipped with optimal leadership to elevate the competitiveness of domestic small and medium-sized enterprises and venture companies facing rapid technological disruptions."
The association stated: "To achieve national tasks such as becoming one of the top four venture nations and realizing 40 trillion won in annual venture investment, it is urgent to resolve immediate policy issues on the ground." It added: "We expect that the policy expertise accumulated by the candidate will be demonstrated through strong execution power within the ministry, ensuring that ventures and startups do not get left behind in the flow of technological disruption but take root as key players in Korea's industrial innovation."
Korea Startup Forum (KoSPo), the largest startup organization in the country, also commented: "Since the candidate has understood the growth logic of new industries including climate tech and addressed various issues facing small and medium-sized enterprises and venture companies through her activities in the Ministry of Trade, Industry and Energy, Small and Medium Enterprises, and Venture Companies Committee, she is the right person who understands both policy and the field."
It further added: "We hope she will continue to show unwavering interest in challenges raised by the industry to foster an innovation ecosystem, such as strengthening public-startup cooperation, redesigning systems centered on startups, and supporting global scale-ups." It concluded: "We expect her to become a reliable partner leading the transition of Korea to an 'Era of National Entrepreneurship' and the leap of the startup ecosystem."
[MoneyToday Startup Media Platform Unicorn Factory]
in FUTURE
