Lee So-young, nominee for Minister of SMEs and Startups: "Such incidents as 'Tada' will never happen again"

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Lee So-young, nominee for Minister of SMEs and Startups, stated on the 31st that regarding the venture and startup sectors, "Beyond supporting small and medium-sized enterprises (SMEs), I will pour my capabilities and determination into easing unreasonable regulations with the mindset of 'regulationJe Gae-hyeok-bu (Minister)'."

The nominee met with reporters on her way to work at the SME Technology Information Promotion Institute on Yeouido, Seoul, that day, saying, "I will ensure that incidents like 'Tada' never happen again in South Korea." Tada, a mobility startup, had halted its services after passing through the National Assembly's "Tada Ban Law" in 2020 amid conflicts with the taxi industry.

The nominee emphasized, "In the realm of innovation where new services and products are created, our dense and multi-layered regulatory framework is the biggest obstacle." She added, "No matter how much mentoring and support the government provides, if entrepreneurs are blocked by regulations, they will inevitably become 'regulationLee Di-eo-neun (President)' victims." She further stated, "In cases of conflict between new industries and existing ones, the Ministry of SMEs and Startups will play an active role."

The nominee had also voiced support for regulatory easing while serving as a member of the National Assembly. A representative example was her opposition debate during the plenary vote on the Pharmacy Act amendment bill, which sought to limit dual operations in pharmaceutical wholesale by non-face-to-face medical diagnosis platforms, commonly referred to as the "Doctor Now Ban Law." At that time, she pointed out, "If you claim to be building a country conducive to startups but then block businesses through post-facto legislation, who would risk their lives to start a business in South Korea?"

In 2023, during a conflict between Ro & Company (Rotok) and the legal profession, she also sponsored an amendment to the Lawyers Act that would set regulations on lawyer advertising through government enforcement decrees rather than internal rules of the Korean Bar Association. When the bill failed to pass in the 21st National Assembly, she reintroduced it in the 22nd National Assembly.

The nominee stressed, "The biggest grievance in our venture and startup ecosystem is South Korea's dense and multi-layered regulatory framework." She added, "Even with new ideas and good business concepts, many ventures are unable to proceed due to post-facto regulations and blanket restrictions." She concluded, "If appointed as minister, I will drive changes in the regulatory approach that stifles venture and startup growth and blocks opportunities."

Regarding issues facing small business owners, she said, "I also have personal experience of living alone with my mother during my childhood, supporting ourselves by waiting for customers and delivery orders at a small restaurant my mother ran every day." She added, "I will creatively consider how to alleviate the hardships faced by small business owners due to recent changes in consumer behavior and living environments."

On SME-related issues, she stated, "SMEs are the backbone of the national economy." She further said, "As South Korea experiences an unprecedented economic boom centered on large export corporations, I will assess the current situation and develop policy solutions to ensure this prosperity extends even to small SMEs."

Meanwhile, when asked if President Lee Jae-myung had given any special instructions, she reported that he had requested her role in promoting SME growth, launching a national era of entrepreneurship, and alleviating hardships for small business owners, based on expertise in legislation and budgeting.

Finally, the nominee emphasized, "Through my legislative activities, particularly serving as rapporteur for the Special Committee on Budget and Accounts, I have cultivated relevant expertise." She added, "Based on my expertise and experience in legislation and budgeting, I will implement policies that benefit small venture companies and small business owners."

[MoneyToday startup media platform Unicorn Factory]