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"If the past 10 years were a time that proved the existence and value of innovation through startups, the next 10 years must be a time to create structures that allow startups to grow even larger. We must move beyond the decade of proof to the decade of growth."
Kim Jae-won, Chairman of Korea Startup Forum (COSPO), stated at the 'COSPO 10th Anniversary Next Chapter' media day held on the 9th at Tipstown in Gangnam-gu, Seoul, "If COSPO has demanded changes in South Korea with the voices of entrepreneurs over the past 10 years, we will provide direction for change in the next 10 years."
Established in September 2016, COSPO plays a role representing the continuous growth of startups, the development of their ecosystem, and common interests. The number of startup member companies has grown significantly from around 50 at the time of establishment to over 3,000 today.
COSPO's core activity is 'startup growth support.' It conducts various education programs and seminars to help strengthen the capabilities of entrepreneurs and their team members. In addition, it provides a sturdy protective role by offering diverse professional services including legal and welfare support, as well as facilitating business cooperation and networking among startups.
In particular, the activity receiving the most emphasis is 'improving the startup business environment and regulatory innovation.' COSPO has consistently voiced its stance on regulatory issues related to startups in areas such as law, mobility, fintech, healthcare, data, distribution, accommodation and tourism, and O2O (online-offline linked services).
The chairman said, "We will evolve into a problem-solving policy platform that does not merely convey the voices of the field but first identifies problems and designs solutions." He added, "In the AI era, national competitiveness depends on how quickly new technologies can meet the market and grow. The answer to becoming an AI powerhouse is becoming a startup powerhouse."
All Past COSPO Chairmen Gather: Baemin Founder Kim Bong-jin Among Them
At the event, all past chairmen gathered, including Kim Bong-jin, founding chairman of COSPO (Grande Clip CEO and founder of Woowa Brothers), Park Jae-wook, 3rd Chairman (Socar·ApexMo Bil-ri-ti (CEO)), and Han Sang-woo, 4th Chairman (Wi Jeu-dom (CEO)).
Regarding the origins of COSPO, Kim Bong-jin (CEO) cited regulations on the late-night bus call service 'Call Bus' in 2016. He explained that after 20 to 30 entrepreneurs discussed countermeasures, they moved toward establishing a group organization, and he accepted the chairmanship following persuasion by Lee Soo-jin, CEO of Yanolja.
He pointed out, "I looked for countries where associations of startups had gathered due to regulatory issues, but there were none at that time." He added, "The fact that COSPO is still talking about regulations even after 10 years reflects the reality of our society as it stands."
Regarding the 'Tada incident,' Kim (CEO) said it was "a very big shock." He remarked, "It caused frustration for everyone in the industry, and I regret that it had to be resolved so extremely. It is true that a psychological barrier has since been created among entrepreneurs."
Park Jae-uk (CEO), who operated Tada, stated, "The approach of freely attempting everything not explicitly prohibited by law and then creating regulations later based on the innovations generated from those attempts becomes the source of new imagination." He presented the shift to negative regulation as a policy task.
Alongside regulatory innovation, voices were also raised calling for the creation of a market where large corporations and startups can compete freely and fairly. It was noted that just as important as innovation is strict accountability for unfair practices such as technology theft.
Han Sang-u (CEO) said, "If a free and fair market opens up, startups will show a very high win rate." He added, "We must enhance the effectiveness of sanctions against unfair practices, including measures to impose substantial personnel penalties on executives at large corporations who order technology theft."
COSPO's Next 10 Years: "Building a Foundation for Startup Growth"
COSPO has outlined the core directions for the next 10 years as: Market, Regulatory Innovation, Expansion, Growth, and Legacy. The plan is to shift the center of startup support from merely promoting entrepreneurship to building a solid foundation for actual growth.
The organization plans to help expand markets where government and public institutional investors become the first customers of innovative companies, rather than simply providing subsidies. The aim is for early-stage companies to secure practical experience and revenue, using them as stepping stones to enter the private market.
Additionally, it aims to improve systems so that new industries are not blocked by outdated regulations while also establishing a fair market order where large corporations, startups, existing industries, and new industries can compete under the same conditions.
Creating a virtuous cycle of capital leading from investment to exit and reinvestment is also a key task. Furthermore, the goal is to activate various compensation systems such as Restricted Stock Units (RSUs) so that top talent chooses startups, and to create an environment where team members who contribute to the company's growth share in its success.
In particular, COSPO plans to work hard to foster a 'Pay It Forward' culture where the experience, capital, and entrepreneurial spirit of successful entrepreneurs are passed on to junior entrepreneurs.
Choi Ji-young, CEO of COSPO, emphasized, "Innovation was created by entrepreneurs, and it is COSPO's role to stand by them so that this innovation does not grow tired from fighting alone and disappear." She added, "We will continue the promise of a virtuous cycle where the experience of successful entrepreneurs flows to the next generation of entrepreneurs for the next 10 years as well."
[MoneyToday startup media platform 'Unicorn Factory']
in FUTURE
