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With Lee So-young taking office, industry attention is focused on what changes may occur in venture and startup-related policies. Lee (Minister) identified three priority policies before assuming office: easing capital market regulations, continuing support for all entrepreneurs, and revitalizing regional startup ecosystems.
According to the National Assembly and the Ministry of SMEs and Startups on the 25th, Lee (Minister) repeatedly emphasized these three policies through hearings such as the confirmation hearing.
The policy most frequently mentioned by Lee (Minister) before taking office was capital market policy. During the confirmation hearing on the 15th, she stated, "If necessary, I am willing to hold a public debate with Financial Services Commission Chair Lee Eung-won." Typically, capital market policies such as KOSDAQ fall under the jurisdiction of the Financial Services Commission, and the Ministry of SMEs and Startups has been cautious in expressing its views. As a newly established ministry that has not yet reached 10 years since its elevation to full ministerial status, it was difficult to express disagreements with other ministries' policies, which also influenced this caution.
However, Lee (Minister) demonstrated her determination to actively voice opinions, noting that KOSDAQ policy is currently the most pressing issue for venture and startup companies. In particular, after meeting with the Venture Company Association on the 10th, she expressed opposition to proposals such as strengthening delisting criteria for KOSDAQ or implementing a promotion-and-relegation system, stating, "These measures directly affect small and medium-sized venture companies and are also linked to issues faced by existing investors, venture capitalists (VCs)."
Lee (Minister) emphasized, "Until now, the Financial Services Commission has managed capital market policies from a financial perspective, but KOSDAQ is too important a market for small and medium-sized and venture companies. Policies cannot be formulated solely from a financial viewpoint."
Regarding "All Entrepreneurs," Lee (Minister) stated, "We will ensure that the entrepreneurial enthusiasm generated leads to actual startups and sustained growth." She expressed her determination to focus on preventing "All Entrepreneurs" from remaining a one-time event.
Currently, the first cohort of "All Entrepreneurs" is in its second round, while the second cohort is in the evaluation stage to determine who advances to the first round. With approximately 60,000 participants in the first cohort and around 90,000 in the second, the initiative has received positive feedback for sparking national interest in entrepreneurship. However, challenges remain in managing these participants to ensure they transition into actual startups and achieve results. This is also a critical point where "All Entrepreneurs" could either remain at the level of an event or evolve into an effective policy.
Lee (Minister) stated, "From now on, follow-up support must be provided to identified entrepreneurs through various programs and budgets." She added, "We are currently establishing dedicated funds and guarantee products for these identified entrepreneurs."
Lee (Minister) stated, "I will keep in mind that non-capital region entrepreneurs must not be excluded from startup infrastructure or venture investment." She explained that this is intended to continue the trend of growing regional interest in entrepreneurship, noting that 63.3% of applicants in the second round of "All Entrepreneurs" came from outside the capital region.
In particular, she announced plans to expand investment opportunities for promising local startups through regional growth funds and support excellent talents in starting, growing, and settling businesses in their regions via startup cities. Lee (Minister) said, "We aim to move away from a structure where young people must leave their regions. Instead, we want good companies to grow locally, attracting both youth and investment, thereby enhancing regional competitiveness."
Emphasizing her commitment to regulatory reform, Lee (Minister) mentioned during the confirmation hearing that there are parts of systems such as the 52nd-hour workweek and restrictions on the comprehensive wage system that "may not be entirely suitable," calling for flexibility.
Regarding the 52nd-hour workweek, she stated, "In many knowledge-based jobs, evaluation is often based on results rather than working hours." On the blanket restriction of the comprehensive wage system, she said, "Legally restricting the wage system itself could increase difficulties for companies." She further emphasized, "Uniform regulations do not align with today's work structures."
Additionally, regarding the amendment to the Commercial Act that mandates the cancellation of treasury shares, she stated, "Although there are exceptions for venture companies, if there are shortcomings, we will proceed with discussions to broaden these exceptions."
[MoneyToday Startup Media Platform Unicorn Factory]
in FUTURE
