Korea Startup Forum and Democratic Party Host 'Again, a Good Country for Startups' Innovation Roundtable; Various Policy Proposals Emerge

The Korea Startup Forum (KOSFO, Chairman Han Sang-woo) held an innovation roundtable with members of the Democratic Party of Korea on the 25th at the National Assembly Member's Office Building, under the theme 'Again, a Good Country for Startups.'

The roundtable was co-hosted by members of the Democratic Party's Trade, Industry, Energy, SMEs, and Startups Committee—Jang Cheol-min, Kim Han-gyu, Lee Eon-ju, and Lee Jae-kwan—and members of the National Policy Committee—Park Sang-hyuk, Kang Jun-hyeon, Kang Hoon-sik, Kim Nam-geun, Lee In-young, Lee Jeong-mun, and Jeon Hyun-hee. Moderated by Assemblyman Jang Cheol-min, the event featured innovation proposals from startups followed by a comprehensive discussion.

From the startup community, KOSFO Chairman Han Sang-woo and Vice Chairman Koo Tae-eon were joined by policy presenters including ▲Kang Ki-hyuk, Vice President of Neubility (AI Robotics) ▲Lee Hyun-jae, CEO of YesFuture (Attracting Global Talent) ▲Nam Seong-jun, CEO of Dazayo (Revitalizing Local Startups) ▲Kim Cheol-beom, CEO of Deep.Plant (Activating Startups for Middle-Aged and Older Adults) ▲Chung Ji-eun, CEO of Codiit (Public Service Innovation) ▲and Jeon Sang-yeol, Founder of Nowbusking (Fostering a Startup Culture).

KOSFO Chairman Han Sang-woo opened the discussion with a keynote speech, stating, "South Korea's new engine for economic growth can be found in startups. As startups play a significant role in various fields such as AI robotics, attracting global talent, and digital transformation, it is crucial to create an environment where they can compete fairly under the same rules."

Lee Hyun-jae, CEO of YesFuture, emphasized, "As countries around the world compete to attract global talent, it is important for Korea to also create an environment where outstanding foreign talent can contribute to our economy through entrepreneurship." He added, "Since domestic startups are recently considering hiring highly skilled foreign talent positively, I hope for regulatory improvements and policy enhancements to facilitate smooth talent exchange and market entry between the Korean and overseas startup markets."

Nam Seong-jun, CEO of Dazayo, proposed, "To further invigorate local startup creation, we must provide more opportunities to local entrepreneurs and improve institutional inconveniences. The regulatory sandbox is currently operated mainly by central government ministries, but it should be legislated nationwide so that local governments can also utilize it. We must also examine blind spots, such as cases where the regulatory sandbox has limited business expansion."

Kim Cheol-beom, CEO of Deep.Plant, stressed, "At a time when the retirement age for the middle-aged and older population is getting earlier, expanding startup opportunities will be a critical task for enhancing our economy's sustainability. Policies for this demographic should be considered, such as activating specialized support and systems for middle-aged entrepreneurs and creating educational programs to help them successfully integrate into the startup market."

Kang Ki-hyuk, Vice President of Neubility, stated, "As Korea's AI robotics industry gradually develops and gains global influence, it is a crucial time to expand it and build a solid foundation for growth. For this, Korea needs to prepare a concrete strategy and response to strengthen the AI industry, similar to the US and China. Regulatory improvements and reviews are also needed, such as tailored support policies for AI robot companies at each growth stage and easing the requirements for technology-based special listings on the stock market."

Chung Ji-eun, CEO of Codiit, said, "Unlike the US and other countries, Korea's excessively restrictive regulatory environment makes it difficult to attract investment, and it is a reality that startups find it hard to understand the regulations. Public procurement and regulatory innovation are important for the growth of the Govtech industry and to enhance startup participation. Technology protection and a fair competitive environment are necessary for them."

Jeon Sang-yeol, Founder of Nowbusking, commented, "Entrepreneurship is more than just creating a company; it has the power to shape an entire industry. All startups, regardless of their size, are creating social value, and their members are actors who constantly spread the value of entrepreneurship. I hope the existence of this ecosystem itself is viewed as meaningful."

In the subsequent comprehensive policy talk, 'South Korea's Innovation, a Dialogue Between the National Assembly and Startups,' moderated by Assemblyman Jang Cheol-min, participants discussed ways to promote startup growth and spread entrepreneurship, as well as directions for policy improvement.

Assemblyman Kang Hoon-sik advised, "Startups need a strategy to effectively utilize the National Assembly by understanding the gaps in related laws and regulations to grow their business," emphasizing cooperation between the parliament and startups. Assemblyman Park Sang-hyuk stated, "I deeply empathize with the innovation that startups will achieve, and I will step up to improve regulations and provide policy support so they can realize their growth potential."

KOSFO Chairman Han Sang-woo, who co-hosted the roundtable, said, "I ask the government and the National Assembly to come together to create a society that respects entrepreneurs who challenge innovation and grow by accumulating failures, even amidst difficulties like economic crises. KOSFO will strive to enable startups to achieve results in a free and fair competitive environment." Assemblyman Jang Cheol-min concluded, "We will treat the key issues from the startup community discussed today—such as the AI industry ecosystem, policies for middle-aged entrepreneurs, technology-based special listing requirements, and improvements to the regulatory sandbox—as actionable tasks and will continue to provide support so that they can lead to meaningful results."

Meanwhile, the Korea Startup Forum plans to continue its activities to spread the spirit of entrepreneurship and enhance the global competitiveness of startups. This year, it is expected to focus on the development of the startup ecosystem by expanding support centered on new industries like AI, semiconductors, and deep tech, and by forming new industry councils following the models for telemedicine and legal tech.

Source: AVING News (https://kr.aving.net)