The roles of government, the private sector, and academia in the venture ecosystem was the major topic in May at the first Venture Ecosystem Activation Policy Conference, which was hosted by the Yonsei Business Research Institute (YBRI), an affiliate of the Yonsei Business School, and the Yonsei Venture, Innovation, and Startup Program(YVIP).
Business Professor Dongyoub Shin said YBRI Director Hyukseung Yang plans similar annual conferences.
After the opening remarks of YSB Dean Young Ho Eom, Jae Hong Lee, director of the Venture Innovation Policy Department at the Ministry of small and medium-sized enterprises (SMEs) and Startups, gave a presentation on the “Civic Activation of Venture Ecosystem.” He emphasized that venture ecosystems must evolve from civic initiatives rather than government investment. To make this possible, Lee said various policies are under consideration to support the healthy cycle of startups and investment and to create failure-safe environments.
Professor Jung-Wha Han at Hanyang University was the next presenter, focusing on “Venture Ecosystem Activation and Entrepreneurial University.” He argued that the biggest reason why young, competent students do not actively engage in startups is the high cost of failure and their exposure to unfair competition such as illegal theft of technology. He also emphasized the importance of market enlargement along with investment. “We need to change the supply-push mechanism to demand-pull,” he said, “because an increase in supply with a limited market size may lead to higher chance of failure. Korea has a small domestic market, which suggests that new businesses should consider intensive export.” Professor Han concluded his presentation by saying an “entrepreneurial university must lead such change by educating young students to be creative and innovative.”
The discussion session was led by panelists Dohyun Kim, head of the graduate school of global entrepreneurship at Kookmin University, Jung Min Lee, deputy director of the Korea Venture Business Association, and Mi-kyung Park, senior vice president of the Korea Venture Business Women’s Association. Panel topics were “An Exit Strategy for Korean Startups Without Successful M&A,” “Is it Possible to Transform a Venture Ecosystem Full of Self-interest?” and “How to Increase Female Ventures From 9.8% of the Total.”