Eric Sangyub Sung, chairman of the Korea Venture Business Association and CEO of Intellian, emphasized the necessity of globalization for the growth of venture businesses. In a New Year’s event for the innovative venture industry held on Jan. 19 at EL tower in the Seocho district of Seoul, Chairman Sung stated, “To expand the venture investment market, we will work on creating an environment that facilitates the inflow of global capital into Korea and establish institutional foundations to assist ventures in acquiring talent.”
Chairman Sung analyzed, “As of the end of 2023, there are over 40,000 recognized venture companies. Based on the 2022 fiscal year, venture businesses achieved sales of 211 trillion won and employed 810,000 people, significantly contributing to job creation and economic growth. The number of ventures reaching 100 billion won in sales increased by 130 from last year to 869, marking a record high.”
However, he added, “Venture companies are at a major turning point related to survival, and major countries are engaged in a silent war for the acquisition of core technologies. 2024 should focus not on crisis, but on ‘innovative growth.’ We must explore innovative ideas, advance technological innovation through R&D, and challenge the global market.”
Chairman Sung further stated, “In the policy sector, we will continuously monitor the implementation and institutionalization of national tasks and policies reflected during the last presidential election process. We will convey the field’s opinions to the government’s ‘Venture Business New Growth Road Map’ to help shape the blueprint for innovative growth.”