Cho Min-sik, vice president of Bespin Global, will become the next president of the Korea Angel Investment Association. This will be the first change in the leadership of the Association since its founding in 2012, where Koh Young Technology, known as a 'lend' in the venture industry, has been at the helm.
The Korea Angel Investment Association is well-known as the managing organization for the Technology Startup Support Program 'TIPS' run by the Ministry of Small and Medium Enterprises and Startups. With the Ministry recently commencing the reappointment process for managing organizations, it is seen as a measure to enhance competitiveness by putting forward a 'new face.'
According to the venture and investment industry on the 7th, Vice President Cho Min-sik is currently undergoing review at the executive recommendation committee of the Korea Angel Investment Association and is expected to be officially appointed as president on the 28th following the board of directors and regular general meeting. Unless there are major variables, Vice President Cho is projected to lead the Association, succeeding the current president, Koh Young Technology. The president's term is three years.
Vice President Cho is a management consultant with 22 years of experience in corporate advisory and marketing, being a founding member of Samjong KPMG. He has also worked as a professional angel investor, helping the growth of startups.
He has served as an advisory committee member for the Innovation Growth Headquarters of the Ministry of Strategy and Finance and the Ministry of Trade, Industry and Energy's New Business Support Promotion Council, contributing to the enhancement of public-private cooperation for startups. He was recruited as the general representative of Bespin Global, a managed service provider specializing in cloud services, in 2020 and currently holds the position of vice president.
With a high level of experience and understanding regarding large corporations, startups, and the angel investment market, he is regarded as a suitable candidate for the presidency of the Korea Angel Investment Association.
Founded in 2012, the Korea Angel Investment Association plays a role in fostering angel investors, building networks between angel investors and startup corporations, and supporting corporate growth, thereby contributing to the creation of a venture investment ecosystem.
The core project is the management of the Technology Startup Support Program 'TIPS' initiated by the Ministry of Small and Medium Enterprises and Startups since 2013. It not only selects and manages the TIPS operating companies but also evaluates the startups recommended by those companies and oversees the final selection process. Approximately half of the Association's entire staff is engaged in this project.
The background for Vice President Cho's appointment as president of the Korea Angel Investment Association is interpreted as a strategic move to maintain this significant project, TIPS. The Ministry has now initiated the reappointment process for the managing organization, which had been entrusted to the Association without any particular procedures. Both the Venture Business Association and the Korea Venture Capital Association have also put forth their challenges.
The Korea Angel Investment Association has faced criticism regarding fairness, as board members include representatives of TIPS operating companies. There have also been criticisms that it merely distributes funds mechanically and lacks the capacity to act as a supporter for the growth of TIPS corporations.
Amid the government's trend of cuts to the research and development budget last year, the Ministry of Small and Medium Enterprises and Startups delayed the disbursement of TIPS R&D budgets, leading to some accountability issues. It is reported that the managing organization failed to adequately perform its role in holding briefings and ensuring that there was no confusion for TIPS corporations.
The Ministry plans to complete the selection work for the TIPS managing organization by March. A Ministry official noted, 'The new TIPS managing organization will be directed to significantly be granted responsibilities to contribute to the actual growth of TIPS corporations based on funding support.'