Coupang and Viva Republica (Toss) met promising corporations in Korea's artificial intelligence (AI) and deep tech sectors to share their experiences to date and proposed support systems and government policies.
The Ministry of SMEs and Startups said on the 18th that, chaired by Minister Han Seong-suk, it held a "policy roundtable on venture investment to foster AI and deep tech unicorns" at Korea Venture Investment Corporation with promising corporations in AI and deep tech and venture investors.
The roundtable was prepared to discuss producing results from the "next-generation unicorn discovery and cultivation project." The next-generation unicorn discovery and cultivation project is a program that supports promising corporations in AI and deep tech by growth stage. The ministry secured a total budget of 300 billion won this year through the second supplementary budget.
Minister Han Seong-suk of the Ministry of SMEs and Startups said, "At the center of Korea's economic goals, such as the 'AI top 3' and becoming one of the four global venture powerhouses, are promising venture corporations, unicorn corporations, and venture investors."
She added, "Innovative services that changed people's lives were born out of startup innovation and challenge," and "innovation was possible because venture investors were the first to recognize the potential and patiently waited."
Coupang, which committed 75 billion won for AI startups and the like, also attended the roundtable that day. Park Dae-jun, Coupang's CEO, said, "AI top 3 and the like can be realized only when startups develop many ideas and new business models," adding, "It would be good to pursue business by assessing demand for industrial change not only in the domestic market but also in overseas markets."
Seo Hyeon-woo, Viva Republica's CFO, noted, "It would be good if capital investment were made under flexible conditions." He added, "As we experienced, investment by policy finance institutions at the corporate expansion stage is a signal that domestic and foreign institutions can make follow-on investments," and "if valuation or disbursement conditions are applied flexibly, it would be good from a startup's standpoint."
There was also talk that corporations that have established themselves, such as Coupang and Viva Republica, should work with startups to build the ecosystem. Lee Sang-min, CEO of Neubility, stressed, "The role of senior corporations is important," and "even if something is lacking, use it together so they can build a reputation, and build technology together."
Venture capital that will directly manage the next-generation unicorn discovery and cultivation project fund also attended to share future investment directions and discuss policies needed for the growth of investee corporations.
Yoon Beop-ryeol, CEO of KB Investment, selected in the scale-up deep tech field, said, "This fund is the first policy fund set with the primary goal of expansion investment averaging more than 10 billion won per corporation," adding, "Thinking about the industrial structure five to 10 years from now, we selected about five corporations to invest in."
With promising corporations in each AI and deep tech field, they also discussed policy tasks needed to leap to unicorn status. Opinions were raised that loan programs for small and midsize enterprises should be activated and support measures such as tax benefits should be created.
Minister Han said, "If a virtuous cycle of innovation takes root, in which the experience of senior corporations combines with the new technologies and ideas of junior corporations and bold investment by venture capital is the backbone, many unicorn corporations, and further, national flagship big tech corporations, can be born."
She added, "We will reflect the vivid on-site opinions and policy suggestions in the 'comprehensive plan to leap to become one of the four venture powerhouses,' to be announced in the second half, and will build a venture investment market that supports the birth of unicorns and an innovation ecosystem at a global level."