Korea Startup Accelerators and Early Stage Investors Association (K-AIA) said on the 30th that it has approved a one-year extension of the current chair, Jeon Hwa-seong (CNTTech CEO). As the fourth chair, Jeon will lead the association through Feb. 2027, adding to the existing term (from Feb. last year to Feb. next year).
The association said of Chair Jeon, "Since taking office in Feb. last year, he has served as a central force in the startup and investment ecosystem, leading the association's external expansion and institutional improvements," and "led the integration of the association and the Korea Association of Early-Stage Investment Institutions."
It said it surpassed 260 member companies, including accelerators (AC), venture capital (VC), corporate venture capital (CVC), university technology holdings, and public ACs, and, with the establishment of the Southeast regional headquarters (Busan), established a nationwide operating system for the association in Seoul, Gyeonggi (Pangyo), Daejeon, and Busan.
It also said the association contributed to new growth after the integration by winning a contract to serve as the lead agency for the LIPS (investment-linked commercialization support program) worth 30 billion won annually, and by securing overseas bases for the association in Ho Chi Minh City, Vietnam, and Shanghai, China.
The association said, "The declaration of ethical and compliance management and the establishment of regulations, the amendment of the Venture Investment Promotion Act allowing investment for the purpose of management control by startup planners, and expanding the corporate contribution ratio to individual investment associations have also driven the tangible growth of member companies and the industry."
The association's board cited as reasons for the extension: ◇ stable responses to government policies and institutional changes ◇ resolution of key industry issues such as easing the mandatory investment ratio ◇ enhancing the status of Korea's startup ecosystem by expanding global cooperation.
In particular, it said the current chair's policy drive and network are needed to ease the mandatory investment ratio under the Venture Investment Promotion Act from three years to five years, a core industry demand.
Going forward, the association will prioritize completing the amendment to ease the mandatory investment ratio, expanding global expansion support programs for member companies, entrenching ethical and compliance investing, and promoting balanced growth of regional ecosystems in cooperation with the central and local governments.
Jeon said, "The association has represented the voice of the early investment industry, which forms the backbone of the domestic startup ecosystem," adding, "Based on continuity and accountability, we will resolve the industry's institutional challenges and strengthen cooperative networks for global expansion."
He added, "Above all, easing the mandatory investment ratio under the Venture Investment Promotion Act is an urgent issue that must be resolved quickly for the sustained growth of startup corporations and investment institutions," and "We will communicate closely with the industry to promptly deliver policy results."