The Korea Startup Forum (KOSPO), the largest private startup organization in Korea, said it agrees with the plans in President Lee Jae-myung's New Year's address for a "startup-centered society" and an "era of a startup and venture boom."
On Jan. 2, KOSPO issued a statement saying, "The paradigm shift the government has declared—from 'growth centered on a few large conglomerates' to 'growth for all' that shares opportunities and fruits broadly—is a timely and bold decision for the sustainable future of the Korean economy."
It added, "Defining startups as the main agents of innovation and creating an environment where they can take on challenges to their heart's content will be a great boost to our startup ecosystem," and noted, "We hope a structure will take root in which the value of innovation created by startups is fully recognized and its results flow into the lives of both corporations and the public."
It went on to say, "We agree with and express support for the remarks that the 'Public Growth Fund' will serve as a primer for innovation-driven growth and help establish a virtuous investment culture in which all citizens share in the harvest, while providing opportunities for young entrepreneurs to take on challenges through a shift in the social fabric from employment to startup-centered and by building a safety net where failure becomes an asset."
It also said, "We ask that this New Year's address go beyond a mere declaration and be implemented on the ground through regulatory innovation and support policies so that innovative entrepreneurs can take on challenges without fear of failure and become the backbone of the Korean economy."
In his New Year's address the previous day, President Lee Jae-myung said, "In step with the transition to a 'startup-centered society,' the government will spare no effort to support young entrepreneurs and founders so they can boldly take on challenges and freely pioneer the path of innovation," and added, "We will build a country where failure becomes an asset and anyone can rise again at any time, an era of a startup and venture corporations boom where any idea can lead to a startup, and a heyday for small and medium-sized enterprises."