The Status of Start-up Policy and Tasks
As start-ups play an important role in revitalizing the economy and creating jobs, many countries are concentrating their policy efforts on stimulating entrepreneurship. In 1986, the Small and Medium Enterprise Establishment Support Act was enacted in Korea.
After the foreign exchange crisis, policymakers reached a consensus that small and venture businesses could serve as a new growth engine of the Korean economy, and have gradually expanded start-up support programs since then. In 2017, eight central government ministries, including the Ministry of SMEs and Start-ups, along with 17 local governments, were found to have carried out 180 startup support projects.
The Moon Jae-in government announced its five-year plan of state administration operation in July 2017, and proposed start-up and innovation growth led by small and medium-sized venture businesses as a core strategy for national administration.