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Major issues of Venture Business Certification System and Challenges

Author Cho, Youngsam, Ji, Minwoong Date 2016.12.05 Issue No

Korea pushed for policies of upbringing venture businesses with a purpose of producing alternative players for the growth to recover from the industrial competitiveness crises. The country operated Venture Business Certification System to set policy objects.
- Korea carried out supportive measures given that it did not have self-sustaining ecosystem such as America’s Silicon Valley. The measures were based on the definition of the world of venture business as objects of measures.
- Venture Business Certification System went through several reforms. Korea has carried out certification system with directions and contents of “Market-Friendly System” since 2005 until the system becomes as it is today.

Amid endless debates of adequacy of Venture Business Certification System, Korea is required to examine the need to improve the System to draw a picture of future-oriented venture policy which is related to the reforms of Act on Special Measures for the Promotion of Venture Business that expires next year.
- Issues of Venture Business Certification System are encapsulated as follows: The need for the System; Role models of venture business that are required in the definition of venture business; How to select systems.

It is necessary to focus on upbringing alternative industries for growth that will compensate for limits of large business systems in the future, reflect novelty and diversity of venture business models in the certification standard, and strive for the operation of a market-friendly system.