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Title The 430th S&T Policy Forum on “Startups’ Sustainable Growth” (November 12)
Date 2019-11-12 Hit 1771  

On November 12, the 430th S&T Policy Forum was hosted by the Science and Technology Policy Institute (STEPI) at Seoul Dragon City Hotel. Under the theme of “Startups’ Sustainable Growth,” the forum was jointly organized by STEPI, the Korea Youth Entrepreneurship Foundation and the UN Industrial Development Organization (UNIDO) to share successful cases of companies achieving growth and overcoming challenges At the forum, participants also explored the development direction of policy environment that can promote sustainable corporate growth. 


In the keynote speech, Prof. Carl Schramm of Syracuse University stressed that the ambitious objective of “entrepreneurship is to make the world rich and consequently improve the well-being of people’s life.” He said that more and more universities have been opening entrepreneurship related courses as well as startup incubation programs after the success of the Silicon Valley. He, however, expected startups to decline by about 30% over the next two decades as new challenges are rather withering despite those efforts. Prof. Schramm argued that the government should present a broad but realistic vision of “a successful entrepreneur” by creating a social atmosphere favorable for starting startups through macroeconomic growth and reducing unnecessary regulations.  


Next, senior vice president of Lego Chem Inc. Se-jin Park gave a case presentation under the title of “From the Startup of a Bio Venture to Its Public Listing.” He started his presentation by introducing the “Two and Three Law,” which means cost is spent twice more than expected while time is spent three times more than expected. He stressed this rule by saying he has been always bearing this in mind for the past 13 years since he started his bio venture company. He advised prospective entrepreneurs to set a funding plan and remember this rule before they arrange funding through venture capitalists. In addition, he emphasized the importance of timing, organizational and human resources management and entrepreneurship throughout his presentation. 


MVL CEO Kyung-sik Woo continued the case presentation on the theme of “Challenges to Enter the Global Market.” He has been operating a blockchain-based, free vehicle calling platform in Singapore and Vietnam since December 2018. In just four months after launching the service in Singapore, where Grab has a strong foothold after its acquisition of Uber, his service recorded more than 240,000 drivers and 160,000 users. Through the service, he aims to improve drivers’ life quality, create better user experience and provide more reliable taxi services.  

Lastly, CEO of Crevisse Partners Jae-hyun Kim made a presentation on “Entrepreneurship for Impacting the World.” According to Kim, impact investing refers to ‘investment in companies for the purpose of solving various social and environmental problems.’ This type of investment is becoming increasingly popular as it exerts positive impacts on the society while still generating investment returns. the ethical investment in the past was simply ‘not investing in bad companies,’ but it is now evolving into ‘investing in companies that essentially give good influence on the society and people’s life.’ He also expressed his hope for prospective entrepreneurs to understand that businesses can solve various social problems.  


This forum served as an opportunity to spread a positive perception about entrepreneurs, encourage challenges, and create an entrepreneurial-friendly atmosphere in preparation for the future society.