Seongnam: President Lee Jae Myung announced the government's commitment to bolster support for innovative startups by stimulating the venture investment market and establishing funds for entrepreneurs during a meeting at Startup Square in Seongnam, south of Seoul.
According to Yonhap News Agency, Lee emphasized the government's efforts to enable startups to spearhead the 'third venture boom' and drive future economic growth. He assured that the administration would back the enthusiasm of young entrepreneurs. As part of this initiative, Lee pledged to fulfill the government's commitment to develop a 40 trillion-won (US$29 billion) annual venture investment market.
The government's strategy includes nurturing 50 unicorn companies-startups valued over 1 trillion won-by enhancing investment, establishing startup hubs, and boosting public funding for entrepreneurship. Lee also highlighted the administration's intention to support entrepreneurs in initiating new ventures without the fear of failure and to aid in recovery when setbacks occur.
Lee stated, "Failure should not block new challenges," underscoring the creation of a 1 trillion-won 'rechallenge fund' aimed at assisting young startups in their recovery and growth, transforming setbacks into stepping stones for future advancement.
Prior to the meeting, President Lee explored an exhibition booth showcasing participating companies and engaged with a humanoid robot demonstration.