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Korean support system for venture business creation

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Frame of Image University 	 Jong Woon Kim, Hannam University, Professor H 	 ongkee Kim, Hannam University, Professor
Advisory Research Management	 Supported by	
Jijong Jang, Hannam University, Vice President KDI School of Public Policy and Management 	 Ministry of Strategy and Finance (MOSF), Republic of Korea
Government Publications Registration Number 11-7003625-000040-01 ISBN 979-11-5545-059-8 94320 ISBN 979-11-5545-032-1 [SET 42] Copyright © 2013 by Ministry of Strategy and Finance, Republic of Korea
Government Publications Registration Number 11-7003625-000040-01
Knowledge Sharing Program
2012 Modularization of Korea’s Development Experience
Korean Support System for Venture Business Creation
Preface
The study of Korea’s economic and social transformation offers a unique opportunity to better understand the factors that drive development. Within one generation, Korea has transformed itself from a poor agrarian society to a modern industrial nation, a feat never seen before. What makes Korea’s experience so unique is that its rapid economic development was relatively broad-based, meaning that the fruits of Korea’s rapid growth were shared by many. The challenge of course is unlocking the secrets behind Korea’s rapid and broad-based development, which can offer invaluable insights and lessons and knowledge that can be shared with the rest of the international community. Recognizing this, the Korean Ministry of Strategy and Finance (MOSF) and the Korea Development Institute (KDI) launched


Full Text
Title Korean support system for venture business creation
Similar Titles
Project Category Development Cases
Material Type Reports
Author(English)

Kim, Jong Woon; Kim, Hongkee

Publisher

Seoul:KDI School of Public Policy and Management

Date 2013
Project Development Cases
Series Title; No Knowledge Sharing Program: KSP Modularization
ISBN 979-11-5545-059-8 94320; 979-11-5545-032-1 [SET 42]
Pages 120
Subject Country South Korea(Asia and Pacific)
Language English
File Type Documents
Original Format pdf
Subject Industry and Technology < Entrepreneurship
Holding KDI School of Public Policy and Management
Supervisor KDI School of Public Policy and Management
Organizer Small and Medium Business Administration(Republic of Korea); Hannam University
Sponsor Ministry of Strategy and Finance(Republic of Korea)
Project Term 2012-01-01 ~ 2012-12-31

Abstract

This report studies the processes and government policies concerning venture business creation and growth in Korea to provide policy experiences and implications to developing countries. Korean venture business policies were mainly introduced at the time of the Korean financial crisis in 1997 to transform Korea’s economic framework from a large-business-centered one to an innovative-firm-centered structure. That was because the myth of “too big to fail” was collapsing due to bankruptcy of conglomerates (so-called “Chaebol”), and the vicious circle that started with financial institutions weakened from unsustainable ways of business going bankrupt, and businesses, which could not get loans from these financial institutions, also going bankrupt. Under such a general socio-economic crisis from the rapid increase of the unemployment rate from layoffs and the collapse of the middle class, the downgrade of sovereign ratings and the rapid decrease in foreign exchange reserves, forced Korea to reach out to the IMF for a relief loan to overcome the sovereign default crisis. (The rest omitted)

User Note

Government Publications Registration Number 11-7003625-000040-01