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Promoting the financing of SMEs and start-ups in Korea

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  • Promoting the financing of SMEs and start-ups in Korea
  • Jones, Randall S.; Kim, Myungkyoo
  • OECD


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Title Promoting the financing of SMEs and start-ups in Korea
Similar Titles
Material Type Reports
Author(English)

Jones, Randall S.; Kim, Myungkyoo

Publisher

OECD

Date 2014-09
Series Title; No OECD Economics Department Working Papers / 1162
Subject Country South Korea(Asia and Pacific)
Language English
File Type Link
Subject Economy < Financial Policy
Holding OECD
License

Abstract

The Korean government has made fostering a “creative economy” a top priority. The goal is to shift Korea's economic paradigm to one based on innovation in which new start-ups and venture businesses play a key role. However, the venture capital market is still at an early stage of development. To make venture investment a growth driver, it is important to expand the role of business angels, activate the merger-and acquisition market and foster entrepreneurship. A creative economy also depends on making SMEs, which account for 87% of employment, more dynamic. The productivity gap between large firms and SMEs, which benefit from a wide range of public support, is widening. SME policies should be streamlined and improved to promote market-based financing and reduce the negative effects of government funding programmes, which discourage the expansion of SMEs.