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Spurring the development of venture capital in Korea

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  • Spurring the development of venture capital in Korea
  • Jones, Randall
  • Korea Economic Institute of America


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Title Spurring the development of venture capital in Korea
Similar Titles
Material Type Articles
Author(English)

Jones, Randall

Publisher

Washington, DC:Korea Economic Institute of America

Date 2016
Journal Title; Vol./Issue Korea's Economy:Vol. 30
Subject Country South Korea(Asia and Pacific)
Language English
File Type Link
Subject Economy < Economic Administration
Economy < Economic System
Holding Korea Economic Institute of America

Abstract

Korea has made fostering a “creative economy” a top priority to sustain economic development and avoid the “low-growth trap.” The goal is to shift Korea’s growth strategy from an emphasis on exports by large chaebols to one that favors innovation, including venture capital investment in new firms. Korea’s high level of investment in R&D and education give it a strong foundation for such a strategy. However, Korea’s venture capital market is still at an early stage of development and requires a comprehensive strategy to make it a growth driver. First, it is important to expand the role of business angels, who are essential both for financing and mentoring start-ups. Second, the large share of the public sector – which provides about half of venture capital investment – should be limited to avoid crowding out private investors. (The rest omitted)