MSS Minister Lee Young. (Photo: Platum) This is part of the Beyond Boundaries strategy included in the "Startup Korea”, a comprehensive policy for mid- and long-term support of startups announced by the ministry on August 30.
In the strategy, the MSS will globalise the RoK’s startup ecosystem and improve connectivity between Korean startups and the world.
The Korean government aims to create a startup ecosystem in the RoK that is inclusive and welcomes skilled talents from all over the world to start their businesses.
The immigration system for startups will be reorganised to be more startup-friendly. It will enable foreign entrepreneurs to settle down in the RoK and collaborate with Korean startups more easily.
Apart from Beyond Boundaries, other main strategies of the “Startup Korea” are Solidarity and Regional Startup, Equal Opportunity and Open Innovation.
Minister Lee Young stated that the RoK startup ecosystem has become more active due to past government policies supporting entrepreneurship. However, the current environment requires a new approach that includes digitalisation, AI revolution, and other transformations.
The “Startup Korea” includes policies tailored to assist military personnel, youth, university students, researchers, and serial entrepreneurs in starting their businesses.
Minister Lee stated that several ministries, including the Ministry of Economy and Finance, the Ministry of Justice, and the Ministry of Science and ICT, collaborated with the MSS to develop comprehensive measures for the “Startup Korea” with the goal of making the RoK a leading startup nation.
The minister stated that the MSS aims to increase the number of Korean K-Startups in the top 100 unicorns worldwide to five. Currently, only one Korean company is listed in the top 100 unicorns according to CB Insights' company valuation./.
VNA
