Oh Dong-yoon, director of the Small and Medium Venture Business Research Institute, gave a lecture on the future direction of small and medium-sized venture business policy at the 12 International Council of Small and Medium Business World Congress (ICSB World Congress) ‘K-Entrepreneurship Global Forum (ICSB Conference)’ held at the Kimdaejung Convention Center in Gwangju on the 2023th.
Oh Dong-yoon, director of the Small and Medium Venture Business Research Institute, diagnosed the history of corporate growth over the 60 years of the Korean economy. Director Oh Dong-yoon said, “There is a secret to the growth of Korean companies. “The government’s industrial policy, the people’s dedication, and the ecosystem centered on large corporations were effective,” he said. “If you look at the current domestic small and medium-sized business ecosystem, there are jobs but no people to work, and R&D is increasing, but innovation is at the lowest level.”
Director Oh Dong-yoon continued, “Korea’s problem lies in globalization. “This is because globalization has remained stagnant,” he said. “The proportion of exports by small and medium-sized enterprises compared to the total remains at 17%, and the critical structure of delivery is diagnosed as the main cause.”
Director Oh said, “Many people see the current Korean economy as facing the greatest crisis compared to previous economic crises. There is no choice but to emphasize the private sector. “Currently, it is not a coronavirus recession, but the beginning of low growth,” he diagnosed.
Director Oh continued, “I think a quick recovery is possible with industrial policy, but the problem still remains. “Problems such as mismatch in the Korean economy, lack of globalization, sluggish innovation, polarization, population decline, division and conflict will weigh on the Korean economy,” he said. “It could easily lead to low growth.” “We need to redraw the picture with the goal of ranking around 5th,” he argued.
As a solution to this, “we must implement business-centered policies, and small and medium-sized businesses are at the center of this. Director Oh Dong-yoon emphasized that “a major change in small and medium-sized venture business policy is necessary,” adding, “For this to happen, a constitutional amendment is essential. He added, “The country must move beyond the concept of protecting and nurturing small and medium-sized businesses and move to the stage of supporting cooperation and competition.”
Director Oh also added that policy dualization and policy approach reform should be implemented. He said, “It is important for the government to stimulate companies that have never innovated, share results, and export,” and added, “Globalization is necessary, linking not only the movement (export) of goods but also capital, human resources, and technology to overseas markets.” .” he expressed. Lastly, he emphasized that the bold challenge to become a world-class Korea begins with small and medium-sized venture companies.
Meanwhile, this forum is co-hosted by the Small and Medium Venture Business Research Institute and the Small and Medium Venture Business Policy Society and sponsored by the Ministry of SMEs and Startups. The conference was planned to provide the latest information and insights to businesspeople and citizens by introducing the meaning, future direction, and overseas cases of entrepreneurship.