Twenty Years of Venture Business Policy : Retrospect and Prospects

The implications and lessons of the last twenty years of venture business policy should serve as a foundation as those policies develop a new future. What sort of preparations should we be making as we set sail toward the future? It is fine to pursue the new, but it is also important to regard the implications and lessons of our experience with venture business policy as a starting point toward the future.First, we face the task of realizing more mature and developed venture business policy. The past twenty years of policy, with its mixture of successes and failures, should be seen as assigning us the task of ultimate success. In that way, past failures may be seen as a foundation for success, and venture business policy will establish itself firmly as a brand that left a huge mark on Korean policy history in the true sense.In terms of future visions to be pursued through venture business policy, development of a global policy brand cannot be neglected. While some areas of Korean venture business policy are not as well-rounded as they could be, we should remember that it has been held up as a model for other countries that, unlike the United States, lack naturally emerging ecosystems for venture business.Policy intervention becomes necessary when an ecosystem or market required by a national economy does not emerge or remains in an immature state due to that country’s characteristics or developmental stage. Not all policy interventions are successful, however – indeed, there are arguably more instances in which the results are unsatisfactory. In that sense, the value of Korea’s early venture business policy should be acknowledged in spite of its disappointing aspects. This article traces the history of venture business policy in Korea and analyzes the prospects of venture businesses going forward