Korean government pursue 4-Up strategies for Innovative SMEs
The Korean government decided to pursue “4-Up” strategies for boosting the startup sector to create jobs and secure future growth engines.
According to Minister of the MSIP(Ministry of Science, ICT and Future Planning) Choi Yang-hee, the government plans to promote entrepreneurship and innovative SMEs in 2017.
Choi explained "In the plan to promote entrepreneurship and innovative SMEs, the Korean government set specific targets including raising record high new venture fund worth of 3.5 trillion won and attracting 2.3 trillion won venture investment and establishing 50,000 tech startups and supporting 500 startups to enter global market.”
The Korean government decided to pursue the following “4-Up” strategies in close collaboration with various ministries.
1. Boom-Up: expanding startup boom and raising public awareness regarding entrepreneurship -hosting Creative Economy festival & inter-ministerial Innovation and Entrepreneurship Contest -creating easy and fun video contents
2. Build-Up: advancing online & offline startup and innovation platform -expanding business models of Centers for Creative Economy and Innovation -establishing Pangyo Creative Economy Valley
3. Start-Up: promoting innovative technology-based startups -vitalizing tech startups of universities -hosting K-Startup Grand Challenge -fostering promising global ventures
4. Scale-Up: solidifying sustainable startup support system -promoting Corporate Venture Capital (CVC) and venture certification system focusing on innovation and growth