“Let Us Build a System for the Rebirth of Venture Business“

"As the venture industry developed, Korea’s enterprise ecosystem rapidly changed. Competent workers began to choose ventures rather than major corporations, creating a balance in human resources." (Byun Tae-Kyu, concurrent Humax’s CEO and Venture Leader’s Club chairman)

Major domestic venture enterprisers recently expressed opinions on various venture-related scandals. 7 executives and about 50 members of venture- related organizations, including Korea Venture Business Association, gathered at Kangnam-ku Samsung-Dong Trade Center, Seoul, on the 17th to share their feelings of concern.

Chairman Byun said, "It is in these recent years of venture boom, in which genuine `entrepreneurs` with passion and sense of challenge, began to appear in Korean society. It is with a strong sense of regret that we witness the recent troubles distorting such a spirit."

Turbotek CEO and Korea Venture Business Association chairman Chang Hung-Soon pointed out that "It is possible to have a few corrupt enterprisers in the process of gathering manpower, money, and policies for the venture industry as the new economy is just beginning to boom. However, there are many more venture businessmen who sincerely contributed towards the nation’s welfare, so please look at the bright side, not the shadows."

Chairman Chang said, "In the process of concentrated growth, it is true that venture enterprisers did not learn crisis management and ethics thoroughly. I humbly accept people’s criticism over the recent scandals, and will make suggestions that will help to create systematic improvements."

Promising Information And Communication Companies Association (PICCA) chairman Kim Sung-Hyun frankly said, "Venture directors don’t really mind since there was always trouble, but the problem is that the staff might have low morale. We desperately need elite manpower from now on."

Venture entrepreneurs publicized `Venture entrepreneurs’ view on venture- related incidents` on this day, and announced plans to publish a `manifesto of venture entrepreneurs` code of conduct` on the 25th. Experts from legal, academic, and various other circles participated in the Ethics Committee (tentative title). The group will discuss the formation of the committee for eliminating absurd and corrupt enterprises from the KOSDAQ market.

The day’s event was attended by Korea Venture Business Women`s Association chairperson Lee Young-Nam, Daedeok Valley Venture Association chairperson Lee Kyung-Soo, Korea Bio Venture Association chairperson Han Moon-Hee, and Korea Internet Corporations Association director Yoon Hyung-Sik.

Im-Sook Ha artemes@donga.com