A large majority of South Koreans believe government support is crucial to developing venture businesses, underscoring public recognition of startups. (Image courtesy of Korea Venture Business Association (KOVA))
SEOUL, Aug. 28 (Korea Bizwire) — A large majority of South Koreans believe government support is crucial to developing venture businesses, underscoring public recognition of startups as key drivers of innovation and economic growth, according to a survey released Tuesday.
The poll, conducted by the Korea Venture Business Association between July 14 and 21 with 1,000 adults nationwide, found that 75.7 percent of respondents said government support was needed for venture firms, while only 2.4 percent disagreed.
Research and development topped the list of priority areas for assistance at 26.1 percent, followed by regulatory easing (16.4 percent), financing support (14.1 percent) and startup aid (13.2 percent).
Public perceptions of venture companies were largely positive: 63.8 percent viewed them favorably, compared with just 3.5 percent who held a negative view. Respondents most often associated venture firms with “technology,” “innovation,” “startups,” “challenge” and “ideas.”
Reasons to pursue employment or start a business in a venture company(Image courtesy of Korea Venture Business Association (KOVA))
Nearly 40 percent said they would recommend friends or family to work for or launch a venture company, citing opportunities to apply personal ideas and skills, high growth potential, diverse experiences and performance-based rewards. Those unwilling to recommend such paths pointed to the sector’s high risk and low survival rates.
Three in Four Koreans Call for Policy Support to Boost Startups (Image supported by ChatGPT)
On a scale of 100, respondents rated venture firms at 72.6 for “new technology and innovation,” 71.3 for “future economic growth engines” and 70.6 for “pioneering new industries,” suggesting widespread recognition of their role as innovation leaders.
Still, compared with large corporations, ventures were seen as stronger in innovation and growth potential but weaker in stability and economic contribution.
“Most Koreans recognize venture businesses as vital forces in advancing our economy and industry, but many still see them as unstable or high-risk,” said Song Byung-jun, head of the Korea Venture Business Association.
“It is time to elevate social recognition of venture firms and reassess their value. With targeted policy support and stronger private-sector collaboration, we can foster more startups, attract talent and build a more vibrant venture ecosystem.”
M. H. Lee (mhlee@koreabizwire.com)
