Lee Jae-myung's Startup Policies: Really New?

President Lee Jae-myung, in his inauguration address, emphasized the historical transition and the dynamism of the Korean people by mentioning "the era of infinite AI competition where pages turn in the blink of an eye" and "a new chapter in the world history of democracy where military coups are suppressed with bare hands holding cheering sticks." The key now is what we will write on the newly opened page. The Lee Jae-myung administration presented a vision to expand venture investment tenfold to 40 trillion won, aiming to build an 'industrial ecosystem where large, medium, small, and venture companies and startups organically cooperate.' It remains to be seen whether this can be a solution that overcomes the complexities faced by the Park Geun-hye administration's 'creative economy' or the Moon Jae-in administration's 'innovative growth.' The core philosophy of the Lee Jae-myung administration is 'pragmatic marketism.' Their stance is to accept any policy that is necessary and useful, without being bound by ideological distinctions. The promise to shift the government's role from 'control and management' to 'support and encouragement' is a positive signal for the startup ecosystem. In particular, mandating venture investment for 68 statutory funds raises expectations for national finances to serve as a pump-priming role in areas of market failure, especially for early-stage startups. Of course, limitations of government-led investment and bureaucratic issues exist, but they can be sufficiently overcome if accompanied by private expert management, performance-based evaluation, and a culture that tolerates failure. Regulatory innovation also promised a shift towards 'negative regulation.' This means maximizing freedom for corporate activities, excluding minimal principles such as public life and safety, workers' rights, and unfair trade. Measures such as introducing special provisions for working hours for key personnel in venture companies are a pragmatic approach that acknowledges the unique characteristics of startups. However, strong executive power to coordinate the interests of various ministries, overcome resistance from vested interests, and maintain consistent policies will be key to success. Large-scale investment in high-tech industries such as AI and semiconductors, and the transition to a renewable energy-centered society, are strategic areas where Korea can gain an advantage in global competition. Significant synergy can be created if world-class AI technology and the dynamism of startups are combined. In particular, the expansion of renewable energy production through the construction of a 'dense energy highway' is attracting attention as an innovative concept that goes beyond mere energy policy, aiming to revitalize provinces at risk of extinction and achieve balanced regional development. The possibility of creating an energy startup ecosystem that leverages local characteristics, moving away from concentration in the Seoul metropolitan area, is discernible. For this vision to succeed, several conditions are essential. First, a strong driving system that can integrate and coordinate policies scattered across various ministries, in other words, a control tower, is needed. Second, the government must create an environment and provide support, while also building a virtuous cycle structure that maximizes the expertise and dynamism of the private sector. Third, despite political changes every five years, long-term policy sustainability must be secured through bipartisan consensus. Of course, difficulties are expected, but the expectation that "if our Republic of Korea does it, it will become a global standard" is not far-fetched. We have experience creating new ways that the world has not seen, in areas like K-culture, semiconductors, and shipbuilding. The era of the AI revolution and energy transition to respond to the climate crisis offers new global opportunities for our startups. There is not much time, but it is not too late. It is now time to observe the implementation process to see if the Lee Jae-myung administration's startup policies can write a 'new page' different from the past.