Song Byeong-jun, New Venture Association President: "Korea's Future in Venture Startups"

## Song Byung-joon, Chairman of Com2uS, Takes Office as New President of Korea Venture Business Association… 'Pioneer' in Creating an Innovation Ecosystem The Korea Venture Business Association (KOVA) announced the beginning of a new leap forward by electing Song Byung-joon, Chairman of Com2uS, as its 12th new president during its 2025 Annual General Meeting and inauguration ceremony held on the 28th at EL Tower in Yangjae-dong, Seoul. At the event, the new President Song emphasized that "the future of venture startups is precisely the future of the Republic of Korea" and declared a strong commitment to building an innovation ecosystem. In his inaugural address, President Song diagnosed that while venture companies have consistently achieved remarkable growth and led innovation with an unwavering entrepreneurial spirit over the past 30 years, the current venture ecosystem is facing an "unprecedented crisis." He pointed to specific grounds for this, including ▲a four-year consecutive decline in the number of technology-based startups, ▲the first operating loss recorded by venture companies since 1998 at the end of 2023, and ▲a decrease in the proportion of investment in early-stage companies and a reduction in private capital inflow, highlighting the severity of the current situation. To overcome this crisis and drive the sustainable growth of ventures and startups, President Song raised his voice, stating that "fostering ventures and startups must be made the top priority of South Korea's economic policy." President Song clearly outlined the association's future direction by presenting four key tasks to be pursued during his term. First, the will to build an innovative venture ecosystem through the reform of outdated laws and the elimination of regulations. He particularly emphasized the pursuit of "introducing the principle of 'permission in advance' and relaxing industrial regulations to meet the levels of advanced countries like the United States and China." Second, the plan to spread a startup boom and actively support the globalization of venture companies. Based on his own experience, President Song emphasized that "targeting overseas markets is an indispensable element for all entrepreneurs" and encouraged the strengthening of international competitiveness. Third, he stated his commitment to fostering the AI industry and strengthening competitiveness through the AI transformation of all industrial sectors. He vowed to spare no effort to ensure that the country does not fall behind in the new era of the AI revolution, saying, "AI technology and industry will no longer be a trend but an everyday reality," through related institutional improvements, training of specialized personnel, and establishment of AI networks. Fourth, he presented a vision to expand the Korea Venture Business Association's scope as a representative organization in innovative industrial fields. President Song announced inclusive operation of the association, stating, "We will expand the association's reach beyond AI and new industrial areas to various industry sectors such as K-Culture, K-Beauty, and K-Food, and will also open our doors to large corporations, mid-sized companies, and financial institutions." Meanwhile, the 2025 business plan was also approved at the general meeting that day. This includes strengthening policies to overcome the complex crisis in the venture ecosystem, expanding practical support for member companies (investment, marketing, talent), and promoting commemorative projects for the association's 30th anniversary. The association reported active engagement, citing 9 policy achievements in 2024, such as the introduction of performance-based stock options, the proposal of the Legal Tech Promotion Act, and CVC deregulation, along with supporting investment attraction worth 158.7 billion won and supporting the employment of 2,012 excellent talents. Outgoing former President Sung Sang-yeop conveyed his advice, "Continue to pursue regulatory improvement activities and secure liquidity for venture finance, and actively inform policymakers of the justification and necessity of fostering ventures and startups," thereby empowering the new leadership.