▲ Ministry of SMEs and Startups
The Ministry of SMEs and Startups announced that it held a "Field Meeting to Identify Barriers to Second Chances" today (June 17) at Pangyo Startup Zone in Seongnam, Gyeonggi Province, with CEOs of seven re-founded companies and representatives from support organizations to promote a culture of embracing second chances.
The meeting was attended by Noh Yong-seok, First Vice Minister of SMEs and Startups, along with officials from the Korea SMEs and Startups Agency, Korea Technology Finance Corporation, Korea Institute of Startup & Entrepreneurship Development, and the Korea Entrepreneurship Foundation, to discuss ways to improve support systems for re-founded companies.
In particular, entrepreneurs expressed difficulties regarding institutional barriers, such as restrictions on financial transactions due to past failure records and the "financial stigma effect," and requested practical deregulation.
Starting with today's meeting, the Ministry plans to hold relay meetings over the next three weeks to analyze the difficulties faced by re-founded companies and discuss policy alternatives with experts.
Furthermore, the Ministry intends to foster a culture that recognizes failure as an asset by producing and distributing business closure guidebooks, hosting investor relations (IR) sessions for investment-based second chances, operating group mentoring programs, and holding "Failure Concerts" and "Second Chance Day" events.
"Failure is not a shameful record, but a valuable innovation asset for a greater leap forward," said Noh Yong-seok, First Vice Minister of SMEs and Startups. "We will promptly identify and improve regulations and systems that act as obstacles in the re-founding process, including the financial stigma effect."
※ Please note: This article was translated by AI and may contain errors.