“In various business areas for venture companies, regulations act as obstacles that fundamentally block business operations, which is a painful reality in our South Korea.”
Lee So-young, the nominee for Minister of the Ministry of SMEs and Startups, diagnosed the current situation of venture companies on September 4, following her first visit to the Korea Federation of Small and Medium Businesses in Yeouido, Seoul, where she met with Chairman Kim Ki-moon and other officials.
On August 31, she stated, “If appointed as minister, I will ease unreasonable regulations with the mindset of a regulatory reform minister, beyond just support policies for small and venture businesses.” Her direction for regulatory reform is gradually taking shape.
The nominee remarked, “Regulatory reform does not mean eliminating all traffic lights on the road. It involves retaining necessary regulations while rationalizing unnecessary and unreasonable ones.”
She added, “I believe that a certain level of protection is necessary in the relationship between large enterprises and small businesses, as well as between large enterprises and small merchants, and that reasonable regulations are needed in that context.”
Lee emphasized, “The essence of the regulatory reform I am advocating is to prevent comprehensive or ex-post regulations from blocking new services, products, or initiatives for venture companies.”
Lee has been involved in the National Assembly's startup research group 'Unicorn Farm' since its inception, leading discussions on regulations surrounding new industries such as Tada, and advocating for improvements to regulations that hinder innovative companies like LawTalk. She has also proposed reasonable legislative alternatives to excessive regulations on non-face-to-face medical platforms, accumulating expertise in startup and venture policy.
In 2023, she was the lead sponsor of a bill to amend the Attorney-at-Law Act, which aimed to transfer the authority over lawyer advertising regulations from the Korean Bar Association to presidential decree.
At that time, Lee and other members of 'Unicorn Farm' worked to clarify regulations on lawyer advertising, which had been controversial due to their limitation to ‘newspapers, magazines, broadcasting, and computer communications.’ The expectation was that if the Ministry of Justice, rather than the Bar Association, regulated the types of advertising prohibited, it would reduce unnecessary regulations that hinder the emergence and development of the legal tech industry.
Lee described the amendment as “a bill aimed at clearly organizing lawyer advertising regulations to allow legal consumers to choose lawyers through various channels,” expressing hope that it would lay the groundwork for the development of the legal tech industry by eliminating unnecessary conflicts and regulations.
She noted that enhancing the competitiveness of small and venture businesses through regulatory reform would enable them to play a larger role in the government's growth projects.
On that day, she stated, “I will specifically reflect the role and support measures for small and venture businesses in the government's three mega projects, seven SEED initiatives, and five poles and three special growth engines as part of the national growth strategy.”
She acknowledged that “it is true that the national growth strategy has been centered around large enterprises as anchors,” and emphasized the need to clarify and specify the role of small and venture businesses in these three national strategies to ensure that the lives of all citizens change and new opportunities arise.
Lee stressed the importance of considering where and how small and venture businesses can contribute to the three mega projects, including semiconductors, AI, and data centers, and what support and special measures are necessary for them.
She also pointed out that the seven SEED projects aimed at fostering new technologies, such as renewable energy and small modular reactors (SMRs), should include considerations for how developed technologies can be delivered to and utilized by small and venture businesses as part of the national strategy.
Furthermore, she emphasized that regional growth strategies should expand from a focus on large enterprises to include small and venture businesses. Lee stated, “In the five poles and three special growth engine strategy, we need to closely examine which small and venture businesses are present alongside anchor large enterprises in each region and sector, ensuring that the national strategy encompasses not just industrial strategies but also corporate strategies.”
Lee So-young, the nominee for Minister of the Ministry of SMEs and Startups, diagnosed the current situation of venture companies on September 4, following her first visit to the Korea Federation of Small and Medium Businesses in Yeouido, Seoul, where she met with Chairman Kim Ki-moon and other officials.
On August 31, she stated, “If appointed as minister, I will ease unreasonable regulations with the mindset of a regulatory reform minister, beyond just support policies for small and venture businesses.” Her direction for regulatory reform is gradually taking shape.
The nominee remarked, “Regulatory reform does not mean eliminating all traffic lights on the road. It involves retaining necessary regulations while rationalizing unnecessary and unreasonable ones.”
She added, “I believe that a certain level of protection is necessary in the relationship between large enterprises and small businesses, as well as between large enterprises and small merchants, and that reasonable regulations are needed in that context.”
Lee emphasized, “The essence of the regulatory reform I am advocating is to prevent comprehensive or ex-post regulations from blocking new services, products, or initiatives for venture companies.”
Lee has been involved in the National Assembly's startup research group 'Unicorn Farm' since its inception, leading discussions on regulations surrounding new industries such as Tada, and advocating for improvements to regulations that hinder innovative companies like LawTalk. She has also proposed reasonable legislative alternatives to excessive regulations on non-face-to-face medical platforms, accumulating expertise in startup and venture policy.
In 2023, she was the lead sponsor of a bill to amend the Attorney-at-Law Act, which aimed to transfer the authority over lawyer advertising regulations from the Korean Bar Association to presidential decree.
At that time, Lee and other members of 'Unicorn Farm' worked to clarify regulations on lawyer advertising, which had been controversial due to their limitation to ‘newspapers, magazines, broadcasting, and computer communications.’ The expectation was that if the Ministry of Justice, rather than the Bar Association, regulated the types of advertising prohibited, it would reduce unnecessary regulations that hinder the emergence and development of the legal tech industry.
Lee described the amendment as “a bill aimed at clearly organizing lawyer advertising regulations to allow legal consumers to choose lawyers through various channels,” expressing hope that it would lay the groundwork for the development of the legal tech industry by eliminating unnecessary conflicts and regulations.
She noted that enhancing the competitiveness of small and venture businesses through regulatory reform would enable them to play a larger role in the government's growth projects.
On that day, she stated, “I will specifically reflect the role and support measures for small and venture businesses in the government's three mega projects, seven SEED initiatives, and five poles and three special growth engines as part of the national growth strategy.”
She acknowledged that “it is true that the national growth strategy has been centered around large enterprises as anchors,” and emphasized the need to clarify and specify the role of small and venture businesses in these three national strategies to ensure that the lives of all citizens change and new opportunities arise.
Lee stressed the importance of considering where and how small and venture businesses can contribute to the three mega projects, including semiconductors, AI, and data centers, and what support and special measures are necessary for them.
She also pointed out that the seven SEED projects aimed at fostering new technologies, such as renewable energy and small modular reactors (SMRs), should include considerations for how developed technologies can be delivered to and utilized by small and venture businesses as part of the national strategy.
Furthermore, she emphasized that regional growth strategies should expand from a focus on large enterprises to include small and venture businesses. Lee stated, “In the five poles and three special growth engine strategy, we need to closely examine which small and venture businesses are present alongside anchor large enterprises in each region and sector, ensuring that the national strategy encompasses not just industrial strategies but also corporate strategies.”
* This article has been translated by AI.
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