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Lee pledges support for third venture boom targeting young entrepreneurs

Published: 17 Sep. 2025, 18:31 Updated: 17 Sep. 2025, 19:09

President Lee Jae Myung speaks at a youth startup event held in Seongnam, Gyeonggi, on Sept. 17. [JOINT PRESS CORPS]

President Lee Jae Myung, who designated this week as “Youth Focus Week,” pledged Wednesday to foster a “third venture boom” driven by startups.

“The government will uphold its promise to build a 40 trillion won [$29 billion] venture investment market," Lee said on Wednesday, meeting with young entrepreneurs at Pangyo Startup Square in Seongnam, Gyeonggi.

The pledge to nurture the venture market and "lead an era where startups drive future economic growth" was included among the 123 national policy tasks finalized by the Lee administration a day earlier, to one of the world’s top four venture powerhouses by ushering in a “third venture boom,” following surges in 1999 and 2017.

“It has become a world where once you fall, it is difficult to get back up,” Lee said. “In the past, people used to say ‘failure is the mother of success’ or that hardship when you are young is worth it, but people have told me that you will get a slap across the face if you say such things.”

"[But] from my experience, if two people have the same ability and courage, the one who has failed has a much higher chance of succeeding," Lee continued. "I will work to ensure that those who try again are not disadvantaged compared to first-time challengers.”

President Lee Jae Myung takes part in a youth startup event held in Seongnam, Gyeonggi, on Sept. 17. [JOINT PRESS CORPS]

Lee noted the government’s plan to create a 1 trillion won “reboot fund” by 2030, but added, “The scale still looks small. We will pursue institutional reforms so that first-time entrepreneurs and those trying again are not treated differently.”

When Park Jae-pil, CEO of Nara Space Technology, a space defense industry startup, said that defense companies are private enterprises but also national strategic industries and that the government’s role as their biggest client is critical, Lee replied, “The defense industry has great potential to become a field of advanced future technology. We will significantly expand interest and support.”

“The government so far has focused on either providing support or loans, but something in between is needed,” Lee said. “Rather than simply giving 500 billion won in support, I think it is better for the government to buy 1 trillion won worth of products and be prepared to take a 500 billion won loss. Government procurement of innovative products and services will be further expanded, so you may look forward to that."

The event was organized by the presidential office as part of a weeklong focus on youth policy ahead of Youth Day on Saturday. More than 100 people, including young entrepreneurs, investors and government officials, attended.

President Lee Jae Myung listens to a young woman speak at a startup event held in Seongnam, Gyeonggi, on Sept. 17. [JOINT PRESS CORPS]

At a Cabinet meeting the previous day, Lee addressed youth employment, urging companies to join forces: “Just as firms are overcoming trade challenges with the spirit of Team Korea, I ask them to work together to overcome the challenge of youth unemployment.”

Before the event, Minister of SMEs and Startups Han Seong-sook announced the new administration’s vision for startup and venture policy.

“The government will be a pacemaker for young entrepreneurs,” Han said, outlining three pillars: discovering daring youth entrepreneurs, focusing on growth through artificial intelligence and deep tech and building a strong support base.

The government specifically plans to provide a total of 11 trillion won by 2030 for youth and early-stage startups through venture funds worth 3 trillion won and technology guarantees worth 8 trillion won, while pushing forward a “Next Unicorn Project” worth 13.5 trillion won to foster the next generation of unicorn companies.

“Reflecting the opinions gathered today, we will build an environment where youth startups that begin with innovative ideas can challenge themselves freely," said the presidential office.

This article was originally written in Korean and translated by a bilingual reporter with the help of generative AI tools. It was then edited by a native English-speaking editor. All AI-assisted translations are reviewed and refined by our newsroom.
BY YOON JI-WON [[email protected]]