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Fueling the next boom: Policies for promoting corporate spinoffs in Korea

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Abstract

As the global economic environment is evolving amid the protracted COVID-19 pandemic, minimizing the pandemic’s impact on the sluggish economy and boosting economic sustainability will require yet another boom of corporate spinoffs in Korea. This was the case in the early 2000s, when many venture companies were created. A survey of 202 spinoff companies conducted by KIET found that most of the founders of those early startups were people in their early 40s who leveraged their past work experience, but lacked access to private venture funds, and had limited knowledge of and low utilization of startup support programs. This analytical brief explores what policies the Korean government should pursue to address these issues to foster the next wave of corporate spinoffs and the creation of quality jobs.

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  • Yang, Hyun Bong, 2021. "Fueling the next boom: Policies for promoting corporate spinoffs in Korea," i-KIET Issues and Analysis 21/5, Korea Institute for Industrial Economics and Trade.
    • Handle: RePEc:ris:kietia:2021_005
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    Keywords

    venture policy; venture capital; job creation; job growth; employment; employment growth; small and medium-sized enterprises; SMEs; SME policy; startup policy; startups; startup funding; COVID-19; spinoffs; Korea; industrial policy; entrepreneurship;
    All these keywords.

    JEL classification:

    • L11 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - Production, Pricing, and Market Structure; Size Distribution of Firms
    • L24 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Contracting Out; Joint Ventures
    • L25 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Firm Performance
    • L26 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Entrepreneurship
    • L52 - Industrial Organization - - Regulation and Industrial Policy - - - Industrial Policy; Sectoral Planning Methods
    • L53 - Industrial Organization - - Regulation and Industrial Policy - - - Enterprise Policy
    • M13 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - New Firms; Startups
    • O25 - Economic Development, Innovation, Technological Change, and Growth - - Development Planning and Policy - - - Industrial Policy
    • O30 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - General
    • O34 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Intellectual Property and Intellectual Capital
    • O38 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Government Policy

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