COMEUP 2020: New Governance & Policy Innovation Amid COVID-19

The Ministry of SMEs and Startups launched this year’s biggest startup festival in South Korea, the COMEUP 2020, from November 19-21. The three-day event aims to connect startups and business ventures under the theme “Meet the Future – Post Pandemic.”

The post-COVID-19 pandemic era faces multiple challenges in different fields, such as the governance of businesses and enterprises and policy innovation during times of crisis.

Politics: New Governance in the COVID-19 Era

Panelists: Jae Yeol Lee, Professor of Seoul National University; Simon Kim, CEO of Hashed; Won Jae Lee, CEO of LAB2050

This year’s COMEUP 2020 event tackles challenges, policies, business models, and situations especially affecting the financial sector, including startups and new business ventures.

New Governance in the COVID-19 Era - panelists — New Governance in the COVID-19 Era – panelists

Today’s digital era transforms industries and society from traditional and controlled businesses, companies, and startups to the next stage in governing and developing new economies.

Many businesses like Apple, Google, and Amazon established their respective platforms to cater to consumers’ needs. These enterprises do not produce materials on their own but rather act as platforms for other businesses to market their products and services.

In the “platform economy,” employees work freely, without boundaries, and only produce what they want.

Another form of suggested economy arises in the form of “protocol economy,” which aims to counter monopoly in industries. It implements a set of rules governed by principles and moral values, minimizing human intervention in the spirit of fairness and individual empowerment. However, a decentralized system makes protocols impossible to create and implement.

Both the platform economy and protocol economy agree on labor less utopian society based on technology.

The panelists stressed that the post-COVID-19 era society would need a new and appropriate system for the next four to five years. Innovation necessitates political will and support. Reliable and robust governance, despite the pandemic, would attract more startups and more customers in the future.

Politics: Policy Innovation during Times of Crisis

Panelists: Songyi Lee, Partner of Weave; Anna Piperal, Managing Director of e-Estonia; JF Gauthier, CEO/Founder of Startup Genome; Philip Gasking, Vice President of Ewing Marion Kauffman Foundation

COMEUP 2020 organized a panel discussion about policy innovation during times of crisis. Songyi Lee acted as the moderator of the panel discussion. The panelists included Anna Piperal, e-Estonia Managing Director, JF Gauthier, Genome CEO Founder, and Philip Gaskin, Kauffman Foundation Vice President.

Policy Innovation during Times of Crisis - panelists — Policy Innovation during Times of Crisis – panelists

The discussion centered on the impact of nurturing startups and innovation ecosystems.

Anna Piperal stated that the vibrance of startups in the ecosystem stems from the ease of doing business. In Estonia, entrepreneurs could quickly start with their business without utilizing huge investments.

Since startups could set up test markets quickly, entrepreneurs become empowered to pursue their business objectives. Additionally, an automatized administrative structure places the entrepreneur in a more straightforward situation in fulfilling their dream business.

Philip Gaskin advocates education about entrepreneurship, believing that policymakers should also understand an entrepreneur’s needs and wants. Amid the pandemic, entrepreneurs experienced multiple barriers in starting their businesses, including unequal access to opportunities and uneven playing fields where big companies usually get the spotlight.

An entrepreneur should acquire four fundamental keys for successful entrepreneurship: opportunity, funding, knowledge, and the ability to take risks. In this regard, policymakers should create an entrepreneur-friendly environment or ecosystem.

JF Gauthier said that the coronavirus pandemic removed the physical barriers, which hinder communication and connections. Entrepreneurs should seize this opportunity and connect with the government.

Support from the government with a mentorship program would make startups ready to transition into the global stage. The government should also create training policies, successfully identify promising talent for startups, and provide growth to generate jobs and global business.