The Korea Venture Business Association said on the 1st that it signed a memorandum of understanding with the Finance Law Center at law firm LKB Pyungsan on the 30th of last month to support the growth of the venture and startup ecosystem.
The agreement is designed to link the expertise and networks of the two organizations and build a cooperative framework in finance and law, with the aim of sustaining growth at venture firms and startups while promoting innovative finance. Under the deal, the two sides will work together on boosting productive finance, jointly responding to legal issues affecting the venture ecosystem, and expanding legal support and access for early-stage startups.
The two organizations will also carry out joint activities to draw more private capital and statutory funds into the venture ecosystem. They plan to identify legal and regulatory reform tasks related to productive finance and address them together. They will jointly research legal and institutional issues across the venture ecosystem, including venture investment, capital markets and corporate governance, and use that work as the basis for pursuing policy and legislative reform tasks.
The partnership will also provide legal advice to venture companies that have relatively little legal infrastructure. It will offer legal information and services needed during growth, covering areas such as founding a company, attracting investment, contracts and intellectual property rights. The two organizations plan to jointly run legal education programs and briefing sessions for venture firms and startups.
"For venture firms and startups to build global competitiveness and grow into unicorns, they need not only technological innovation but also smooth access to funding and a solid legal foundation," said Song Byung-joon, chairman of the Korea Venture Business Association. "Working with the LKB Pyungsan Finance Law Center, we will help resolve the legal difficulties companies face on the ground and take the lead in building an innovative finance ecosystem and realizing productive finance."
