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Expert Column
Entrepreneurship and the Freedom to Fail
Author
Keum Ryong Lee
Date
2022-04-13 15:53:24
Korea will see a new administration come to power in May. The Center for Ambitious Failure (CAF) asked experts in R&D, entrepreneurship, management, and public policy about why it is important to reexamine failures in their respective fields and how we can make policy changes to ensure that our failures become a valuable asset for building a better future. Here is a column by Chairman Keum Ryong Lee of Challenge and Sharing Ltd. in which he advocates for the government to play a better role in allowing entrepreneurs to try and fail.
"We are at an important turning point in the technological revolution, and thus the new government should move away from a positive system and adopt a negative system through bold reforms. Furthermore, the government should remove the licensing rights held by public officials and actively strive to abolish new industry regulations that, despite seeming on the surface to benefit the disadvantaged, do little outside of further empowering established interest groups to resist change.
If new companies are unable to spread their wings and take on new challenges due to the restrictions in place by the current outdated regulations, Korea will be facing dark times ahead. Just like how President-elect Yoon took nine attempts to pass the Korean bar exam, venture companies now consider failure as an asset and are armed with the entrepreneurship mindset to take on challenges. During last year’s Challenge and Sharing seminar, Toss Bank CEO Seunggun Lee described how he failed eight times before founding Toss on his ninth attempt, but in the process, he learned many value lessons. Even Silicon Valley companies that make it onto the NASDAQ fail an average of 3.03 times."
"We are at an important turning point in the technological revolution, and thus the new government should move away from a positive system and adopt a negative system through bold reforms. Furthermore, the government should remove the licensing rights held by public officials and actively strive to abolish new industry regulations that, despite seeming on the surface to benefit the disadvantaged, do little outside of further empowering established interest groups to resist change.
If new companies are unable to spread their wings and take on new challenges due to the restrictions in place by the current outdated regulations, Korea will be facing dark times ahead. Just like how President-elect Yoon took nine attempts to pass the Korean bar exam, venture companies now consider failure as an asset and are armed with the entrepreneurship mindset to take on challenges. During last year’s Challenge and Sharing seminar, Toss Bank CEO Seunggun Lee described how he failed eight times before founding Toss on his ninth attempt, but in the process, he learned many value lessons. Even Silicon Valley companies that make it onto the NASDAQ fail an average of 3.03 times."
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