The Global Entrepreneurship Week Korea 2016 kicked off in Seoul on Monday with the aim of fostering the spirit of entrepreneurship by inspiring and educating future business leaders.

The annual worldwide event, hosted by the Small and Medium Business Administration, will be held for two days under the slogan that entrepreneurship will play a key role in creatively solving social problems.

“Entrepreneurship is the focal point of a creative economy and the creation of a new industry. It is needed to revive the stagnant economy and lead future growth,” said Joo Young-sup, minister of the Small and Medium Business Administration, in his speech at an opening ceremony held in Sheraton Seoul Palace Gangnam Hotel.

Minister Joo encouraged entrepreneurs by saying that practicing the spirit of entrepreneurship is as simple as operating a better business today than yesterday.

The event takes place during the third week of November every year for entry-level and future entrepreneurs to realize their full potential through workshops, lectures and contests, organizers said.

Pointing to how the world has entered an era of the new normal of low growth and high unemployment, participants underlined startups as the new growth locomotive.

“Entrepreneurship has the power to change social dynamics and strengthen social integration. It is an essential factor particularly in times of chaos, like Korea these days,” said Nam Min-woo, president of the Korea Entrepreneurship Foundation

A brief awards ceremony was held to recognize six nominees for this year’s Startup Content Contest and Outstanding Startup Education Award.

A keynote speech by Daniel Isenberg, chair-professor of Babson College, followed.

Under the title “Entrepreneurs and Ecosystems”, Isenberg highlighted on the need to shift from startup to “scale up.”

Echoing the message, Lee Min-wha, chief director of the Korea Creative Economy Research Network, urged the young generation, entrepreneurs and the government to “scale up” during a talking session.

Startups must put in all the effort to go global on their own. Meanwhile the government has to cut down on support given to individual entrepreneurs, and focus on building social safety nets that young entrepreneurs can count on in case they slip,” Lee said.

The event will offer a consortium on educating startups, a conference for those reattempting to open a startup, and a session to share areas of improvement and future direction of entrepreneurship.

The GEW began in 2007, led by GEW president Jonathan Ortmans, former prime minister of the United Kingdom Gordon Brown, and former president and CEO of the Kauffman Foundation Carl Schramm with 37 participating countries, including the US and China. South Korea joined the movement in 2014.

This year, 162 nations are taking part with 9 million people participating across 30,000 sessions and venues. 

By Kim Bo-gyung and Lee Kwon-hyoung

(lisakim425@heraldcorp.com)