Seoul: President Lee Jae Myung announced plans to bolster government support for new business ventures in response to the shifting job market dynamics driven by artificial intelligence (AI). The initiative aims to empower individuals with innovative ideas to launch startups as a means to adapt to these changes.
According to Yonhap News Agency, Lee addressed the increasing apprehension among workers regarding the introduction of AI-powered robots, such as the humanoid robot Atlas developed by Boston Dynamics, a U.S. affiliate of Hyundai Motor Group. The robot became a topic of concern after Hyundai Motor's labor union expressed opposition to its potential mass production and deployment in company factories, an issue highlighted following its presentation at the Consumer Electronics Show (CES) in Las Vegas.
During a startup strategy meeting at Cheong Wa Dae, Lee empathized with workers' concerns about AI potentially replacing jobs that have long been considered secure. He acknowledged their frustrations but emphasized the necessity of adapting to technological advancements by fostering new business ventures. Lee committed to enhancing support for startups and introducing new incubation programs to drive job creation and innovation, aiming to pivot the country's focus from traditional employment to entrepreneurship.
Furthermore, Lee highlighted the burgeoning global interest in Korean culture as a catalyst for entrepreneurial opportunities in sectors such as food, cosmetics, plastic surgery, television dramas, and K-pop. This trend, he noted, is attracting increasing interest from aspiring entrepreneurs.
In line with these efforts, the Ministry of Economy and Finance, along with the Ministry of SMEs and Startups, unveiled a new startup incubation initiative called the "Startup for All Project." This audition-style program will identify and support 5,000 aspiring entrepreneurs nationwide. From this group, 1,000 teams will proceed through a multistage startup audition process, with approximately 100 finalists competing in a national startup competition to determine the ultimate winners.