Institutional Economics and National Competitiveness by Choi Young Back

Author:Choi, Young Back
Language: eng
Format: epub
Publisher: Taylor & Francis Ltd

Table 6.2 Joint patents distribution by cooperating institutions

Source: Author's calculation from the data of Ministry of Education, Science and Technology (www.mest.go.kr).

Notes

A: private firms B: public institutions C: non-profit organization D: university E: individual.

2.2 For a self-sustaining system

As industries develop, the innovation policies change. The policy changed toward increasing self-sustainability of innovations in terms of funding. Co-evolutionary industrial policies worked out successfully, and the technologies have been embodied in industry. In this process, universities have been involved in indirect ways: supplying human resources, influencing science and technology policies through related government committees, and participating in national or private R&D projects. In the 1990s, there was a tendency to expect lucrative new business related to new technologies and innovation.

The most important advance in innovation systems in Korea is that the government opened the door for venture capitalists to cash out their investments and for small firms and technological firms to be able to raise capital. The Ministry of Finance announced ‘Plans for organizing the market for revitalizing the stock transactions of the small and medium sized firms’ in 1986 and established the over-the-counter market in the Korea Securities Dealers Association in 1987. In 1996, the Korea Securities Dealers Association established the KOSDAQ (Korea Securities Dealers Automated Quotation) market. In 1997, the government amended the Securities and Exchange Act in such a way that investors can be protected from unfair activities and transactions can be promoted on the basis of accountability and stability. The stock market has played an important role for mobilizing capital for R&D. After the introduction of KOSDAQ, the number of firms listed on KOSDAQ has increased tremendously from 47 in 1989 to 1,022 in 2007. Even though there were booms and busts, the capital market contributed to promoting many venture firms in the 2000s.

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