Creative economy grows on failure

The government has opened 17 Centers for Creative Economy and Innovation around the country. Under the leadership of the government, conglomerates support start-ups and small and medium-sized businesses in each region, and it is a model rarely seen in a capitalist country about to enter the developed world. The effectiveness of this model garners international attention. In Korea, critics say that it is a growth model that does not go with the capitalist system. Therefore, the central and local governments need to systematically prepare all necessary plans for successful operation and make sure the contradiction of a planned economy model in a capitalist system is overcome.

The Center for Creative Economy and Innovation is meaningful as the regional control tower for creative economy has been established. Now, entrepreneurs have been given the environment to implement their ideas immediately. Implementation and execution are more important than anything in entrepreneurship and innovation. It is meaningless to iterate possibilities for failure. Cases in the United States and Israel have taught us that it is better to fail, modify and challenge again than to never try in fear of failure. In addition to encouraging startups and corporate innovation, there is no other alternative to give vitality to the Korean economy.

The regional bases of the centers are good for balanced development. In fact, the capital region can thrive without government involvement, as capital and talents are concentrated here. However, other regions are having trouble finding necessary boosts. If centers continue to expand their roles by emphasizing regional specialties, they will surely bear fruits.

The role of the conglomerates sponsoring each center is also noteworthy. They are expected to make great contributions to national integration and mutual growth. It is a perfect chance for conglomerates to change how people perceive them. They can also take real interest in cooperating with ventures. Some companies are reluctantly involved in the project because of government pressure. However, since they have already signed up for the task, it is better to be active and enthusiastic. Creative economy grows on failure. It may take time for the centers to show visible outcomes, but we need to be patient and wait for their success.

by Kang Byung-oh, Professor at Chung-Ang University