Creative economy

Creative economy (창조경제/創造經濟) was first declared by presidential candidate Park Geun-hye during her election campaign in 2012.

Subsequent to her inauguration on February 25, 2013, the newly coined concept gave rise to ceaseless questions and discussions.

Creative economy refers to the eocnomic activities or phenomena with daring paradigm shift at the core which converge industries with other industries or culture based on information technology or scientific technology, thus breaking the walls between industries and creating brand-new businesses and job opportunities.

Definition
Creation is similar to invention which means brand-new technoloy with improvement adaptable to industries, and economy means the overall activities which trade goods and services at market places. See the Patent Act.

As shown by the diagram below, it is not a mere combination of several elements but a paradigm shift which gives rise to new products, new services and new markets, thus triggering win-win ecological circulation.

The concept of "creative economy" may be illustrated by the diagram below.

Government support
Park Geun-hye government announced on June 5, 2013 that "creative economy"-oriented budget of up to 40 trillion won for the five-year period will be poured to create 650 thousand jobs. In this connection, youth start-up and global approach of venture companies will be encouraged while intensive cooperation among the industries, universities and research institutions will be boosted.

The government policy under the title of "How to Realize Creative Economy via Ecological Environment" (창조경제 실현계획-생태계 조성 방안) shows three goals, six strategies and 24 projects.

Three goals are: Also the government disclosed the major policy measures to realize the afore-mentioned goals.
 * 1) Creating jobs and new markets;
 * 2) Enhancing global leadership;
 * 3) Respecting and encouraging creativity.
 * Investment funds up to 2.6 trillion won will be established for small and medium-sized enterprises and venture companies.
 * Customized guarantee will be provided to start-up businesses as well as technology and industry converging projects.
 * Second chance opportunities will be facilitated by exempting attachment of personal properties and joint and several guarantee.
 * Global K-Start-up program will be implemented for 35 venturous teams a year.
 * Creative economy vitamin projects for software industries will be intensively financed.