*This content was translated by AI.
Hong Seon-geun, Chairman of Donghaeng Media Sidae, proposed the establishment of a joint venture venture capital company in the defense industry sector between the Ministry of National Defense and the National Intelligence Service.
Hong (Chairman) said in a welcome address at the [Era Forum: The Era of New Wars, The Present and Future of K-Defense] held on the 16th at the Korea Chamber of Commerce and Industry in Jung-gu, Seoul, that "while various efforts and changes are needed for a prosperous Republic of Korea, we hope that the Ministry of National Defense and the National Intelligence Service will establish a venture capital firm."
The Donghaeng Media era has launched its first era forum this year, focusing on the international order being reshaped by the logic of power and the new forms of warfare brought about by emerging technologies such as drones·AI (artificial intelligence).
Hong (Chairman) stated, "The absence of a venture investment agency within the Ministry of National Defense and the National Intelligence Service demonstrates that while South Korea's efforts to build world-class self-defense capabilities are strengthening existing initiatives, they have not yet broken through the existing framework to reach a new dimension." He emphasized, "Establishing such an agency would attract investment talent from advanced industries, and the private sector would likely embrace its significance, drawing top-tier professionals into this field."
He added, "The era's motto, 'Respected Individuals, a Prosperous Republic of Korea,' may well be the culmination of experiences lived through a generation. Today, we focus on the second part of the motto, 'a Prosperous Republic of Korea,' in a session for discussion and deliberation·, and I hope your wisdom will come together to build a prosperous Republic of Korea."
The Hong (Chairman) initiative is modeled after In-Q-Tel, an incubator established by the U.S. Central Intelligence Agency (CIA) in 1999 to rapidly secure innovative technologies needed for future warfare through venture companies rather than traditional defense conglomerates. At the time, CIA Director George Tenet determined that the government's slow and complex procurement system could not keep pace with the rapid advancement of information technology (IT) and private-sector innovation, prompting his proposal to establish a state-led defense-focused venture capital (VC) firm.
As a result, IncuTel, a venture capital firm established after receiving approval from the U.S. Congress, is investing in startups that possess cutting-edge technologies in space, AI, and cyber domains, with the goal of securing advanced technologies for national security. The U.S. Department of War and other agencies are enabling these startups to utilize actual battlefield data.
Meanwhile, the keynote speeches at the Era Forum were delivered by Brian Clark, Director of the Defense Concepts and Technology Center at the Hudson Institute, and Lee Jeong-dong, a professor of engineering at Seoul National University. Hwang Hee, a member of the National Assembly's Defense Committee from the Democratic Party of Korea, and Yoo Young-won, a member of the People Power Party, attended the event to deliver congratulatory remarks. Additional presentations were given by Jo Sang-geun of KAIST (Korea Advanced Institute of Science and Technology), Ha Yun-cheol, Executive Vice President of Hanwha Systems, Lee Yong-kwan, CEO of Bluepoint Partners, Kirsten Batok, co-founder of New Vista Capital, and Lee Moo-young, Deputy Director of the Era Institutional Innovation Research Institute.
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*This content was translated by AI.
