Since the late 1990s, instead of encouraging first-movers to challenge and take risks, innovation related policies of Korean government, such as science and technology policies, industrial policies, and university policies, induced the first-movers to avoid risks. Likewise, these same policies...

Although South Korea has taken various measures related to regulatory reform over the past decades, it has not made significant progress in transforming its regulatory framework. There are still a large number of regulations that are outdated and exist only in South Korea compared to other...