Main-Biz Association chief stresses innovation, global competitiveness

Chairman Kim Myung-jin

Small and mid-size enterprises in South Korea should focus on enhancing their global competitiveness and innovating business, according to Kim Myung-jin, chairman of the Korea Management Innovation Association for Small and Medium Business (Main-Biz).

“We will take the lead in discovering and actively promoting innovative entrepreneurs equipped with the two qualities and sharing their knowhow,” Kim said, in an interview with Maekyung.com.

Kim noted that securing technologies can be done at any time. However, management skills built in line with the CEO’s philosophy are not easy to achieve.

“With more innovative and globally minded CEOs, Korea can become a management powerhouse,” Kim said.

The chairman shared the rationale behind the association’s “Innovative CEO of the Month” award.

Since 2006, Main-Biz has focused on discovering and supporting management-innovation-oriented SMEs, which it calls “Main-Biz Enterprises.”

The organization emphasizes CEO leadership as critical to innovation. Companies are evaluated on various criteria, including infrastructure aspects, activity aspects, and performance aspects.

As of the end of May, there were 23,600 Main-Biz Enterprises.

“Out of 7.72 million companies in Korea, Main-Biz companies account for only 0.28 percent, but contribute about 15.8 percent of the country’s GDP, or about 341 trillion won ($247 billion),” he said. “That’s impressive.”

Kim, a successful leader himself, founded maritime product supplier Maeil Marine, leading it to become the third largest player in the industry. As of the end of 2023, Maeil Marine’s revenue was 32.8 billion won, with 56 employees.

Recognizing the importance of market expansion and customer management through innovation, Kim hopes the Innovative CEO of the Month award will share insights from these innovative minds.

“Through the Innovative CEOs each month, we will strengthen the brand recognition of Main-Biz Enterprises and enhance public awareness of SMEs,” said Kim.

According to Main-Biz, candidates for the Innovative CEO of the Month are selected through an open process or recommendations from associations.

Business leaders demonstrating innovation and growth potential are chosen after quantitative evaluations on sales and operating profit, and qualitative assessments of innovation difficulty, originality of vision and strategy, market conditions, and company size.

”Although industries differ, CEOs demonstrating sustainable growth share common traits,” Kim said. “We will actively collaborate with the Ministry of SMEs and Startups to strengthen these CEOs‘ capabilities and support their growth into global mid-sized companies.”