South Korea has declared a "National Entrepreneurship Era," actively fostering a third venture boom. While the barriers to starting a business have lowered, the KOSDAQ—the "stage of opportunity" for scaling up—remains dysfunctional.

Launched in 1996 as the world's second growth-stock market, KOSDAQ's performance falls short of expectations. Despite hosting over 1,800 companies (nearly double the KOSPI), its market capitalization is only 20% of the KOSPI's. While the NASDAQ has grown 18-fold since 1996, fueling giants like NVIDIA and Apple, KOSDAQ has stagnated around the 1,000 mark.

The fundamental difference lies in capital scale and the philosophy of "waiting." NASDAQ thrives on long-term institutional capital that assigns premiums to future value. In contrast, KOSDAQ is dominated by short-term retail trading, becoming a "swamp of undervaluation."

To prevent an "IPO Exodus" and revitalize the exit market, we need three decisive actions:

- Independent Identity: Separate KOSDAQ from KOSPI with specialized listing standards.
- Dynamic Circulation: Lower entry barriers but implement a swift delisting system for underperforming firms.
- Institutional Investment: Mandate the inflow of pension funds to provide stable "patient capital."

KOSDAQ 3000 is not just a number; it is a structural barometer for the sustainability of our innovative economy.

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