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YANG Seiho
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2026-05-27 18:30:51
Lee Min-hwa, Honorary Chairman of the Venture Business Association
In recognition of his contribution to fostering the venture ecosystem
The bereaved family of the late Chairman Lee Min-hwa of the Venture Business Association is taking a commemorative photo with Bae Kyounghun's Deputy Prime Minister and Minister of Science and ICT (first left) after receiving a certificate and plaque of merit for science and technology. [Venture Enterprise Association]
The bereaved family of the late Chairman Lee Min-hwa of the Venture Business Association is taking a commemorative photo with Bae Kyounghun's Deputy Prime Minister and Minister of Science and ICT (first left) after receiving a certificate and plaque of merit for science and technology. [Venture Enterprise Association]

The late Lee Min-hwa, honorary chairman of the Venture Business Association, a first-generation venture company that founded the medical device company "Medison," was dedicated to science and technology merit.

The Korea Venture Business Association announced on the 27th that honorary chairman Lee was dedicated to science and technology veterans in the field of convergence and promotion at the "9th Korea Science and Technology Merit Ceremony" held at the Westin Chosun Hotel Grand Ballroom in Jung-gu, Seoul.

The event was hosted by the Ministry of Science and ICT and organized by the Korea Institute of Science and Technology, and was held to honor science and technology personnel who have contributed to the development of national science and technology under the "Act on Honor and Support of Science and Technology Merit."

Honorary Chairman Lee is a person who started a venture company and built an infrastructure for a domestic venture ecosystem when the concept of startups and venture companies was insignificant.

In 1985, he established Medicine, which develops and produces ultrasonic diagnostic devices for medical equipment, and grew it into the world's No. 1 company. He did not confine his role to that of a mere businessman. In order to create an environment in which founders can challenge, he established the Venture Business Association in 1995 and served as the first chairman, and established the framework of the venture ecosystem by taking the lead in promoting the establishment of KOSDAQ and enacting the Special Act on Venture Businesses.

In 2009, he worked as the first corporate resident officer and worked hard to resolve regulatory difficulties of venture companies, and also served as a professor at his alma mater, KAIST. He later served as the chairman of the Creative Economy Research Association and devoted himself to the development of the venture industry, but died of a chronic disease in 2019.

At the dedication ceremony, the bereaved family attended and received a certificate of merit and a plaque in the name of the president. At the second part of the tribute event, a tribute lecture was held to highlight the significance and achievements of the designation of merit, honoring the will of the deceased.

An official from the Venture Business Association said, "It is very meaningful to be able to honor the will of honorary chairman Lee Min-hwa, who has devoted his life to the development of science and technology and venture industries in Korea. The association will continue to strive for innovative growth of venture companies and the creation of a healthy venture and start-up ecosystem by inheriting the will of the deceased."

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