Cospo Warns "Fear of Deterioration in Investment Sentiment" On Notification Of Termination Of One-Way Contract In Newgene

The Korea Startup Forum (hereinafter referred to as Cospo), the nation's largest startup organization, recently expressed deep concern over the conflict between Hive and its subsidiary Adore. Cospo, launched in 2016, is currently an organization involving 2,477 startups and innovative companies, and is carrying out various activities to revitalize the startup ecosystem.

In a statement today (23rd), Cospo pointed out the possibility of undermining the legal stability of the investment environment and threatening the startup ecosystem, saying, "It is a serious example that can seriously undermine the principles of trust and responsibility, which are the basis of the investment ecosystem."

Cospo emphasized that investment contracts have a joint business character that combines intangible assets such as opportunity costs, time, and vision sharing beyond simple financial investments. If the interpretation and implementation of the contract are unilaterally neutralized, the nature of the investment decision can be undermined and it can lead to distrust that is difficult to recover throughout the investment ecology.

In particular, the decline in social confidence in the implementation of investment contracts dampens investment sentiment and has a fatal impact on the overall ecosystem, he said. "Investment contracts should be interpreted and implemented in a way that protects investors' common sense and sound expectations, which can lead to a decline in confidence in the overall Korean startup ecosystem beyond the problem of individual contracts."

"If foreign investors' confidence in the Korean market is undermined, global investment attraction may shrink, limiting growth opportunities for domestic startups," Cospo warned. "This will eventually lead to the weakening of the competitiveness of the Korean startup ecosystem."

Through this case, Cospo reaffirmed the nature and principles of investment contracts and the importance of social trust, expressing concern about the healthy development of the startup industry and shrinking investment environment. In addition, he urged sincere implementation of investment contracts, fair interpretation according to legal principles, and respect for judicial judgment, and emphasized efforts to create an environment where startups and investors can grow together.

Meanwhile, Newzins held an emergency press conference earlier and announced the termination of his exclusive contract with Adore. Currently, he is working on his scheduled schedule, but he is not using the team name Newzins.

[Photo = OSEN]

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