Organizational, Legal And Financial Approaches To Improving Startup Support Mechanisms: On The Example Of The Republic Of Korea

In fact, the development of startups plays an important role in shaping the national innovation system of the country, further increasing the share of innovation in the economy, creating new types of goods, works and services. Although there is no separate law in our country directly regulate the activities of startups, there are dozens of laws that indirectly cover this area. It is natural that the existing legal framework in this area will serve as a legal regulator in the development of startups in the country and the formation of a national innovation system. Today, the models of developed countries in the legal regulation of innovative activities are used as an example by many developing countries. The national model of innovative development of the Republic of Korea is one of them.


INTRODUCTION
It is important to study the experience of the Republic of Korea in the development and The Republic of Korea has established a statelevel innovative economic policy, according to which an effective mechanism of state regulation of innovative development is being implemented. Government regulation of innovation development includes the improvement of innovation infrastructure, various sources of funding for innovation, including through venture capital, the emergence of new startups and the development of a set of regulations governing this sphere.
These parameters allow the Republic of Korea to become one of the most developed innovative countries in the world in a short time. The creation of a sufficiently flexible and efficient system of public-private partnership in South Korea has also paved the way for the stabilization of innovations 2 .
The idea of developing an innovative economy in the Republic of Korea is not new idea itself, the first innovative development program was adopted in 1999 -called "Vision 2025". The program outlines the tasks on scientific and technical development of the Republic of Korea until 2015. It was also planned that by 2025, Korea should be competitive in research and development at the G7 level. At the same time, special attention was paid to the quality of 1 https://www.nsf.gov/statistics/2016/nsb20161/#/repor t/chapter-4/cross-national-comparisons-of-r-dperformance 2  In 2013, the modern stage of development of economic policy of the Republic of Korea has begun. Since then, the Korean government has focused on raising funds for small and mediumsized business development, new business projects in the field of information and communication technologies, and as a result adopted a "creative economy" program as part of innovative development at the state level.
The creative economy is mainly characterized by supporting the participation of citizens in the creation of new goods, works and services through the creation of startups, the development of venture entrepreneurship, the establishment of cooperation between industry and higher education. Through this program, the Korean government has guaranteed the right of all citizens with innovative ideas or unique technology in the country to establish a new structure. As a result, the system of "startup -study and profit -tax collection -reinvestment" has fully been The American Journal of Political Science Law and Criminology (ISSN -2693-0803) implemented in the country 4 . There are 17 innovation centers in the country, which operate in each region and major cities.
Regarding to lawyers and economists, the essence of the new industrial revolution with the growth of the technological component of production, the Internet things and artificial intelligence will be the integration of digital, physical and biological industries. At the same time, the most difficult issues related to the development of social norms and relevant normative documents, as well as the development of legislation in this area will remain important 5 .
In Korea, an excellent legal framework has been created in the context of the development of key sectors of the economy through innovation and further improvement of startups. In particular, from 2012 to 2015, the country adopted about 130 special documents regulating the activities of ministries, innovation agencies and research institutes. Key regulatory documents have been adopted to ensure the growth of the creative economy, for instance:

Law on the Regulation of Artificial
Intelligence (2017) 6 .
In addition to the legislative framework, new state structures have been established to influence institutional support for state regulation of the innovative economy. In Korea, the state structure of governance and innovation development has been reformed to improve coordination between ministries and government agencies. The following changes were made as part of the reforms: The full launch of the "creative economy" also includes tax incentives for financing new startups and innovative projects, guarantees of their state support and other financial instruments. In 2015, tax reform aimed at stimulating the national economy, developing small and medium-sized businesses and startups, and simplifying the tax system was carried out:

 The Ministry of Science, Information and Communication Technologies and the Ministry of Future Planning (MSIP) was established;  In 2017, the Ministry of Small, Medium Business and Startups was established (Minister of SMEs and Startups);  The powers of the Ministry of Trade, Industry and Energy have been expanded (Ministry of Trade, Industry and Energy
a. Restrictions on the use of net operating losses of up to 80% for large companies; b. The term of the tax credit was extended for another 3 years; c. The tax rate for investments in R&D and energy-efficient production has been reduced; d. To encourage the expansion of M&A deals for startups to master new technologies, a 10% deduction from the corporate income tax of the acquiring company has been introduced 8 .
Since 2013, the Korea Development Bank has been the main source of government funding for the "creative economy." To finance projects related to the development of innovations and startups, the Development Bank of Korea has partnered with the Industrial Bank of Korea to set up a $ 72.3 million Global Partnership Fund, which serves as a strategic investor for venture funds. projects. That is, the practice of rapid capitalization of investments in the financing of startups through this system was introduced, and the following new aspects were introduced:  An exchange for small and medium-sized businesses and startups was established only (KONEX Korea New Exchange);  Developed processes for concluding M&A agreements for startup companies;  There is a procedure for holding events to inform the parties about the activities in the field of M&A.
The Business Incubator Institute is also actively involved in the development of startups and effective research in Korea. They typically offer startups the following opportunities and guarantees. In particular, the release of startups less than 5 years from the date of joint liability for joint obligations, exemption from unsatisfactory credit history, the establishment of a fund to restart the startup project, as well as the introduction of corporate adaptation programs.
Within this system, there are several online platforms that inform stakeholders, take various measures to promote the ideas of the "creative economy", provide information on convenient tools for the development and financing of small and medium enterprises.
1. CrowdNet -information on large-scale fundraising and cheap lending; 2. K <Startup -basic information on government support for new projects;

Corporation Investment Information Plaza
-supports the exchange of information between prospective companies and investors; 4. TIPS -Support promising high-tech projects in Korea and bring them to the international market.
The government has set up a $ 480 million Future Fund to develop small and mediumsized businesses and startups, which has approved $ 220 million for investment in new startup projects and $ 260 million for the M&A sector.
The development of a creative economy means the state's close cooperation with the largest transnational corporations (cheboli) of the Republic of Korea. Chaebol are a group of independent firms and large financial and industrial groups that belong to specific families and are under their administrative and financial control 9 .
According to the plan of the Creative Economy Program, Chaebols will be the main investors and participants in the program of development of techno parks and regional innovation clusters. The main activities of large corporations in this program are the financing of innovation centers, the development of ideas and new projects, support for startups and the provision of practical assistance in sharing research results. It is known that in overcoming the shortage of manpower of small and medium-sized businesses and startups; strengthening the capacity of microentrepreneurs and ensuring cooperation between large companies and small, mediumsized businesses and startups. It is also necessary to further revitalize the system of grant programs and consulting programs by qualified experts to finance startup companies at different stages.
At the same time, it is expedient to develop a roadmap for small and medium-sized businesses, startups on the organization of special stock exchanges. This roadmap should provide for the simplification of the system of concluding contracts through the issuance of securities owned by small and medium-sized businesses, startups and their placement on the stock exchange.
In conclusion, the innovative system of the Republic of Korea combines the state investment policy in the field of research with business strategies based on the requirements of the world market. It might be better the Korean experience should be applied in Uzbekistan as well.