Since its inauguration in 1996, the Kosdaq has fostered the growth of venture firms, producing numerous "venture billionaires." For a while during the 1997-98 financial crisis, the venture boom emerged as a "beacon of hope" to the Korean economy and brought about a frenzy of business creation among the young.
Foreigners' investment share in Kosdaq is mere 20 percent, while that with the Korea Stock Exchange stands at 44 percent.
The Kosdaq market will recover naturally when the deserted Teheran Valley (Teheran Street in Seoul, where a lot of venture companies are located) is filled up with technological companies of clout.
KOSDAQ market has opened on July 1, 1996 to meet both the needs of investors who want high risk-return opportunities and emerging enterprises that have to finance capital for growth.
KOSDAQ is the Korean version of America's NASDAQ (National Association of Securities Dealers Automated Quotation) System, which is a part of the OTC market.
As of last March, KOSDAQ market consists of 328 registered companies, of which 261 firms are of small and medium-sized enterprises.
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