President Moon Jae-in's top priority during his administration is job creation for young adults.

Kim Jin-pyo, head of the policy planning advisory panel for the president, said it seeks to ignite a "venture boom to create quality jobs."

Industry sources say the new government needs to do more than just promote startups as a means to create jobs for the young.

They do create a lot of jobs, but not so much in the short term because most startups are launched by those with experience, not by fresh college or high school graduates.

It needs a policy that can change Korean culture from the ground up where people can start from the bottom and grow like Edison. He said he discovered thousands of ways not to make a light bulb, when talking about the difference between failure and success. Edison's invention led to the creation of GE, now a multinational corporation. 

"It is important to create an ecosystem enabling entrepreneurs to start from garages and become big," said Sung Tae-yoon, an economist at Yonsei University. 

"We need to have a market where startups can flourish through mergers and acquisitions. Just having a venture boom would be ineffective."

Korea is one of the few countries that have a strong financial policy supporting startups.

Germany, Finland and Britain have startup policies as strong as Korea, according to Korea Investment Partners, the country's largest venture capital firm.

"The key point for starting a business is to create and introduce something out of nothing," said Michael Jang, a director at Korea Investment Partners.

"Startups can obviously create jobs for the young in the long run especially after they achieve success like Kakao, but not so much in the early stages."

Sun Tzu, an ancient Chinese military strategist, said, a smaller army can win a war against a larger one as the former can move much faster on the battlefield.

His philosophical warfare tactics are widely used in the world of business, especially by startups.

Korea needs to further push for this kind of environment or ecosystem where startups can be agile in identifying problems, pivoting and creating solutions. This can only be achieved through trial and error. 

Even though Korea is considered one of Asia's digital global leaders, it lacks a policy encouraging a risk taking culture. Korea is ranked high with Singapore in digital growth via technology investment, according to Deloitte Access Economics. 

Few people here would want to lead an entrepreneurial life because if one fails, he or she is not perceived as a challenger but a lifelong loser.

The Organization for Economic Cooperation and Development (OECD) ranked Korea second to last in entrepreneurial opportunity. 

Less than 20 percent of Korea's population aged between 18 and 64 saw "good opportunities" in starting a business, compared to 70 percent in Sweden, the OECD said, citing Global Entrepreneurship Monitor data.

"The entrepreneurial function is a vital component in the process of economic growth," the OECD said in a report. "Culture has an influence on risk-taking, tolerance of failure, but also affects the individual's conjectures about the desirability of entrepreneurial action."