Former Soongsil University President Eo Yoon-bae becomes the first Korean to be named an ICSB Fellow, recognized for transforming Asia’s entrepreneurship landscape.
The late Eo Yoon-bae, former president of Soongsil University and a pioneering figure in small and medium-sized enterprise research both in South Korea and internationally, has been posthumously selected as a Fellow of the International Council for Small Business, becoming the first Korean to receive this prestigious honor.
The recognition was announced on October 25 during a strategic collaboration signing ceremony between ICSB and Soongsil University in Seoul. ICSB President Ayman El Tarabishy presented a commemorative fellowship plaque to President Eo’s bereaved family, marking a historic moment for Korean entrepreneurship education.
“ICSB, which celebrates its 70th anniversary this year, appoints former president Eo Yoon-bae of Soongsil University as its 70th official member,” President El Tarabishy announced at the ceremony. “He laid the foundation for ICSB, which had been heavily concentrated in Western academia, to expand into Asia, contributing to its growth as a global academic organization.”
A Groundbreaking Career in Entrepreneurship Education
President Eo’s contributions to entrepreneurship education and SME development span several decades and represent a series of pioneering achievements that helped shape Korea’s entrepreneurial ecosystem.
Historic Milestones
- 1983: Established Korea’s first Graduate School of Small and Medium Business at Soongsil University, serving as its inaugural dean
- 1995: Became the first Korean and first Asian elected as ICSB President
- 1997-2002: Served as 8th and 9th President of Soongsil University
In a move that exemplified his innovative approach to entrepreneurship education, President Eo even offered “Chung Ju-yung’s Entrepreneurship Theory” as a regular course at the Graduate School of Small and Medium Business, drawing on the experiences of Korea’s legendary business founder to teach practical entrepreneurship principles.
Expanding ICSB’s Global Reach
President Eo’s election as ICSB President in 1995 marked a turning point for the organization, which had been predominantly focused on Western markets and academic institutions. His leadership helped transform ICSB into a truly global organization with a significant presence in Asia and developing economies.
Global Impact
President Eo is credited with contributing to the spread of global SME and venture business models, the development of entrepreneurship ecosystems, and support for developing countries. His work helped establish frameworks that nations across Asia and beyond have used to build their own entrepreneurial infrastructure.
The ICSB Fellowship is the organization’s highest honor, awarded to individuals who have demonstrated outstanding vision and contributed significantly to the development of SMEs and entrepreneurship worldwide. Founded in 1955, ICSB is the oldest and largest global non-profit research organization dedicated to small and medium-sized enterprises and entrepreneurship.
A Strategic Partnership for the Future
The fellowship announcement coincided with the signing of a strategic collaboration agreement between ICSB and Soongsil University, cementing a partnership that builds on President Eo’s legacy and positions the university for expanded global engagement in entrepreneurship education.
Through this agreement, Soongsil University gains exclusive rights to academic partnerships and other collaborative initiatives with ICSB, opening new avenues for research, student exchange, and program development in entrepreneurship education.
Current Soongsil University President Lee Yoon-jae emphasized the significance of both the fellowship recognition and the new partnership in his remarks at the ceremony.
“This is recognition of Soongsil University’s continued entrepreneurship education, built on the foundation laid by former President Eo Yoon-bae.”
President Lee stated.
“We will continue to collaborate with ICSB to create an ecosystem of technological innovation where technology and people coexist.”
Building on a Legacy
The partnership between ICSB and Soongsil University represents more than an institutional agreement—it symbolizes the continuation of President Eo’s vision for entrepreneurship education that bridges cultures, supports economic development, and empowers individuals to build ventures that can compete on the global stage.
As ICSB marks its 70th anniversary, the organization’s decision to honor President Eo as its 70th Fellow carries special symbolic weight, acknowledging not only his individual contributions but also the critical role that Asian perspectives and institutions play in shaping global entrepreneurship education.
A Lasting Impact
President Eo Yoon-bae’s legacy extends far beyond the institutions he led or the positions he held. His fundamental belief—that small and medium-sized enterprises form the foundation of economic development and that today’s multinational corporations began as ventures founded by individual entrepreneurs—has shaped policy, education, and business development across Asia.
By establishing Korea’s first graduate school dedicated to small and medium businesses, by leading ICSB during a critical period of its global expansion, and by championing entrepreneurship education at a time when it was far from mainstream, President Eo helped create the infrastructure and intellectual framework that support millions of entrepreneurs across Asia today.
The ICSB Fellowship, bestowed as the organization celebrates its 70th anniversary, ensures that President Eo’s pioneering work and transformative vision will be recognized and remembered by future generations of entrepreneurship educators, researchers, and practitioners worldwide.