Optimizing Risk Management for the Sustainable Performance of the Regional Innovation System in Korea through Metamediation

In recent years, the concept of Regional Innovation Systems (RIS) has evolved into a widely used analytical framework for sustainable economic development. But in reality, the RIS does not seem to be workable due to the lack of governance. To reduce this operational risk, the emphasis on the structure as well as network management of the system should be merged into a more market-oriented as well as performance-oriented governance. In Korea, there are seven RISs among 14 regions nationwide. Empirically, they are not very sustainable. Thus, the article proposes the role of metamediary for the facilitation, network service provision, and collaboration of the system.