1617T2g1 South Korea/Reflection/Day5
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| Day 5 |
| Home | Day 1 |
Reflections
| Student Name | Seoul National University |
| Ang Jui Ping | Creating a good work-life balance is important to ensure everyone’s healthy mental condition. |
| Benedict Wee Yu Rui | I learn that Seoul government has been improving in helping the startup ecosystem to grow and gain interest for students to start their own startups and it was a joy to interact with the students from STEM to hear their views on the startup industries in Korea |
| Bryan Lian Junquan | After interacting with SNU’s students, I was really surprised to know that they do not find their startup ecosystem favourable at all because over the past few days, I felt that the ecosystem is friendlier to startups with many low or no cost services provided by the government and conglomerates. |
| Chua Weilun | Protecting your idea through patents, is almost as important as having the right resources and idea, never forget to protect what you own. |
| Dawn Tan Sze Hui | - Capital:
- Govt: loans or investments; there's has to be more investments - Angel: insignificant amt of GDP - VC - social factors: - Job stability most sought after - Conglomerate dominance; even the many coffee shops are owned by them - Key takeaway: FUNDS are salient to the growth/birth of startups and contrary to popular belief, the current financial support given to korean startups is still inadequate. |
| Goh Gui Xiang Wendy | "if you've an idea you should sincerely show it and work for it" |
| Goh Teo Wee Gavin | “Your environment heavily determines your success”. For Seoul, their startup environment is not as favourable compared to Singapore in many areas, thereby causing many problems for founders and deterring people away from venturing into this area. |
| Jason Koh Xue Quan | Korea has high barrier to entry due to the difficulty in getting patents investors and preference in working in startup.
Learning Point: take note if expanding to Korea. |
| Jerome Lek Guan Hong | In an industry dominated by conglomerates, the prospects of a startup may not look favourable. However, there are still startups like Kakao who managed to develop a market for itself, so not all hope is lost. Also, job security may be important to many yet not certain in a startup, a startup can provide a roller coaster experience that one may not be able to find in an office job. |
| Student Name | Seoul National University |
| Jonathan Chua Yi Xian | The success of startups is relative across countries and is heavily dependent on the support from the government in terms of finances and manpower. |
| Kay Zong Wei | SNU shows us the impact that a school can have on its students. If I have a strong passion in something, university is definitely the first step I can try to take to pursue my passion. |
| Kelvin Poh Kian Lim | Today i personally feel that this visit to SNU really will benefit me a lot because I can to interact with SNU Students and also able to get their contacts, why is it important to me is because i want to venture S.Korea, but i don’t have network in S.korea so this might be an open door opportunities for me. |
| Kovan Chan Jie Hong | From the visit, i’ve learnt to be more proactive and be more persistent in one’s ideology. This is evident from the student who put in tremendous effort to fulfil her dream of having an idea factory within the school campus. |
| Lam Wan Ting | The SNU visit was fun and it taught me that small actions can actually lead to big changes and impacts - if you have a genuine passion for something, one should not be restricted by the constraints and should work to take actions to make an effort to improve the problem. |
| Lee Kuan Yong | Very little graduates wanted to establish their own business, and very thick barrier of entry deters them from entrepreneurship. |
| Lee Teck Hui | “If you have an idea, you must be sincere and passionate!” |
| Loo Qi Xuan Ryan Elyas | While not purely about startups, the visit was enlightening in our one-to-one interactions with local students, and their relatively positive sentiments towards creating a startup in the future. |
| Mak Kar Kit | I think this is one of the better visits where we get to interact and ask local SNU ambassadors how is life in Korea and their views on startups in Korea. |
| Ng Jia Ning | United by a fatal accident, it is inspiring to see how the students came together and asked for a space for change to create something |
| Student Name | Seoul National University |
| Ng Zheng Hao | “Korea is not a favourable place to start a business. They are due to 2 reasons - factors that contribute to increasing failure rate of young entrepreneur and social conflict in entrepreneurship.” Student, SNU STEM, 2017 |
| Pek Caimao Jeremy | They have a place that is very similar to our lyf@smu except they have prototyping equipment, because of them, now I know that the Korean government is not as supportive as our Singapore government and we are very lucky to have that. |
| Ranon Sim Wen Yang | I came to realize that it is indeed quite challenging to run a startup in Korea due to cultural reasons and the lack of government support. |
| Royce Junior Tan San Ye | It was great to have a chance to interact with the students, and the presentation about the start-up scene in Korea was really interesting. |
| Russell Yap Song Chen | Even as a student, if you dream big enough, and show your conviction and sincerity, anyone will be able to make great change. |
| Sally CHIN Si Ying | The trip to SNU showed me reasons why it can be difficult for Koreans to start a startup in Korea, and the students we met there were all shown to only be interested in working for conglomerates, which was a point presented by the students there. |
| Sebastian Hadinata | Society plays a big part in cultivating public opinion on startups as the startup scenes will only grow when millennials are encouraged to venture into entrepreneurship. |
| Sim Mong Khim Jared | SNU was incredibly to fun to see all the machines they had in their lab and we learned a lot from our short meeting with their students. |
| Soh Han Cherng Stanley | Startup scene in Korea is still not as hot as other countries and more can be done to improve it. |
| Tan Jie Sheng | A good patent protection system + active investment from the government and other funding companies/ individuals are keys to a successful startup ecosystem |
| Tan Lay Ting | Although Korean government are increasing supports for startups, there should be more:
1. Patent Protection 2. Active Investment 3. Challenging Spirits |
| Tan Si Ying | In contrast to other companies which show you their success and progress thus far, SNU discussed the startup industry in Korea and their high failure rate. It made me ponder what you can do, if you have a brilliant idea with the right technology and brain, but you lack the right resources to work on it, isn’t it a chance wasted? And what you can do about it in such a situation then? With the greater support provided in various other countries, could establishing a startup differ from your home country be a more viable solution? |
| Tay Ren Ann Andrew | From the presentation outlined by the students in SNU, it looks like Korea is slowly starting to becoming a more friendly environment to startups. Which was what we were able to witness at the Seoul Global Startup Center on day 3. |
| Tay Wei Rong | A lot of start-up is depending on the government in terms of funding and manpower. |
