Difference between revisions of "1516T2g1 South Korea/Reflection/day3"
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Park started Educast during his university studies at SNU and has been growing it ever since. He shared that he got the idea one fine day but got it to work with his engineering friends. This emphasized that having a circle of friends interested in starting up is pretty important in turning the ideas into reality. He had to compromise between grades by taking lesser modules and spend time growing the product. Combined with the high legal constraints in education, the motivation factor ultimately lies in believing in the product and the cause – making people succeed with you. | Park started Educast during his university studies at SNU and has been growing it ever since. He shared that he got the idea one fine day but got it to work with his engineering friends. This emphasized that having a circle of friends interested in starting up is pretty important in turning the ideas into reality. He had to compromise between grades by taking lesser modules and spend time growing the product. Combined with the high legal constraints in education, the motivation factor ultimately lies in believing in the product and the cause – making people succeed with you. | ||
| − | On a side note, I got to mingle with some of the SNU students and learnt | + | On a side note, I got to mingle with some of the SNU students and learnt about their curriculum structure (3 months semester, and 3 months break with an average of 5-6 modules per semester). Generally, I get the vibe that the students there possess a studious composure and a general want to attain knowledge. |
Revision as of 00:42, 28 April 2016
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Contents
Day 3: Reflections
Seoul National University
Starting a business while a student requires endurance, passion and friends.
Park started Educast during his university studies at SNU and has been growing it ever since. He shared that he got the idea one fine day but got it to work with his engineering friends. This emphasized that having a circle of friends interested in starting up is pretty important in turning the ideas into reality. He had to compromise between grades by taking lesser modules and spend time growing the product. Combined with the high legal constraints in education, the motivation factor ultimately lies in believing in the product and the cause – making people succeed with you.
On a side note, I got to mingle with some of the SNU students and learnt about their curriculum structure (3 months semester, and 3 months break with an average of 5-6 modules per semester). Generally, I get the vibe that the students there possess a studious composure and a general want to attain knowledge.
Finotek
Passion > Technology
Kim Woo-Sup, CEO of Finotek’s philosophy to doing business is sincerity and trust. I thought this viewpoint is integral in building a great business. Behind this belief is passion for managing and growing employees. “the future will come at a time which we least expect”, he suggested one should have foresight through reading books and training the logical mind to anticipate the next wave of opportunities. This was how he and his team built a disruptive solution to the highly inefficient mortgage process which currently earns Finotek a total of 4.3bil won (S$515k) in capital. Lastly, this passion ultimately drives strong ambition which Finotek aims to IPO in NASDAQ and Aim in the near future. This is truly admirable.
BeNative
Build your territory in the market through sound market analysis and constant effort to find new ways to innovate.
Alan Moonsoo Kim, CEO and founder of BeNative – an English language education application, taught me that in order to be in the market, one must understand the competition and the right time to execute solutions. This is done through market analysis (i.e. porter’s 5 forces). I was personally inspired by his willingness in new learning and putting current trends in innovation to practice (i.e. he picked up data science course to apply analytics via deep learning in BeNative). I thought this is how a CEO should aim to be.
On a personal note, the company’s new application CashEnglish – application to learn English through games and rewards sparked an idea in me. I thought that a similar application could be developed to target the elementary school students through easy and fun way to learn by leveraging on Montessori concepts. See how.
Memebox
A data-driven culture promotes accurate decision-making and product success
Dino, CEO of Memebox constantly emphasized the importance of indexing the brand and the company. This means the company tracks everything, from product analytics to company employee status. This core competency of using data science allows Memebox to push new products out every week, which is an almost impossible task without a great amount of intelligent data analysis. This is surely a nugget for me as I prefer concrete and measurable goals and performance in management and will be a constant reminder of its importance.
Some other gleanings from the great guy: • Always willing to learn and staying foolish and hungry no matter how the business will change • Start small, start with friends • Visit Silicon Valley, be IN the culture of starting businesses • Learning how to handle explosive growth is also key in growth
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Lorem ipsum dolor sit amet, consectetur adipiscing elit. Vivamus vel libero ut nunc iaculis aliquam id nec felis. Nulla cursus tristique sapien, in mattis diam euismod id. Sed non finibus tellus. Mauris lorem arcu, porta in rutrum sed, fringilla a quam. Vivamus scelerisque urna ac sem fringilla ornare. Morbi et ipsum nisi. Vestibulum viverra congue orci, vel imperdiet neque interdum et. Vestibulum ante neque, cursus vitae est in, maximus finibus mauris. Curabitur non libero a magna hendrerit porttitor. Donec dignissim id arcu et venenatis. Nullam ac ligula a lorem blandit consequat. Morbi non ligula non urna sagittis aliquet. Vivamus in erat massa. Lorem ipsum dolor sit amet, consectetur adipiscing elit.
Lorem ipsum dolor sit amet, consectetur adipiscing elit. Vivamus vel libero ut nunc iaculis aliquam id nec felis. Nulla cursus tristique sapien, in mattis diam euismod id. Sed non finibus tellus. Mauris lorem arcu, porta in rutrum sed, fringilla a quam. Vivamus scelerisque urna ac sem fringilla ornare. Morbi et ipsum nisi. Vestibulum viverra congue orci, vel imperdiet neque interdum et. Vestibulum ante neque, cursus vitae est in, maximus finibus mauris. Curabitur non libero a magna hendrerit porttitor. Donec dignissim id arcu et venenatis. Nullam ac ligula a lorem blandit consequat. Morbi non ligula non urna sagittis aliquet. Vivamus in erat massa. Lorem ipsum dolor sit amet, consectetur adipiscing elit.
Learning Points for SNU
- Compared to SMU, SNU has an entire building dedicated for entrepeurship and they do not limit students from a specific faculty
- Students are free to hire and fire outsiders, talent and their classmates for a fee
- Startups doing localization of an existing service can develop a niche in their home countries
Learning Points for Finotek
- If nobody understands my question, make it less complicated. I tried to give a context so the presenters could understand better, but it seems the language barrier is way too high.
- Apply the above the point to action - learn & do it!!!
Learning Points for BeNative
- BN started out by carving a new market for itself - in that way we get 100% market share! also, we have fresh opportunities given there is fresh market demand for it
- Company culture has to begin from the inception of the company
- Hierarchy, while existent, shouldn't take fun out of work
- Startups can rely on funding and extend their breakeven duration in order to build an awesome service
- Leaders should invest in continual learning of their employees - PHD, masters, etc - and also get avenues for staff to destress - punching bag & sound studio
- A strong backer gives the founder the freedom and leisure to let his ideas flourish - Dino had the success of his first company in his pocket and the money from the merger. He could be a serial entrepeneur.
- Key stakeholders have to move to new markets to place weight and emphasis on the importance when entering new markets.
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Lorem ipsum dolor sit amet, consectetur adipiscing elit. Vivamus vel libero ut nunc iaculis aliquam id nec felis. Nulla cursus tristique sapien, in mattis diam euismod id. Sed non finibus tellus. Mauris lorem arcu, porta in rutrum sed, fringilla a quam. Vivamus scelerisque urna ac sem fringilla ornare. Morbi et ipsum nisi. Vestibulum viverra congue orci, vel imperdiet neque interdum et. Vestibulum ante neque, cursus vitae est in, maximus finibus mauris. Curabitur non libero a magna hendrerit porttitor. Donec dignissim id arcu et venenatis. Nullam ac ligula a lorem blandit consequat. Morbi non ligula non urna sagittis aliquet. Vivamus in erat massa. Lorem ipsum dolor sit amet, consectetur adipiscing elit.
Lorem ipsum dolor sit amet, consectetur adipiscing elit. Vivamus vel libero ut nunc iaculis aliquam id nec felis. Nulla cursus tristique sapien, in mattis diam euismod id. Sed non finibus tellus. Mauris lorem arcu, porta in rutrum sed, fringilla a quam. Vivamus scelerisque urna ac sem fringilla ornare. Morbi et ipsum nisi. Vestibulum viverra congue orci, vel imperdiet neque interdum et. Vestibulum ante neque, cursus vitae est in, maximus finibus mauris. Curabitur non libero a magna hendrerit porttitor. Donec dignissim id arcu et venenatis. Nullam ac ligula a lorem blandit consequat. Morbi non ligula non urna sagittis aliquet. Vivamus in erat massa. Lorem ipsum dolor sit amet, consectetur adipiscing elit.
Lorem ipsum dolor sit amet, consectetur adipiscing elit. Vivamus vel libero ut nunc iaculis aliquam id nec felis. Nulla cursus tristique sapien, in mattis diam euismod id. Sed non finibus tellus. Mauris lorem arcu, porta in rutrum sed, fringilla a quam. Vivamus scelerisque urna ac sem fringilla ornare. Morbi et ipsum nisi. Vestibulum viverra congue orci, vel imperdiet neque interdum et. Vestibulum ante neque, cursus vitae est in, maximus finibus mauris. Curabitur non libero a magna hendrerit porttitor. Donec dignissim id arcu et venenatis. Nullam ac ligula a lorem blandit consequat. Morbi non ligula non urna sagittis aliquet. Vivamus in erat massa. Lorem ipsum dolor sit amet, consectetur adipiscing elit.
Lorem ipsum dolor sit amet, consectetur adipiscing elit. Vivamus vel libero ut nunc iaculis aliquam id nec felis. Nulla cursus tristique sapien, in mattis diam euismod id. Sed non finibus tellus. Mauris lorem arcu, porta in rutrum sed, fringilla a quam. Vivamus scelerisque urna ac sem fringilla ornare. Morbi et ipsum nisi. Vestibulum viverra congue orci, vel imperdiet neque interdum et. Vestibulum ante neque, cursus vitae est in, maximus finibus mauris. Curabitur non libero a magna hendrerit porttitor. Donec dignissim id arcu et venenatis. Nullam ac ligula a lorem blandit consequat. Morbi non ligula non urna sagittis aliquet. Vivamus in erat massa. Lorem ipsum dolor sit amet, consectetur adipiscing elit.
8) Seoul National University (SNU)
"That's one small step for a man but one leap step for a startup"
I'm really glad to be able to visit SNU as it is one of the most prestigious school in Seoul. The incubation center's layout is interesting whereby the highest floor is for freshmen and the lowest floor is for seniors which imploes they are ready to exit soon.
One of the entrepreneurs shared about how SNU accepted his startup which is to distribute online courses to the public. To him, funding was not the hardest part but it was about hiring the right people to join him. We also had conversation with the engineering students to share about similarities and differences between Korea and Singapore .
9) Finotek
Philosophy : sincerity and trust
Fiontek (Finance Innovation and Technology) sees the emerging trend of online bank platform For the last 8 years, they spent more than $50 million dollars and they aim to be expand to other countries. The start-up’s app is able to shorten the time from 2-3 days to 30 minutes to get your mortgage loan done - One day mobile mortgage
-Conduct information based identity authentication to recognize real time dynamic information of the signature
-Anytime anywhere accessible robo counseling solutions through a natural language processing algorithm
It is evident that the fintech industry is growing very fast and I’m looking forward to seeing more fintech related startups that can cause a significant impact.
10) BeNative
11) Memebox
SNU
- Strong school support for entrepreneurship within university.
- SNU student community are proactive in enhancing student life by having out of class activities.
EduCast's CEO is particularly insightful because we are able to relate to his story as an undergraduate entrepreneur. He shares the sincerity, energy and openness many CEO embodies.
SNU - STEM (SNU tomorrow's edge membership) visit is fun too as we got to enjoy interacting with smart local students.
Finotek
- Building technology for the future with passion, sincerity and endurance.
CEO kindly shared his wisdom from his extensive experience in various fields, on the importance of foresight, endurance and sincerity. Read for insight, logical thinking and bravely go forward when you found your calling.
BeNative
- Winning without fight (win-win), knowing your enemy (game theory) and setting up your territory.
- Speed of growth should not be limited, be ambitious.
A great experience liaising with a great company who is open to experience and learning. I learnt a great deal from the CEO's strategy in doing business and could sense his sincerity and embodiment of many Asian values. Such a warm office environment makes me feel inclined to work in a similar startup in the future. Finally their quality of their presentation reflects the company's competency and diversity in culture and fields.
Memebox
- Data-driven decision help make safe bets
I have great respect for the CEO who picked up his knowledge and skill through his experience himself. His story also inspires me to venture outside of Singapore and experience the silicon valley culture.
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Lorem ipsum dolor sit amet, consectetur adipiscing elit. Vivamus vel libero ut nunc iaculis aliquam id nec felis. Nulla cursus tristique sapien, in mattis diam euismod id. Sed non finibus tellus. Mauris lorem arcu, porta in rutrum sed, fringilla a quam. Vivamus scelerisque urna ac sem fringilla ornare. Morbi et ipsum nisi. Vestibulum viverra congue orci, vel imperdiet neque interdum et. Vestibulum ante neque, cursus vitae est in, maximus finibus mauris. Curabitur non libero a magna hendrerit porttitor. Donec dignissim id arcu et venenatis. Nullam ac ligula a lorem blandit consequat. Morbi non ligula non urna sagittis aliquet. Vivamus in erat massa. Lorem ipsum dolor sit amet, consectetur adipiscing elit.
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Lorem ipsum dolor sit amet, consectetur adipiscing elit. Vivamus vel libero ut nunc iaculis aliquam id nec felis. Nulla cursus tristique sapien, in mattis diam euismod id. Sed non finibus tellus. Mauris lorem arcu, porta in rutrum sed, fringilla a quam. Vivamus scelerisque urna ac sem fringilla ornare. Morbi et ipsum nisi. Vestibulum viverra congue orci, vel imperdiet neque interdum et. Vestibulum ante neque, cursus vitae est in, maximus finibus mauris. Curabitur non libero a magna hendrerit porttitor. Donec dignissim id arcu et venenatis. Nullam ac ligula a lorem blandit consequat. Morbi non ligula non urna sagittis aliquet. Vivamus in erat massa. Lorem ipsum dolor sit amet, consectetur adipiscing elit.
Lorem ipsum dolor sit amet, consectetur adipiscing elit. Vivamus vel libero ut nunc iaculis aliquam id nec felis. Nulla cursus tristique sapien, in mattis diam euismod id. Sed non finibus tellus. Mauris lorem arcu, porta in rutrum sed, fringilla a quam. Vivamus scelerisque urna ac sem fringilla ornare. Morbi et ipsum nisi. Vestibulum viverra congue orci, vel imperdiet neque interdum et. Vestibulum ante neque, cursus vitae est in, maximus finibus mauris. Curabitur non libero a magna hendrerit porttitor. Donec dignissim id arcu et venenatis. Nullam ac ligula a lorem blandit consequat. Morbi non ligula non urna sagittis aliquet. Vivamus in erat massa. Lorem ipsum dolor sit amet, consectetur adipiscing elit.
Lorem ipsum dolor sit amet, consectetur adipiscing elit. Vivamus vel libero ut nunc iaculis aliquam id nec felis. Nulla cursus tristique sapien, in mattis diam euismod id. Sed non finibus tellus. Mauris lorem arcu, porta in rutrum sed, fringilla a quam. Vivamus scelerisque urna ac sem fringilla ornare. Morbi et ipsum nisi. Vestibulum viverra congue orci, vel imperdiet neque interdum et. Vestibulum ante neque, cursus vitae est in, maximus finibus mauris. Curabitur non libero a magna hendrerit porttitor. Donec dignissim id arcu et venenatis. Nullam ac ligula a lorem blandit consequat. Morbi non ligula non urna sagittis aliquet. Vivamus in erat massa. Lorem ipsum dolor sit amet, consectetur adipiscing elit.
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