1516T2g1 South Korea/Reflection/day3
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Contents
Day 3: Reflections
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Seoul National University's Seoul Techno Holdings, Inc
Park, CEO of Educast
- Admit one's mistakes and learn from them.
- Don't hire too many people, keep it lean, more staff much actually decrease productivity.
- Hiring talents is tougher than raising fund
- Regretted taking the startup path at first, then found purpose in it: helping people succeed with him
- Localization will prevail over internation competitors
Finotek
- Foresight is key - foresaw that there will be online bank without branches, and they need service like Finotek's
- By reading and thinking logically, one can gain more foresights, once there is foresight, we should set the goal and head straight in the path towards it.
- Endurance is fundamental to realize the foresight.
- Networking is also important, with more connections, it is more likely to find and form a team with the same dream & goal in mind.
- Passion trumps technology
- With the long endurance and accurate foresight by Finotek founders, they were able to create a holistic, comprehensive, and reliable service that gained the banks' and goverment agencies' trust.
SMATOOS, Inc - BeNative Pro
- Founder had a personal need to learn business English, therefore the idea.
- Reputation and experience holds great weight - The serial entrepreneur background led to investors funding the founder without much thought given.
- Architecture of the content allowed them to scale easily to other languages - just change subtitles.
- "How does your product differentiate from others?" can be interpreted as "Will you be able to create your own market?"
- Learning organization is one that invests in its people and adapt based on what they learn.
memebox
- Data-driven operations - products and decisions are based on data
- Exploration (vs exploitation) is riskier short term, but safer in the long term
- Common mistake by entrepreneurs - finding the perfect team to work with, instead one should start anyway and make the team work.
- Again, endurance is key - "Everyone says China is a market to be in, but they are not making enough investments." and he budgets 50-60% for China market.
- Infrastructure and scability is worth the investment, because it is a bigger risk when the customers are rolling in but have no products to purchse (i.e. out of stock due to low production/storage capability)
- Price of marketing campaigns are relative to the market size (4mil expensive in Korea but cheap in China)
- Take leadership to make the difficult but beneficial change - shutdown the web app internal to make staff adopt, use, and improve the mobile app.
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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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8) Seoul National University (SNU)
9) Finotek
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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