LEE Jin
Reflection
Blog/Journal
Day 1 Today we visited SCC and Twinword’s company It is pretty impressive that Korea has a Smart Content Centre that cultivates entrepreneurs with businesses that deals with knowledge-based management. Twinword is a company that utilizes machine learning and natural language processing. With the 3 different types of revenue generating model, Twinword is all set to reap its reward from the tedious work process of collecting data from its users. However, after asking the CEO about his business’ profitability, he did mention that the business is competitive but he thinks that it will definitely be better in the near future.
Day 2 Today we visited IdeaAbove and My Real Trip’s office. It is a very good trip for us to learn more about our country and the reason why many Korean startup companies are heading towards Singapore to expand into the South East Asian market. Ian, Listr.FM’s CEO explained many of his concept to us about how his startup defies conventional revenue generating venture capitalist’s ideal business model and move into a consumer interest first product. I believe that we are very fortunate to be born in an environment with all the necessary support that can be given to us when we need it. I am looking forward to tomorrow’s presentation and company visits
Day 3 VCNC(Between), Memebox and Flitto VCNC Analogy – symbolic text between tries to utilize fear of missing out and to know if you are committed to your partner. Between has many features that are customized for couples to use, organize and record their significant events. For example, some includes: Share calendar, store couple photos but the best of all will be the privacy setting that allow couples to keep all memories within themselves. We also noted that they have a record 7.2 million downloads with about 42 million messages sent and 400k photos shared per day. VCNC’s Business model depends on freemium, advertising and commerce. They are currently trying to penetrate into the western market. Everyone in a startup counts and that we should value their opinions. A company will grow as the employee grows. Their company culture that is very inclusive and supportive of the co-workers in VCNC. – For example, they have a thanks CEO its Monday day. Memebox We had a memorable trip to Memebox’s office and at the same time managed to value add the company by providing useful feedbacks like trying out store front distribution channel. Wonshin brought us around. She is a very enthusiastic marketing director and we have learnt a lot of insights from her experience with Lo real and memebox.
End message and learning point: Good product is easiest to gain marketing
Flitto A company that wants to do Selling beyond google translation The translation business is a 10 billion dollars market and 1 major advantage is that Flitto does not depend on machine translation. Their business model consist of 3 different revenue sources – matching fee, transaction fee and translation database sharing. – 300K translation a day The co-founder, Simon has interest in language and hence created an applicant right from the start to assist Difficulties and challenges – what comes first, content to attract people or translators ready to translate the content?
Overall, Flitto gives a very inspiration speech of putting ourselves outside the comfort zone( traditional Samsung path) and create a business from a good idea.
