1516T2g1 South Korea/Reflection/day3
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Contents
Day 3: Reflections
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SNU
Similair to SMU IIE but in a much larger scale, SNU too has their own incubation chambers. They follow 4 main process: Discover, incubating, accelerating and investing. A startup that spoke to us, Educast told us about his journey and experience for the start-up. Their goal was to distribute online resources to people. They made many mistakes such as hiring too many people at the start and its also hard to retain good staffs as many will want to go big companies upon graduation. The most important lesson from this session is that start-ups are demanding to our lives and we might have to might choices about it(delay graduation).
Finotek
Finotek focuses on trust and sincerity to deliver their solution to their customer. They are the platform that enable banks to do online verification on their customers in a seamless manner. 3 main takeaways, 1st is that forecasting the trend is extremely important. 2nd is endurance as you need to tide through the first stage of difficultities and overcome them. 3rd will be teamwork as working in a team with the same goal and passion, your goals will be achieved much quicker.
BeNative
The company SMATOOS founded BeNative on the basis of teaching business language to business people by business people. They do this by interviewing powerful people in powerful company and analysing words they used. BeNative is largely engaged by the Chinese government & many Korean organisations to educate and teach their members English language or Chinese. It is a paid service or a free service with advertisements. The biggest lesson I learnt is that superior sales is enough and product differentiation is not always necessary.
MEMEBOX
MEMEBOX aims to merge engineering with aesthetics biology by delivering cheap beauty products to their consumers with the help of popular bloggers and models. This company adopts an American style approach in managing the business as the words “San Francisco” was mentioned multiple times during his speech. Mobile is the main channel of income for the company. I learnt that there mainly 4 phases in a start-up. Firstly, making money. Secondly, serve or building a community. Thirdly, changing the industry and lastly, creating an impact on humanity.
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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)
"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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