Difference between revisions of "1516T2g1 South Korea/Reflection/day2"
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I was really looking forward to visiting Value Creators & Company (VCNC) as I believe whatever they have developed so far is relatively relatable to me. In my opinion, I feel they have targeted a niche market in couples and have successfully created and captured value for and from them respectively. It was pretty interesting to find out how VCNC as a company had tried out different products initially and failed way before the launch of their first successful application, Between. This clearly shows how there are many areas that a startup can venture into and the challenging part is to sieve out the ones that actually have value and work in the long-run. In 2011, Between was born and it has been pretty successful, gathering almost 16 million downloads. One interesting thing I picked up was the term “FOMO” which means the fear of missing out. I believe that such a term is increasingly used to explain the herd mentality that people have when deciding whether to use Between or not. Overall, VCNC has proven that they are a company that requires constant development to keep themselves relevant in their industry. | I was really looking forward to visiting Value Creators & Company (VCNC) as I believe whatever they have developed so far is relatively relatable to me. In my opinion, I feel they have targeted a niche market in couples and have successfully created and captured value for and from them respectively. It was pretty interesting to find out how VCNC as a company had tried out different products initially and failed way before the launch of their first successful application, Between. This clearly shows how there are many areas that a startup can venture into and the challenging part is to sieve out the ones that actually have value and work in the long-run. In 2011, Between was born and it has been pretty successful, gathering almost 16 million downloads. One interesting thing I picked up was the term “FOMO” which means the fear of missing out. I believe that such a term is increasingly used to explain the herd mentality that people have when deciding whether to use Between or not. Overall, VCNC has proven that they are a company that requires constant development to keep themselves relevant in their industry. | ||
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'''Startup Alliance''' | '''Startup Alliance''' | ||
The second visit of the day was to Startup Alliance who is all about connecting startups to other startups. Their main goal is to enrich the startup ecosystem in Korea and help startups go global if possible. As a company, they mainly organize 3 types of activities, namely: Coffee Club, Book Club and Lunch Club. Kidae, Director of Startup Alliance, mentioned about how startups can easily with each other through such monthly meetings over coffee and lunch. He also brought up the role of the government in providing external incubator programs to help speed up the growth of startups. In my opinion, it is indeed vital to invest heavily in such accelerator programs especially if the startup has no other available resources. At the same time it also depends how much investment Startup Alliance is willing to invest in. | The second visit of the day was to Startup Alliance who is all about connecting startups to other startups. Their main goal is to enrich the startup ecosystem in Korea and help startups go global if possible. As a company, they mainly organize 3 types of activities, namely: Coffee Club, Book Club and Lunch Club. Kidae, Director of Startup Alliance, mentioned about how startups can easily with each other through such monthly meetings over coffee and lunch. He also brought up the role of the government in providing external incubator programs to help speed up the growth of startups. In my opinion, it is indeed vital to invest heavily in such accelerator programs especially if the startup has no other available resources. At the same time it also depends how much investment Startup Alliance is willing to invest in. | ||
| + | |||
| + | |||
| + | '''Lunit''' | ||
| + | |||
| + | Lunit, founded in 2013, is a platform that aims to transform cancer diagnostics by using deep learning and clinical data. It was the first time that I've witnessed a startup that deals with health care with such detail and interest. In fact, their rationale for such an application is to increase the rate of detecting different types of cancer at an early stage. What I found interesting was how seamless the application looked during the demo. It was so simple: just upload a x-ray image of your chest and the system will automatically indicate the possible areas of infection. Overall, the amount of potential Lunit has is yet to be fully discovered and I'm curious to see how it will impact the health care industry in the future. | ||
| + | |||
'''BankSalad''' | '''BankSalad''' | ||
Revision as of 19:49, 27 April 2016
| Day 2 |
Contents
Day 2: Reflections
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VCNC | Between
- "Fail Fast, Iterate Often" - they let go of their ideas when it proved that they aren't going to work out.
- They have the Kakao Founder as a mentor, which may have contributed to their success in their messenger and Between.
- Separation of features: Some users of Between need the ideas feature (WhereTo) but some don't; that is where you develop separate apps.
- Big existing user base helps, alot - without messenger, Between would have grown slower, without Between, WhereTo would have grown slower too.
- Great acquisition insights and strategy ('evil' for men) 1) 'Fear Of Missing Out' 2) activity charts to mandate usage of the app 'do you not love me?'
- Growing strategy - sees viral growth in the region > set up office > localized marketing strategies to further grow
- In Edward's opinion, when does a startup become successful? 1) Sustainable profits 2) Fulfil their initial vision / mission and adopts a new one.
Startup Alliance
- Learnt that each region in Korea has its own niche economy and therefore have niche incubators located in those regions.
- Differentiates itself from other incubator by being an association and lobbyist for startups!
- Learnt that success Korean entrepreneurs are more likely to become mentors to contribute back to the society, in constrast to U.S. entrepreneurs who are more likely to become serial entrepreneurs.
- There're differences in the company culture between Japan and Korea, leading to Japanese companies visiting Korea to find startups to acquire or collaboration with.
Lunit
- Developed their technology using a different approach; competitors' solutions are provided location of the cancer growth, while Lunit does not and lets the solution decide and learn on its own.
- Pivoted from Machine Learning to Deep Learning when the CEO found that Deep Learning is a much better technology for the use case.
- Coming as PhDs from one field does not limit one to that field.
Rainist Co | BankSalad
- It doesn't make sense to expand overseas when it's much easier to generate revenue from domestic market by creating a new service.
- An unexpected find on the airplane can turn into a business idea.
- Tasks that seems overly time-consuming (e.g. crawling bank credit card pages and writing rules) can be overcomed by hardwork and hiring more staff (e.g. Financial Analyst).
- Listening to customers and developing what they want can go a long way (e.g. making a spending tracking mobile app by using the SMSes sent by banks)
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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.
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.
VCNC
I was really looking forward to visiting Value Creators & Company (VCNC) as I believe whatever they have developed so far is relatively relatable to me. In my opinion, I feel they have targeted a niche market in couples and have successfully created and captured value for and from them respectively. It was pretty interesting to find out how VCNC as a company had tried out different products initially and failed way before the launch of their first successful application, Between. This clearly shows how there are many areas that a startup can venture into and the challenging part is to sieve out the ones that actually have value and work in the long-run. In 2011, Between was born and it has been pretty successful, gathering almost 16 million downloads. One interesting thing I picked up was the term “FOMO” which means the fear of missing out. I believe that such a term is increasingly used to explain the herd mentality that people have when deciding whether to use Between or not. Overall, VCNC has proven that they are a company that requires constant development to keep themselves relevant in their industry.
Startup Alliance
The second visit of the day was to Startup Alliance who is all about connecting startups to other startups. Their main goal is to enrich the startup ecosystem in Korea and help startups go global if possible. As a company, they mainly organize 3 types of activities, namely: Coffee Club, Book Club and Lunch Club. Kidae, Director of Startup Alliance, mentioned about how startups can easily with each other through such monthly meetings over coffee and lunch. He also brought up the role of the government in providing external incubator programs to help speed up the growth of startups. In my opinion, it is indeed vital to invest heavily in such accelerator programs especially if the startup has no other available resources. At the same time it also depends how much investment Startup Alliance is willing to invest in.
Lunit
Lunit, founded in 2013, is a platform that aims to transform cancer diagnostics by using deep learning and clinical data. It was the first time that I've witnessed a startup that deals with health care with such detail and interest. In fact, their rationale for such an application is to increase the rate of detecting different types of cancer at an early stage. What I found interesting was how seamless the application looked during the demo. It was so simple: just upload a x-ray image of your chest and the system will automatically indicate the possible areas of infection. Overall, the amount of potential Lunit has is yet to be fully discovered and I'm curious to see how it will impact the health care industry in the future.
BankSalad
The last visit of the day was spent at Ranist Co and it was a fulfilling experience to get to know more about the fintech industry. CTO, Sunghyun, shared with us more about the origins of the company about how they tried building a Korean style LinkedIn and failed. I found it interesting that the aim of banksalad is to solve the inequality of information due to the multiple credit card companies present in Korea. Their approach of ranking the top credit cards that bring the most value to the customer is based on customers' indicated spending patterns. In my opinion, I believe this apllicatuon is still relatively new and would have to stick around for another few years to get a better evaluation of whether such a service is beneficial and desired.
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.
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.
VCNC | Between
Prior to this visit, I had no idea that VCNC had multiple failed platforms in the past. Yet, they are able to keep their spirits high and quickly adapt to market needs which led to them to Between.
Knowing What do you want to do? How do you want to do it? and What kind of difference do you want to make? is important when starting a startup. and when you have achieved those initial goals like VCNC has done, you aim for the next goal and the next in order to grow. Their ultimate vision is to be the app for significant lasting relationships. This consists of the three more significant stages in a relationship: Dating -> Marriage -> Have Kids! D:
This visit was very interesting because so many good questions were asked during QnA so I shall focus on one question I found very helpful. So how did Between increase their number of users?
- When Between was at 100k users. They look for other companies who are also at 100k users. VCNC will then promote them and they return the favour.
- This was done repetitively until they eventually increased in numbers
- Then they started working with bigger companies
Another interesting point was that marketing is tailored to local markets. The example given was on Thailand where they created a hashtag and asked users to post their between app screen shot with the hashtag "#icommited". They managed to attract a few influential Instagram users and by having them also take part in this, many other people followed suit and downloaded the app as a result.
This just shows that there is no one way to doing a certain thing and I am wowed by how creative they have been in doing this.
Startup Alliance
Startup Alliance is an incubator that acts as the middle man between startups and VCs who have the means to fund these startups.
During QnA, it was interesting understanding why Japanese companies are more willing to invest in startups in Korea as compared to the ones in their own country. It boiled down to the how the culture in the startup scenes differed in the two countries. In Japan, people have high job securities and only retire in their 60s. In contrast, people in Korea are kicked out of their jobs in their early 40s. Due to the lack in job security, people are greatly motivated to start their own businesses and this in turn cultivates a rich and dynamic startup community.
Lunit
--- COMING SOON ---
BankSalad
First and foremost, 30 prototypes wow...
---TBC---
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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.
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.
