The Story Behind the Birth of the Choo Choo Entrepreneur Award
The Story Behind the Birth of the Choo Choo Entrepreneur Award
The Startup Institute at Korea University Business School (KUBS) selects innovative and marketable business models through its biannual Startup Express Summer and Winter Seasons, organized by the Myung Ho Seung Entrepreneurship Education Center. Winners gain access to workspace, operational funding, and educational support. In 2024, the Choo Choo Entrepreneur Award was introduced during the Startup Competition, branded as Choo Choo Day.
The award was established by the first cohort of the Startup Institute, including Ik Jung Kim, co-founder of Taling, and Young Kyung Kim, head of the Iljin Center for Startup Incubation. It reflects their dedication to nurturing the next generation of entrepreneurs. To learn more, we spoke with Young Kyung Kim, one of the founding members of the cohort and an integral part of the award’s creation.
Q: We heard you graduated from Korea University Business School. What kind of student were you during your undergraduate years?
A: I didn’t start in the Department of Business Administration. Initially, I studied History but transferred to KUBS as a junior. Before transferring, I had a vague dream of starting a business. This was back in 2007, when the mobile market was still in its early stages. Seeing the growth of the web market, I thought about bringing offline fashion businesses online to create value.
However, after transferring to KUBS, I set aside my entrepreneurial dreams and focused on developing logical thinking through my involvement in a strategy society. After graduation, I joined a large corporation.
Q: What was life like working in a large corporation?
A: As a business school graduate, I thought I’d be able to apply the knowledge I’d learned. But in reality, my tasks mostly involved preparing documents and writing emails. While these tasks had significance within the corporate ecosystem, I questioned their broader relevance. Over time, I grew bored and decided to quit.
I didn’t plan to start a business right away; leaving was more of a leap of faith. During this time, I searched for inspiration through success stories. I vividly remember a lecture by Professor Ick-Soo Kim, who mentioned reverse-engineering the paths of successful people to uncover patterns. One example that stood out was Steve Jobs learning calligraphy in college, which influenced me to audit Professor Dae Il Nam’s course, New Venture Creation and Management.
Q: That must have marked the start of your connection with Professor Dae Il Nam.
A: Exactly. I emailed him, asking for permission to audit his class. He responded and invited me to his office. I nervously showed up, and his words still resonate: “If you’re going to be late even once, don’t bother attending. I’ll treat you as an equal student, not as an alumnus.” That class was transformative. For the midterm, we created and presented a business model, which reignited my entrepreneurial aspirations.
Q: You later joined the first cohort of the Startup Institute.
A: The program provided invaluable support. At the time, Facebook was the dominant social media platform. We created a debate series called Stocks Talk, featuring stock market enthusiasts from Korea University and Yonsei University. The content went viral and even secured Series B funding.
The Startup Institute offered resources that were crucial for this success. We filmed the content at their facilities and received legal guidance from Kim & Chang on partnership agreements. It was the perfect environment to develop and refine our MVP (Minimum Viable Product), leveraging school resources to launch projects smoothly.
Q: You later returned to school and established the Choo Choo Entrepreneur Award.
A: The Choo Choo Entrepreneur Award isn’t just a donation; it’s an investment in future entrepreneurs. For the Startup Institute to grow into a premier incubator, it needs to attract and support strong teams with high potential. Competitions like Startup Express play a pivotal role in this process. The award aims to inspire these teams to surpass us and reinvest in the ecosystem.
We’re confident that the teams supported by this award will one day return to invest in the program, creating a virtuous cycle of growth.
Q: That’s a profound vision.
A: Education, mentoring, and funding are the keys to entrepreneurial success. Besides providing initial funding, building meaningful relationships with founders is crucial for creating a sustainable startup ecosystem. “We must support startups through investment, not charity, so both the teams and the program can thrive.”
Q: What does the Choo Choo Entrepreneur Award represent?
A: It’s a spark of entrepreneurial energy. I hope it inspires many students to take on the challenge of starting their own ventures. Think of it as a “positive virus”—just as we talk about a “laughter virus,” I want this award to spread the entrepreneurial spirit. With the abundance of government support available today, I believe it’s an excellent time for students to start their entrepreneurial journey.
Q: Do you have any advice for current or future cohorts?
A: Korea University Business School students are among the top 1%, and with that comes a responsibility to innovate and embrace entrepreneurship. Don’t fear failure—while statistics like a 99.7% failure rate might seem daunting, the infrastructure and support available make entrepreneurship less intimidating. I urge students to take on the challenge with confidence and a sense of purpose.
2024.12.03국제실
