Startup Train, Continues in 2024! 2024 Spring CHOO CHOO DAY   Hosted by the 'Startup Institute' (Director: Moon Jungbin), an affiliated organization of Korea University Business School (Dean: Kim Sang-yong), the startup demo day '2024 Spring CHOO CHOO DAY' (hereafter referred to as CHOO CHOO DAY) was held on May 10th at the LG-POSCO Business Hall SUPEX Hall. This event was supported by the Korea University LINC 3.0 Project Group and the Korea University Anam Campus Town. CHOO CHOO DAY aims to revitalize the campus-centric startup ecosystem and strengthen the investment attraction capabilities of student startup companies. The 'CHOO CHOO' signifies the sound of a train starting energetically, symbolizing the support for tenant companies to secure initial investments and move to the next stage.       Participating teams at this year's CHOO CHOO DAY included: △ 'Build Now,' an all-in-one solution for pre-verification of partner companies for general construction companies △ 'Pet Night,' a service for preparing for and caring for pets' farewells △ 'Today's AI,' a virtual CS employee that responds to customers 24/7 △ '1click 100moods,' an AI solution that prevents various problems in the interior design process and saves time/costs △ 'Toaster Finance,' a blockchain-based DeFi investment platform. The event also featured panelists such as Moon Jungbin, Director of the Startup Institute, Park Jinkyu and Kim Youngkyung, Directors of the Startup Station Center, and other Korea University staff, as well as external guests like Kim Seunghyun, Director of Shinhan Venture Investment, Lee Changyoon, Team Leader of the Youth Startup Foundation, Kang Kihyun, Partner at Fast Ventures, Jeong Inoh, Team Leader at POSTECH Technology Holdings, and Yang Hyungjun, Team Leader at Base Investment.    The event began with an opening address by Kim Youngkyung, Director of the Startup Station Center, who introduced the ideology of "Pay it forward!" emphasizing the growth of efficient altruism. Dean Kim Sang-yong opened his welcome speech by explaining the focus on nurturing startups, stating, "Innovation and change are essential in the challenges for the future."      Dean Kim Sang-yong further added, "We send our interest and support to the five teams that pursue the common good of our society through entrepreneurship and management. The Business School will actively support not only Korea University but also many young entrepreneurs outside the university by opening wide windows of opportunity." He concluded his welcome speech by expressing his hope to join the journey of today’s startup teams making the world a better place.       Next, Stipop CEO Park Kiram took the stage as an open mic speaker. Stipop is a marketplace where emoticons can be sold on various chat apps and has received investments from Y Combinator and Snapchat. CEO Park Kiram highlighted three key points to be mindful of when starting a startup: ① Focus on making products and talking to customers ② Hire slowly, fire quickly ③ Do things that can’t scale up first.      The presentations and Q&A sessions of the five participating teams were conducted sequentially. Before the closing, Moon Jungbin, Director of the Startup Institute, took the stage. Director Moon, in his closing speech, told the audience, "I hope you become the entrepreneurs presenting on stage," supporting many young people's startup ventures.     

The Start of Managing Recurring Revenue with KPI…Crescendo Equity Partners' Sungmin Lee at Entrepreneurship Academy Lecture Series   On April 9, the first-semester Entrepreneurship Academy, organized by the Startup Institute (Director: Moon Jungbin) of the Business School (Dean: Kim Sang-yong), hosted its second lecture of the series with Sungmin Lee, Director of Crescendo Equity Partners, as the speaker. Sungmin Lee provided insights essential for startup entrepreneurship.    First, he began by discussing the scale of startup investments in Korea in 2023. The total number of startup investments in the country was 1,429, a 36% decrease from the previous year (2,236). The investment amount saw an even steeper decline, dropping by 52.8% from 14.9 trillion KRW to approximately 7.03 trillion KRW. Sungmin Lee attributed this saying “There seems to be a significant reduction in late-stage investments, which typically involve larger amounts.” However, he encouraged early-stage startups by stating, "Despite the so-called startup winter, there are still ample opportunities for early-stage startups."      He then presented specific figures related to investment items. Among the top 25 companies that received more than 10 investments in 2023, the highest number of investments was in the bio-medical sector. Second was game content, and then enterprise and security-related startups. The investment amounts reflected the same trend. Sungmin Lee advised, "Identifying where investment numbers and amounts are concentrated can help guide your startup endeavors."    Next, he discussed investment regions. Last year, Seoul attracted the most investment, accounting for 66% of the total investment amount. He pointed out that “benefiting from the environment in Seoul can be advantageous,” emphasizing “not only physical access but also the importance of leveraging the network of startup entrepreneurs.”      Lee offered extensive advice on securing Series A funding and shared his views on what private equity and late-stage investors consider important. He highlighted the concept of ‘recurring revenue,’ stating, “Late-stage investors highly value the visibility, predictability, and stability of revenue. Subscription services like Netflix and Coupang received significant investments because they demonstrated revenue predictability and stability even after 10 years.” He emphasized the importance of tracking KPIs as a tip for generating recurring revenue, saying, “Companies that effectively track KPIs are better at generating recurring revenue. This can maximize corporate value and attract more investments.”      In conclusion, Sungmin Lee gave the following advice to aspiring entrepreneurs: “It’s okay to fall forward as long as you don’t fall backward,” “Focus on managing measurable indicators by paying attention to KPIs,” “Don’t rely solely on government projects,” and “Check the TAM (Total Addressable Market) to ensure you are in a growing industry.” 

Job Search Strategies Using LinkedIn, the World's Largest Business-Oriented Social Media Platform    On April 16, Korea University Business School (Dean: Kim Sang-yong) hosted a lecture on “Job Search Strategies Using LinkedIn” (hereafter referred to as the lecture) in Room 530 of the LG-POSCO Business Hall. LinkedIn, the world’s largest business-oriented social media platform, is widely used for job seeking and recruiting in the U.S. and other countries. The speaker for the lecture was Dongwon Lee, Managing Director at LinkedIn.      First, Managing Director Dongwon Lee provided an overall introduction to LinkedIn’s history and vision. He explained that LinkedIn is a subsidiary of Microsoft and has a vision of creating economic opportunities for all professionals worldwide. Its mission is to connect people globally to increase productivity and success for individuals and companies. He then outlined three ways to enhance hiring competitiveness using LinkedIn:    First, is opportunity. Dongwon Lee emphasized expanding opportunities by stating, "The 'Top 3' things companies look for most recently are Skills and Assessments, open to work (clearly expressing willingness to work), and keywords." He advised attendees to meticulously fill out the skills and information sections in their profiles. Second is information. He recommended receiving timely industry and job information. Setting up job alerts and following companies of interest were suggested methods to regularly check the latest industry news. Third is connections and communication. Lee emphasized the importance of connecting with various industry professionals and maintaining regular communication with them. He particularly noted the significance of connecting with HR personnel and alumni, and engaging with companies of interest through activities such as recommendations and comments.      Following his explanation on how to use LinkedIn, Lee discussed the “Solutions Used by Korean Hiring Managers.” He stressed that LinkedIn allows recruiters to find members with the desired skills and those interested in their companies, reiterating the importance of following companies that one is interested in. Additionally, he advised that management is a crucial skill that can broaden one's opportunities.       The lecture concluded with a Q&A session. Managing Director Lee Dongwon offered the following advice to students. “Use keywords effectively as HR teams do not read every letter,” “In Singapore, the demand for Korean language skills is very high, so actively utilize your Korean proficiency,” and “Maintain consistent postings in your field of interest to appear as a professional.”   

"Creating the Company’s Unique Entry Barrier is Important" ... Entrepreneurship Special Lecture by Yoon Sungpil, CFO of Thingsflow    On April 9th, the first semester of the Entrepreneurship Academy was held at the KUBS (Dean = Kim Sang Yong) Startup Research Institute (Director = Moon Jungbin). Yoon Sungpil, CFO of Thingsflow, was the speaker for the first lecture series of the Entrepreneurship Academy. CFO Yoon Sungpil spoke on the topic of 'VC and the Startup Market,' providing explanations and advice on initial startup funding.      CFO Yoon Sungpil built his career as a venture capital (VC) expert, having worked as the head of the Shinhan Venture Investment Team, a reviewer at Neoflux, and an investment analyst at NHN Investment. Currently, he serves as the CFO of Thingsflow, a company that produces B2C services utilizing AI technology, such as 'Hellobot' and 'Between.'     Firstly, CFO Yoon Sungpil explained the methods of startup funding. Startup funding is divided into stages of growth such as △seed investment, △Series A, B, C, and △accelerator funding. CFO Yoon said, "Many startups face the most difficulties in the seed and Series A stages," and "since there is not much evidence to show, investments close to trust tend to occur."      CFO Yoon then described the characteristics of startups that VCs want to invest in. Firstly, there are types of startups that are easy to invest in, such as △tech companies, △online companies, and △new businesses. CFO Yoon explained, "Companies with technological expertise can undertake unique ventures, thus receiving high evaluations in terms of stability and growth potential," and "VCs also favor types of businesses such as online businesses, software, and content, which can scale up easily and make a significant impact with minimal investment.”     CFO Yoon also introduced the perspective of VCs in evaluating startups. Firstly, the potential market size that the startup can enter and its growth potential are considered. CFO Yoon emphasized, "Before starting a business, one should question whether the item can create a large market," and "targeting a market with a size of at least 1 trillion and rapid growth is advisable."      Secondly, the importance of the problem is the market defined by the company is considered. CFO Yoon said, "It is important to consider whether the problem is one that customers really want to solve," and "There is also a way to enter an existing market where demand already exists."    Thirdly, the uniqueness of the technology possessed is considered. CFO Yoon introduced the case of the startup 'Ppodeuk,' which provides dishwashing services, as an example. CFO Yoon explained, "While it may seem like a problem difficult to solve in student entrepreneurship, even small entry barriers can be created," and "By mastering the dishwashing process itself over several years, 'Ppodeuk' has created its entry barrier." He further elaborated, "Although it's an idea anyone could think of, by diligently understanding customer needs, the product itself can become a unique entry barrier for the company," emphasizing how understanding customer needs persistently can turn the product into the company's unique entry barrier."      Fourthly, the upper limit of the price at which the product can be sold is considered. CFO Yoon emphasized, "How expensive the product can be sold for, is equivalent to proving the influence of the business," and "Attracting customers by lowering the price is not a scalable method," advising to think about maintaining the price but creating added value corresponding to the price.    Lastly, the position of the team within the market and the qualities of the team members are considered. CFO Yoon explained, "When a good team is established, the approach to conquer the market itself changes," and "Since the team itself can be a selling point, it is important to create a startup that gathers the best talented people."      The lecture concluded with a Q&A session. CFO Yoon advised, "It is important to meet as many VC-related individuals as possible from the early stages," and "there is a need to consider the dilemma between efficiency and stability in fundraising as well." 

KUBS Student Ambassadors KUBE: 18th Disbandment Ceremony & 20th Inauguration Ceremony 'Cheering for a New Beginning'    On April 1st, the 18th disbandment ceremony and the 20th inauguration ceremony of KUBE, the student ambassadors of Korea University Business School (Dean= Sangyong Kim), took place at the Kookoo Hall in the LG-POSCO Building. KUBS Dean Sangyong Kim and Associate Dean Janghyuk Lee of the Graduate School of Business Administration attended and offered their encouragement to KUBE.    The event proceeded with a report on the activities from the second semester of 2023, plans for the first semester of 2024, a congratulatory speech by Dean Sangyong Kim, a welcoming address by Associate Dean Janghyuk Lee, reflections from the 18th class of KUBE, and resolutions from the 20th class.      During the second semester of 2023, KUBE engaged in regular campus tours, various protocol activities, meetings with alumni, Youth Meeting Day, continuous campus tours, and promotional activities. Geon Ko, the president of the 19th Class (Business ‘20), stated, "Based on these experiences, we will continue to enhance the prestige of KUBS in the first semester of 2024."    Dean Kim expressed, "It's not easy to fulfill the role of KUBE amidst a busy schedule, but the meaningful time spent as student ambassadors will become a great accomplishment and asset in life. I am grateful for your efforts as the proud representatives of KUBS, as a link between current students and alumni, and as a bridge for prospective students." Vice Dean Lee noted, "I have observed over the past year how KUBE has not only participated in undergraduate but also many graduate program events, providing significant assistance. I hope that KUBE will continue to become more internationalized in the future."      Minkyu Chu, the vice president of the 18th Class (Business '22), who conducted the disbandment ceremony, said, "KUBE taught me about 'responsibility.' I am thankful to my fellow KUBE members, the PR team managers, the Dean, and the Associate Deans of KUBS." Minjin Kim (Business '24), a new member of the 20th Class, shared his excitement about joining KUBE: "It's thrilling and an honor to be able to participate as KUBE. I will strive to enhance the reputation of Korea University Business School and to build good relationships."     

Stories from Accountant and Customs Broker Alumni….‘A Night Full of Jobs’    On March 27, an event called "Job多한 밤" (A Night Full of Jobs) was held at the Supex Hall in the LG-POSCO Building. This event was organized by the administration team of Korea University Business School (Dean=Kim Sangyong Kim), the Korea University Alumni Association, and the Korea University Economy and Finance Association (KEFA). The lecture series that evening focused on the theme "CPA & beyond," featuring three speakers.      The event was structured with mentoring lectures and a panelist Q&A session. The mentoring lectures provided an overview of the professional industry, discussed preferred qualities in candidates, and shared industry-related experiences. The panelist Q&A included pre-selected questions as well as questions taken live from the audience.    The first speaker was Changkyu Choi (Class of 90’), an accountant from Namu Management Academy. His lecture, titled "If you can't avoid it, enjoy it," covered topics such as his transition from accountant to lecturer, CPA examination plans, career paths after passing the CPA exam, and alternatives if one fails the CPA exam.      The second speaker was Joonghyun Lee (Class of 86’), an accountant from Samil PwC. He spoke on the topic "Lessons from the Past, Challenges of the Present, Opportunities of the Future," detailing his 32-year journey as an accountant. He emphasized that "the accounting firm has continuously evolved over the past 32 years and will keep changing in the future. Passing the exam is not the end; we must continuously adapt our knowledge to the changing trends of the world and develop the ability to handle changes coolly."    The third speaker was Hwisun Han, the CEO of Hanju Customs Brokerage. (Class of 91’). Hwisun Han’s lecture was titled "Success DNA." He urged his junior colleagues, "Engage fiercely in contemplation, practice rigorously, and challenge vigorously."    The event concluded with a Q&A session. Dahyun Jeong, a student from the KUBS class of 2023, shared her experience: "I came here curious about the careers our alumni have pursued after graduation, and I am glad to have gained a lot of information. It was particularly enjoyable because the speakers engaged deeply with us students during their lectures."