Taking the First Step Toward Entrepreneurship…2024 Startup Express Summer Season   On June 7th, the '2024 Startup Express Summer Season' (hereafter 'Startup Express'), hosted by the Korea University Business School (Dean: Kim Sang-yong) and the Startup Research Institute (Director: Moon Jung-bin), was successfully held at the LG-POSCO Business Hall. 'Startup Express' is an annual student entrepreneurship competition held every summer and autumn by the Seung Myungho Entrepreneurship Education Center. The purpose of this competition is to propose creative business ideas based on entrepreneurial spirit and innovation and to discover promising startup teams with excellent business potential.          This year's event featured △Moon Jungbin, Director of the Startup Research Institute △Kim Youngkyung, Director of the Iljin Startup Support Center △Park Jingyu, Director of the Seung Myungho Education Center, along with △Lee Seungpyo, Director of the Iljin Global R&D Center △Yoo Wonkyung, Team Leader of the Business Planning Team at the Korea Times △Hwang Junhyun, Team Leader of the Online Service Team at Donghwa Enterprise △Shin Myungcheol, Partner at Kingsbay Capital and Professor at KUBS △Baek Jiseung, Senior Manager at LG Energy Solution △Kim Ikjung, Co-founder of Taling, who participated as judges. Particularly, Kim Ikjung, a co-founder of Taling and an alumnus of the 1st batch of resident companies at the Startup Research Institute, added significance by judging the 10 teams to be selected through this Startup Express.   First, Director Moon Jungbin of the Startup Research Institute stated, “I sincerely welcome all of you who are here to select the 17th team to join the Startup Research Institute.” He expressed his gratitude to the judges for their fair evaluations to discover excellent teams every time. Director Moon also encouraged the participants by saying, “I hope you will fully showcase your startup ideas here today.” Then, Director  of Seung Myungho Entrepreneurship Education Center, Park Jingyu introduced the Startup Research Institue, and the presentations of the 13 teams began in earnest.          In the first session, 6 teams, and in the second session, 7 teams presented their startup ideas. Among the numerous teams that applied for this Startup Express, the team names and startup ideas of the 13 finalists are as follows.    ▶A one-on-one learning matching service for children with borderline intelligence. (Nuruing) ▶A high-end traditional Korean liquor manufacturer restoring and mechanizing the brewing techniques of Korean nobility artisans. (Woori) ▶A platform for verifying the reliability of hiring foreign workers. (Filter Match) ▶A smart transportation solution platform. (Handy Bus) ▶A B2B platform for predicting agricultural product sales and distribution. (Daebong) ▶A customized digital education service (Tech is Life).▶ A feedback platform for improving the products and services of small business owners. (Feedbacker) ▶Personalized AI photo services. (Genti) ▶An AI-based chat learning assistant platform. (Flick) ▶A personalized AI social robot that sees, hears, and speaks. (ATLO) ▶An AI service for streamlining the process of pattern design. (Astis) ▶An AI music platform that allows users to choose the voice for their desired songs. (Homebrew) ▶An AI service that simplifies the process of patent filing by patent attorneys. (Patent Go)           After the presentations, which were conducted with a 5 minute presentation and a 5 minute Q&A, the judges evaluated each team on △problem definition △business model △capabilities and determination, and selected the resident teams. The Seung Myungho Entrepreneurship Award was given to 'Homebrew' for its AI music platform, and the Iljin Startup Award went to 'Patent Go' for its AI service that simplifies the patent filing process by patent attorneys. The 'ChuChu Entrepreneur Award' presented by Kim Ikjung, co-founder of Taling, to his juniors, was awarded to 'Daebong' for its B2B platform for predicting agricultural product sales and distribution. The Encouragement Awards went to ▶FilterMatch for its platform verifying the reliability of hiring foreign workers ▶Flick for its AI-based chat learning assistant platform ▶ATLO for its personalized AI social robot that sees, hears and speaks.             Concluding, Director Moon Jungbin encouraged the participants by stating, “Recently, there is talk about the 'drying up of startup funds' due to the shrinking venture capital investments, making the startup environment challenging. However, challenging means that there is only room to improve in the future.” He also observed, “Looking at the teams presenting today, many have utilized generative AI. This suggests that the emergence of generative AI is creating a more favorable environment for startups.”          Meanwhile, all the teams, including those who received the Encouragement Awards, will be given the opportunity to reside at the Iljin Startup Support Center at the Startup Research Institute. The Startup Research Institute will select a total of 10 teams and hold the 17th Startup Research Institute residency ceremony on July 2nd. 

The First & The Best: Leading Global Business Schools Choose Korea University's Business School IRP (International Residence Program)    Korea University Business School (Dean=Sangyong Kim) is tirelessly striving to elevate its status beyond Korea's No. 1 to a Global Top 30 and Asia's No. 1 business school under the mission of "Business for Society – Inspiring Next Leaders" and the vision of being a "World-Class Knowledge Hub in Business.” The Business Newspaper will highlight various achievements over the past two years, including the globalization aspect, startup ecosystems, advanced business management such as ESG, and the newly launched Crimson Global Leader Program (CGLP) under close alumni network and Management Studies Program (MSP) rebranded as MINI MBA.       Korea University Business School (Dean=Sangyong Kim) runs the International Residence Program (IRP), a short-term training program where top international universities can visit to experience lectures using the latest business techniques, explore global companies, and engage in cultural activities. The IRP was paused due to COVID-19 but has been reactivated since 2023. Five universities and institutions visited in the past year, with Belgium & Lithuania scheduled to visit in October. Notably, ESADE Business School from Barcelona, Spain, visited in 2023 and 2024 and plans to return in 2025, marking three consecutive years of participation in the IRP at Korea University Business School.    ESADE Business School, accredited by EQUIS, AACSB, and AMBA, is a member of the prestigious CEMS Global Alliance. "CEMS" only allows one business school per country, signifying the best business school in each nation. Korea University Business School became a full member in 2015 and remains an active participant.      Other notable visitors include Xiamen University in Fujian Province, China, and Fudan University in Shanghai. Xiamen University visited alongside FGV Sao Paulo School of Business Administration, one of the leading business schools in Brazil.    The most recent visitor, SKOLKOVO Moscow School of Management, is located on the western outskirts of Moscow. The Russian government has invested in developing the Skolkovo area into a hub for venture companies to compete with Silicon Valley. Such visits from leading business schools enhance Korea University Business School’s reputation as a sought-after institution even among top global business schools.      The choice of Korea University Business School's IRP by these prestigious institutions is due to its excellent curriculum and top-notch faculty. Courses like Digital Transformation & Business Analytics, which utilize the latest business techniques in response to the rapidly changing industrial environment post-4th Industrial Revolution and the emergence of AI, stimulate intellectual curiosity. Students learn about integrating "new technologies" from the 4th Industrial Revolution into business management, such as Big Data applications in marketing and Big Data Analytics. Networking opportunities with graduate students majoring in Business Analytics (BA) at Korea University Business School are also a highlight of the IRP.    The IRP provides practical business education opportunities by visiting Korean companies that have grown into global corporations. Companies visited in 2023 and 2024 include Hyundai Motor Group (Hyundai Motor Studio Goyang), Samsung Electronics (Samsung Innovation), and LG Group (LG CNS). Participants also explored Korean culture and museums, visiting the National Museum of Korea. Depending on the visiting university's focus, healthcare and medical management themes led to visits to hospitals such as Bundang Seoul National University Hospital and Yonsei Severance Hospital.      In 2023 and 2024, ESADE Business School visited the National Museum of Korea, where they experienced docent-led tours and viewed various cultural artifacts. They also visited LG CNS, Osstem Implant, and Hyundai Motor Studio Goyang, gaining insights into global business operations. An ESADE Business School MBA student remarked, "The scale of Korea's national museum was impressive, and the advanced companies were remarkable." Professor Irene praised the IRP program, stating, "We had a fantastic five days in Korea."    Such selections by top global universities for short-term training at Korea University Business School underscore its excellent faculty, outstanding lectures, and the superb operation of the Executive Education Center. With the reputation of "The First & The Best," Korea University Business School’s IRP continues to be chosen by leading global universities.   

KUBS International Symposium of Marketing 2024 with International Scholars   On May 24th, KUBS International Symposium of Marketing (hereinafter Marketing Symposium) was held in Room 432 of LG-POSCO Hall. Marketing Symposium began in 2005 as part of the celebrations for Korea University’s 100th anniversary and has been conducted every year since then, featuring presentations and discussions with international scholars. This year’s speakers were Professor Tat Chan from Washington University in St. Louis, Professor Ryan Dew from Pennsylvania University, and Professor Kanishka Misra from University of California, San Diego.     Professor Tat Chan gave a presentation on the topic “The Impact of Recommendations on Consumption and Creation on Online Content Sharing Platforms.” Professor Chan explained that online content sharing platforms like Tik Tok and Facebook rely heavily on advanced algorithms to recommend user-generated content (UGC) to users. The contents recommended by these algorithms significantly impacts users’ consumption, and these recommendations provide insights into the works of other content creators, generating peer effects that also influence users’ motivation to create content.   He shared the results of a randomized field experiment conducted on one of the world’s largest online video-sharing platforms to study the impact of recommendations on both consumption and production. This experiment manipulated the popularity of videos recommended with lower popularity (measured by the number of followers of the creator), their video viewing time decreased.   Through this, he emphasized that if both content consumption and production are important factors for the platform, recommending videos with high popularity is not always the optimal strategy. Instead, it is necessary to adjust the algorithm to recommend videos with varying levels of popularity based on individual users’ consumption and production preferences.     Next, Professor Ryan Dew gave a presentation on “Adaptive Preference Measurement Using Unstructured Data.” Professor Dew explained that unstructured data, which describes products using photos and text rather than a standardized set of attributes, is commonly found in e-commerce. He introduced a frame work for a real-time adaptive survey design that uses Bayesian optimization to measure preferences for unstructured data.   He further explained that this approach operates based on the embedding of unstructured data, eliminating the need to manually code product attributes. It can be effectively used to measure preferences for clothing and can be applied to both general marketing tasks and specific tasks such as designing customer onboarding surveys to mitigate cold start recommendation issues. Therefore, it allows for the reconstruction of consumer evaluations of discrete attributes, even for attributes that could not be considered or used a priori.     Lastly, Professor Kanishka Misra from University of California, San Diego, presented on "Algorithmic Collusion with Multi-Product Firms." Professor Misra highlighted that retail businesses are increasingly adopting AI-based automated pricing algorithms for price determination. These algorithms provide scalability and ease of implementation, incorporating automated price discovery capabilities through real-time experimentation.   However, according to recent theoretical and empirical research, there is a possibility of generating anti-competitive outcomes, raising policy concerns. It has been pointed out that simulation experiments have revealed that these algorithms often lead to equilibria that are less competitive (below Nash equilibrium).   In contrast, companies using uniform markups across their products can achieve competitive equilibrium prices. We introduced that if a company's products exhibit demand independence, a constant markup model can support strategies similar to multiple market contact. Therefore, this study improves the understanding of potential algorithm collusion and provides policymakers with insights into which algorithms can lead to competitive pricing.     After the paper presentation sessions concluded, a free-form comprehensive discussion ensued between international scholars and the audience. Various questions and issues regarding marketing and consumer behavior research were raised, and international scholars generously shared their experiences, insights, and advice.

“Preserve the moments of pursuing dreams through hardships”… Completion of the Scholarship Certificate Award Ceremony for the 2024 Spring Semester   The scholarship certificate award ceremony for the 2024 Spring Semester at Korea University Business School(Dean=Sangyong Kim) was successfully held on May 23rd in the Ahn Young Il Hall of the LG-POSCO Building. Notable guests included Kwangsoo Seo, auditor of the Cheongpyeong Market Management Committee, Professor Jongseok Bae of KUBS, Sungil Yang, executive director of KCC Corporation, Jungsoo Han, CEO of Yeondu Company, Professor Dongsub Lee of KUBS, and Dean Sangyong Kim. Approximately 60 scholarship students from the KUBS also participated.      Before the ceremony began, Dean Sangyong Kim delivered a congratulatory message to the donors and scholarship recipients. He expressed deep gratitude for their willingness to participate despite their busy schedules, noting, "The scholarship award ceremony is a meaningful occasion where donors and students can meet face-to-face to share their hearts and experiences." He continued, "Ensuring that no student is unable to study due to financial difficulties is a top priority for Korea University Business School. The warm hearts and loving support of the donors provide a significant pillar of strength for students striving towards their goals under difficult circumstances." Moreover, he expressed hope that the event would serve as a great motivation for the students, adding, "I hope that in a few years, you will return to this place as supportive alumni, just like today's donors, to encourage your juniors."      The Korea University Business School offers scholarships segmented into tuition scholarships, namely the △ KoKyeong Study Scholarship and living expenses under the △KUBS Dream Scholarship. This semester, the KoKyeong Study Scholarship was awarded to 82 students, with a total scholarship amount of 135,755,000 won. Meanwhile, the KUBS Dream Scholarship benefited 84 students, with funds totalling 209,600,000 won.    The ceremony continued with the awarding of certificates to the donors. This semester featured various scholarships including the △Seo Kwangsoo Dream Scholarship, △Eun Min Dream Scholarship, △M&J Cultural Welfare Foundation Scholarship, △95 Dream Care Dream Scholarship, △Han Jungsoo Dream Scholarship, and 31 other awards, benefiting 166 students in total. Dean Sangyong Kim and the donors presented certificates to representative students and took commemorative photographs.      After the ceremony, the donors and scholarship recipients shared expressions of gratitude and enjoyed a banquet. This was followed by speeches from the donors and a thank-you address from a representative of the scholarship recipients. Auditor Kwangsoo Seo advised the students, "While it's good to be grateful for receiving a scholarship, do not forget to carry it with dignity and pride." He further commented on the spirit of the young attendees, saying, "Seeing the passion and romance in all of you today, what else could this be if not a moment of great opportunity?"    He continued his address by emphasizing resilience and self-esteem during challenging times: "In an era that demands relentless effort and focus towards our goals, it might be difficult to recognize that we are living in the prime of our lives. However, even if the present feels uncertain and daunting, never lose your dignity and pride." He further stressed the importance of preserving the sensation of achievement and enthusiasm obtained through overcoming hardships, "If you continue to cherish these moments of striving and achieving, they will become invaluable assets as you seek and seize opportunities for a better life in the future." He added, "We don't know exactly how our country will change, but by fostering a positive and generous mindset towards others, you will be able to look back on your life with satisfaction rather than regret."      Professor Jongseok Bae offered this insight: "If you look down at the ground, you will see the sky and clouds, and through that mirror, you glimpse the unknown world. and advised that: “Don't wait for someone else to make our society a better place; we must live with the attitude that the people we are waiting for are ourselves."       Next, a speech of gratitude was given by Hoseung Lee (Business 23’), the representative of the scholarship recipients. Lee began by expressing his gratitude on behalf of all the students to the donors: “First and foremost, on behalf of the students, I would like to extend my deepest gratitude to all the sponsors.” Lee shared his personal journey: “I dreamed of becoming a soccer player until middle school and only started focusing on academics in the ninth grade. Initially, I did not feel any guilt or gratitude towards my parents for covering the costs of tutoring and other educational expenses. However, when the COVID-19 pandemic hit, my father, who worked for an airline company, was placed on unpaid leave, which significantly impacted our family's finances and made it difficult to manage tuition and living expenses.”    Despite these challenges, Lee was able to concentrate on his studies and coursework thanks to the scholarship from Korea University Business School. He recounted, “Before receiving the scholarship, I had to juggle tutoring and part-time jobs during the winter vacation and the semester, which was physically and time-consuming, making it difficult to deeply consider my career path. However, with the scholarship support, I am now able to participate in a brand-consulting academic society, where I gain practical experience with companies and receive feedback from experts, enjoying the opportunity to grow alongside peers with similar career interests. I am truly grateful for this.” Lee concluded with his aspirations, inspired by the support he received: “Having felt a significant benefit from the scholarship, I am motivated to become someone who supports future students extensively.”      The ceremony concluded with the attendees and award-givers jointly singing the KU song. 

"Having Crazy Fun~ Joint Festival ‘KUlue Marble' by the Business School X Interdisciplinary Studies"   On May 20th, the joint rooftop festival 'KUlue Marble', organized by the Business School (Dean = Kim Sang-yong) Student Council and Interdisciplinary Studies Department Student Council, took place in the lawn in front of the Business Administration Building and the Hyundai Motor Business Building. 'KUlue Marble' is a compound word of the abbreviation for Korea University, 'KU', and the Korean board game 'Blue Marble', which was first released by Korea Seed in 1982. Like the board game Blue Marble, it featured various booths, pubs, and festivals.      Firstly, various booths were operated during the day. Students from classes A~E of the Business School and the Business School Student Ambassador KUBE organized the event, and as the sun set, the pubs officially opened. At the pubs, students from classes A to E of the Business School enjoyed the festival while making snacks themselves.      Behind the Hyundai Motor Business Management Building, there were club performances and activities such as the 'Water Gun Island'. The Water Gun Island was one of the concepts of this 'KUlue Marble', designed to cool off the heat by shooting water guns like 'Water Bomb'. Along with club performances, students could relieve academic stress by shooting water guns. Students expressed their impressions of this 'KUlue Marble' as follows:      Ma Youngseung (Business, '23)   "We prepared everything in the pub, from menu to costumes, in line with the concept of the 'Spain' of the Business A class. Spanish food can be relatively expensive and unfamiliar compared to typical pub snacks, but we tried to organize it at a reasonable price as much as possible. Although it was tough to actually run the pub today, seeing people enjoy themselves makes me feel good too."    Woo Yootae (Business, '23)   "I am in charge of the booth chairman and the overall festival management during today. It's my first time running the festival as a member of the Student Council this year, and although it was tough to prepare and plan each booth one by one, I feel proud. Above all, since the Business School is holding such a grand festival alone, I hope students remember our uniqueness, thinking 'Indeed, the Business School is different.'"      Kim Bohyun (Interdisciplinary Studies, '23)   "I knew there was a festival in the Business School since last year, but it was my first time coming this year. It was great to be able to enjoy it before the actual festival began. Various stages and exciting music continued, and above all, everyone here seemed to be enjoying themselves, so I feel like I'm really enjoying the festival atmosphere."      Lee Hyemin (Media, '20)   "This time, I performed on stage with the dance club 'Wild Eyes' at the Business School festival. The stage was bigger than I expected, and I was surprised. It was a stage that I had been preparing for two months, and I was glad that many students came to see it. Please show a lot of interest in our performance at the remaining festival and IPSELENTI as well.”    Lee Woon-yong (Media, '22)   "At first, I doubted whether water gun fight would be possible in the school festival space, but once we started playing, it was so much fun like becoming a child. The organizers even distributed towels, showing meticulous preparation, which made it more comfortable to enjoy. If a similar event is planned in the future, it would be even better to conduct it on mats instead of dirt floors."   

2024 April~May Korea University Business School News    Dean Kim Sang Yong   Dean Kim Sang Yong (Marketing) won the Best Presentation Award at the 2024 Spring Conference of the Korean Service Marketing Association (Chair Professor Choi Hwayeol, Jeju International University), held in Jeju on March 29. The award-winning paper, co-authored with Professor Kim Dayeon of Dongguk University, is titled "A Study on Perceived Brand Value in the Sharing Service Market: Focusing on Customer-Generated Content."   Professor Suk Kwanho   Professor Suk Kwanho (Marketing) received the Excellent Paper Award and the Best Paper Award from the Korean Consumer Studies Association on April 20. The Excellent Paper was titled "Exploration of Consumer Product Knowledge Structures Using the DRM Paradigm and Formation of False Memories," while the Best Paper, co-authored with Professor Jang Yoonjung, was "The Effect of Donor's Political Orientation on the Perceived Visibility of Beneficiaries."  Additionally, Professor Seok won the 2023 Best Paper Award from the Korean Marketing Association's Journal of Marketing Research on May 25, for the paper titled "Context Effects in Conjoint Studies: Focusing on Response Task and Attribute Range Effects."    Professor Nam Dae Il  Professor Nam Dae Il (Business Management) published "101 Business Models for Successful Startups," co-authored with Kim Juhee, Jung Jihye, Jung Hyemin, and Lee Minseon. Following the first edition in 2015, the second in 2017, and the third in 2020, this is the comprehensive revised ‘2024 edition’. This book has been loved as a bestseller in the field of business strategy and startups for 10 years, and it is the result of the most comprehensive revision among the editions published so far, with 63 new companies added to the existing business models.    Professor No Injoon   Professor No In-joon (LSOM) received the "Best Reviewer Award for Production & Operations Management" at the POMS 34th Annual Conference held in Minneapolis, USA, from April 25 to 29.      Professor Lee Hyun Seok  Professor Lee Hyun Seok LSOM) guided students in winning the Grand Prize and Excellence Award at the 2024 Spring Conference of the Korean Service Management Association's KOTRA-sponsored University Student Competition on May 1. The theme of this year's competition was "New Service Ideas Utilizing New Technologies in the Era of Digital Transformation." The Grand Prize went to the "AI Salesperson" team led by Park Seoyeon (Business '20), and the Excellence Award went to the "First Export is Too Difficult" team led by Jung Joonhwan (Business '19).      Professor Lee commented, "Since its inception in 2007, KULSOM (Korea University Logistics, Service & Operations Management) has consistently achieved excellent results in at least one academic conference university student competition each year. This year, in addition to the Production Management Conference, which focuses on operations, we also participated in the Service Management Conference, focusing on service, achieving remarkable results by winning both the Grand Prize and the Excellence Award." He added, "I could feel the passion of the student members from the preliminary meetings, and despite their busy schedules, I would like to congratulate how they worked hard until the end. I am proud and commend them as their senior."      Park Seoyeon, the team leader of the Grand Prize-winning ‘AI Salesperson’ team, said, "We were able to achieve great results thanks to the warm and excellent team members. Thank you so much to Professor Lee Hyun Seok who gave us valuable advice.”