From KU Family to Business School Professor…”KUBS is World-Class”  [Interview with New Faculty for Spring Semester 2024] Professor Thummim Cho   KUBS (Dean=Sang Yong Kim) appointed two new faculty members, Professor Thummim Cho (Finance) and Professor Injun Roh (LSOM), as of March 2024. In this regard, the Management Newspaper conducted an interview with the new faculty members, Professor Thummim Cho and Professor Roh Injun, to introduce their aspirations to the readers.    Professor Cho graduated from Cornell University and obtained his master’s and doctorate degrees in economics from Harvard University. He served as an English instructor at the Korea Military Academy (Lieutenant) and later as a finance Assistant Professor at the London School of Economics and Political Science in the UK, and as an Associate Professor of Economics at Pepperdine University in the United States.      Q. You went to the United States to study during high school and received a bachelor’s degree from Cornell University. Can you tell us about that experience?    A. I spent a year in the United States when I was in grade 1 of elementary school. Although I was young, I vaguely remember what the country was like, so I didn’t have much resistance to studying abroad during high school. Of course, I experienced difficulties in communication.     However, I was happy to be admitted to my first-choice university. Since I embarked on a study abroad journey to the United States, I thought, “If I succeed, I will return to Korea.”    Q. You entered Cornell University, your first-choice university. Were you always interested in economics and public policy?    A. When I was very young, I wanted to be an architect. Until grade 9, I had a dream of becoming an architect. But in the United States, there is a program called AP (Advanced Placement), which allows high school students to take college-level courses in advance. I had the opportunity to study microeconomics in high school, and it fit me well. I liked subjects like mathematics, and economics was suitable for me because it involved a mathematical aspect in understanding social phenomena, and the subjects I wanted to study were related to society.     Q. What led you to choose the path of academia after graduation?    A. I didn’t think too deeply about it. I found economics interesting while studying it, and when I was about to finish my undergraduate studies, I didn’t feel like I had studied economics deeply enough. So, I decided to pursue a doctorate because I wanted to study more. I used to say that I wanted to be an architect when I was young. Having an interest in architecture was related to creating something new and being creative and being a “scholar” is a profession that develops new knowledge needed by society, so it was a good fit for me to choose the path of academia.    Q. What made you come to KUBS?    A. There are two reasons. First is the internal and external status of KUBS. KUBS is not only a prestigious university in Korea but also globally recognized, and it provides a lot of support for research.     The second reason is a personal connection. I had affection for Korea University itself. My father completed his bachelor’s, master’s, and doctoral degrees at Korea University, and I was familiar with events like Kor-Yeon Games and Ipselenti. Also, when I visited my father’s laboratory at Korea University, I thought, “If I were to return to Korea and become a professor again, I would like to do it at Korea University.” In a way, the influence of my father, who was also a graduate of Korea University, was significant.    Q. You have joined Korea University as a professor in the Business School, coming from a family of KU alumni. What do you think is the charm of KUBS?    A. Although I haven’t met many students yet, they seem very proactive. As the saying of “Minjok KU,” the students are active and have a strong sense of challenge. I see a lot of proactive aspects. So, I think the big attraction is that excellent students are unfolding their dreams at KUBS.    Q. Then, what are your teaching methods?    A. I like to visualize when teaching. I had a lot of experience studying by drawing pictures when I learned a concept. When explaining new concepts to students, I also tend to use drawings in my teaching.     Students are very smart, so I think if they take the time to study, they can follow the course well enough. Therefore, I think about what the important concepts are and how today’s lesson can be applied or helpful and teach accordingly.    Q. As a scholar, what research would you like to pursue?    A. As a financial scholar, I am always thinking about how economics, through the study of economics, can help develop real economies. One of the important roles of finance in a free-market economy is to distribute relaxed resources, and from an economic point of view, the economy grows through investments made where economic value is high.    From that perspective, I am researching theoretical and methodological aspects that an increase efficiency in terms of autonomous economy, such as whether financial assets are currently priced correctly or undervalued.    Q. If you were to express KUBS in one word, what would it be?    A. I would like to say that KUBS is “World-Class.” KUBS is one of the world’s leading business schools. Moreover, everyone, including ambitious students and excellent faculty members, is world-class. It is a place where students who can work as world-class individuals in their fields gather, so KUBS can be called “World-Class.”    Q. What kind of professor do you want to be remembered as by your students?    A. I want to be remembered as a professor who can instill a sense of responsibility as a Korea University student. The fact that you can study like this is not only because you worked hard, but also because you had help from the school, your parents, and others. Just as someone’s help has brought you this far, I want to foster someone who can do something helpful to Korea or the world.    

“We will always be with you” … 117th KUBS Commencement Ceremony      The 117th KUBS (Dean = Kim Sang-yong) Commencement Ceremony was held on February 23rd (Friday) at the Inchon Memorial Hall. On this day, graduates of KUBS, along with faculty members, graduates' families, and friends, gathered to share the joy of graduation.       At the commencement ceremony, Kim Sang-yong, the Dean KUBS, congratulated the graduates sincerely, saying, "I sincerely congratulate you on successfully completing your studies and graduating," and expressed, "KUBS will always stand behind you as a reliable support." Following him, Im Dongseop, the President of the KUBS Alumni Association, conveyed, "I hope you focus on your immediate goals, fearlessly take on challenges, and succeed as someone others admire."    Meanwhile, Kim Junghyun (Business '16), who was chosen as the representative speaker among the graduates, reminisced, "KUBS, which was once filled with romanticism during my freshman year, has now found a place in my heart," and added, "With KUBS always behind me, I was able to courageously venture things that I have not done."      Following this, the President's Award, Dean's Award, and Merit Awards were presented. After the degree ceremony for all graduates, the graduates rose from their seats and tossed their caps, concluding the graduation ceremony.   

2023 MSBA 4th Capstone Project Final Presentation Successfully Concluded    On January 22nd (Monday), the final presentation of the 2023 MSBA Capstone Project, hosted by the Center for Digital Transformation & Business (hereinafter referred to as CDTB, Director=Park Kyung Sam) of Korea University's Business School (Dean=Kim Sang Yong), took place at the LG-POSCO Building's Soodang CLC on the third floor. The participating students were from the general graduate school's Department of Business Administration, majoring in Business Analytics. Formed into 9 teams, the students utilized data provided by collaborating corporations to analyze existing businesses and conceive new business models for their presentations. This event saw the attendance of presenters, collaborating company representatives, and faculty, who evaluated the projects that had been ongoing for a year and confirmed the eligibility for the university's master's degree. The 4th capstone project's collaborating corporations included a total of 7 entities: △LG CNS, △Kyobo Life Insurance, △PwC, △E-Land, △Korea Credit Information Services, △Hyundai Motor Company, and △LG Household & Health Care.      Team 1 (Heeseok Kim, Eunbyul Shin) presented on the topic of 'Customized Chatbot Construction Utilizing LLM and RAG for Companies'. As domestic companies have begun to adopt and utilize generative AI, Team 1 aimed to construct a customized LLM chatbot that could effectively search and learn internal information related to the company's consulting business. Through pilot testing, they received significant feedback indicating the willingness to use this technology as an auxiliary means. A representative from LG CNS positively evaluated the project, noting that despite concerns about operational security, the company could make good use of the outcomes. Professor Lee Gunwoong, the team's advisor, also provided a passing grade, mentioning, "Although it's not ready to be a main tool in companies, it has achieved significant results in extracting meaningful data."    Team 2 (Seunghyun Lee) conducted research on 'Bond Interest Rate Prediction'. Team 2 attempted to construct a model predicting bond interest rates using various real economy indicators, focusing on 10-year maturity bonds. During the process, they encountered difficulties with model prediction accuracy and variable setting. A representative from Kyobo Life Insurance highly praised the effort, as it aligned with the spirit of industry-academic cooperation and mentioned that the company could fully utilize the project's outcomes, as they had been conducting many similar research on the same topic as well. Professor Kim Jeunghyun, the team's advisor, noted the student's enthusiasm and awarded a passing grade for providing meaningful data to Kyobo Life Insurance after much effort.      Team 3 (Heejae Kim, Sunju Hwang) was in charge of research on 'Deriving Target Client Groups through Corporate Pension Client Segmentation'. With the corporate pension market growing rapidly, the importance of corporate clients has significantly increased, setting the stage for their research topic. They aimed to support Kyobo Life Insurance's decision-making by classifying prospective corporate clients into 5 groups based on their likelihood of enrollment. A Kyobo Life Insurance representative valued the practical application of real sales data in the results, stating that insights obtained could guide future sales activities. Professor Kim Jaehwan, the team's advisor, remarked on the research's origins from considerations on how to improve the sales success rate of salespersons, which is only 10%, and expressed a desire to pass the team, despite some shortcomings, with further improvements.    Team 4 (Boram Cho, Boyeon Ham) researched whether increasing human intervention in marketing practices, such as advertising and UI creation using GPT, improves the quality of the output. This research started from the assumption that GPT still plays a supportive role in marketing. However, the project findings indicated that human intervention could sometimes negatively affect the results. Therefore, Team 4 suggested utilizing GPT not just as a supportive role but as an 'Augmented tool'. They explained that even non-experts in the design field could quickly and cost-effectively produce initial drafts using GPT. A PwC representative praised the topic's recent relevance in the industry and the lack of preceding materials on using it for business, commending the excellent results presented. Professor Kim Baeho also lauded the project, attributing its success to the students' professional backgrounds.      Team 5 (Yebin Ko, Doyun Kim) presented on 'Formation of SPAO's Distribution System and Sales Volume Prediction Model Using Machine Learning'. The research aimed to improve the accuracy of product distribution across SPAO stores to increase sales and minimize stock transfers between stores. An E-Land representative mentioned planning to refer to the insights regarding considering various variables beyond sales performance and managing products based on predicted sales volumes. Professor Lee Hyunseok noted the company's interest in utilizing the research results and believed that the hard work of both students warranted the acquisition of their master's degrees.    Team 6 (Jumin Hong, Yoonjeong Lee) presented research on 'Analysis of Multiple Debt Risks Among Vulnerable Borrowers'. The study's goal was to analyze the characteristics of multiple debtors among vulnerable borrowers and develop a credit evaluation model unique to these vulnerable multiple debtors. After the presentation, a Korea Credit Information Services representative acknowledged initial challenges in data classification but saw potential in utilizing the research findings to classify vulnerable borrowers effectively. Professor Lee Heebum hoped for a successful conclusion to the project, indicating that there was still work to be done following the capstone presentation.      Team 7 (Woonghee Bae, Hyunbeom Kim) conducted research on 'Predicting SME Defaults and Developing Support Strategies Through Analysis of Technology Finance Information'. With technology finance serving as a crucial resource for SMEs to overcome the 'valley of death', the increasing delinquency rate in technology financing and banks' growing preference for secured loans over technology finance prompted this research topic. A Korea Credit Information Services representative praised the research as practically applicable. Professor Hwang Jun Ho highlighted the importance of financial variables in default prediction, suggesting that the research could be meaningful for practical use if financial variables were added.    Team 8 (Hojoon Yoo) presented on 'The Impact of Blue Members Activities on Vehicle Purchase Decisions: A Difference-in-Differences Approach and RFM Cluster-Based Relationship Management Strategy'. The research aimed to analyze whether Hyundai Motor Company's customer membership 'Blue Members' promotions influenced membership activities and, subsequently, vehicle repurchase decisions. Team 8 classified customers into three categories: loyal active customers, new active customers, and potential dormant customers. The analysis revealed that a single point usage by a Blue Members member increased the probability of vehicle repurchase by 0.5%. The team diagnosed that promotions related to fuel and movies should be conducted to convert potential dormant customers back into active customers. A Hyundai Motor Company representative appreciated the insights for developing a system to convert new customers into loyal ones, noting the effectiveness of the point system had been a concern. Professor Lee Hyun Seok praised the significant results achieved by the individual effort.    Team 9 (Yujin Kim, Seungeun Cha) presented a marketing strategy proposal for 'The History of Whoo' brand's successful entry into the Japanese cosmetics market. Specifically, they analyzed consumer reviews posted on a famous Japanese beauty comprehensive platform. With LG Household & Health Care looking to reduce its dependency on the Chinese market by entering Japan, Team 9 utilized data from the '＠cosme' platform, which boasts over 16 million users in Japan. They conducted keyword and review analyses, suggesting focusing on promotional materials and recommendations by department store clerks as a marketing strategy. An LG Household & Health Care representative mentioned the meaningful use of the result data and planned deeper discussions on the topic. Professor Yoo Shijin praised the research's timing ahead of the market entry and the well-executed language processing in data analysis, suggesting that comparing with Korea and China in the Japanese market would be important in future research.      All 9 teams passed the project at the final presentation. After all presentations concluded, CDTB Director Professor Park Kyung Sam remarked, "This project was possible thanks to the continuous data and feedback from industry-academic collaboration institutions," expressing gratitude to all attendees for their participation amidst their busy schedules. 

“Entrepreneurship is a continuous process of questioning"... Entrepreneurship Academy Special Lecture by Salady CEO Ahn Sangwon   On December 5th, the Entrepreneurship Academy for the second semester took place at the Business School (Dean=Kim Sang Yong) Startup Research Institute (Director=Moon Jung Bin). As the fourth speaker of the Entrepreneurship Academy Lecture series, CEO of Salady, Ahn Sang Won spoke on the topic of ‘F&B Entrepreneurship and Sustainability,’ providing insights and advice on the process of starting a F&B franchise business. Salady is a dining brand that started the market of salad, focuses on healthy fast food, and has expanded to operate over 300 locations nationwide since its opening in October 2013.        Ahn Sang Won, the CEO of Salady, who is an alumnus of Korea University, nurtured his dream of becoming a CEO from a young age and actively engaged in entrepreneurship activities while participating in the joint entrepreneurship society 'Insiders' of Korea University and Yonsei University. Through a program organized by Insiders called 'Entrepreneur of Misunderstanding,' he initiated a business using disposable utensil hygiene products, laying the foundation for his firm passion for entrepreneurship. Reflecting on that time, Ahn mentioned, "Although I didn't achieve success back then, it was a moment that gave me great enjoyment and energy for entrepreneurship,” and “it greatly contributed to founding and leading Salady.”    Later, Ahn dove into entrepreneurship with Lee Geon-ho, co-CEO of Salady, whom he met through his society activities. Ahn explained, "We connected well in terms of our values regarding entrepreneurship," and “we began ideation on various entrepreneurial concepts without limiting ourselves to a specific field.” The experience of visiting a salad restaurant during Lee Geon-ho's trip to the United States became the foundation for crystallizing their business idea. Ahn remarked, "Hearing about the active presence of salad specialty shops in the United States sparked a vision in my mind," describing the inspiration behind starting a salad restaurant.      Despite lacking specialized culinary knowledge, the two CEOs ventured into the restaurant business, attending cooking academies and working part-time at McDonald's to personally learn the ins and outs of the food service industry. In October 2013, they opened the first Salady branch near Seolleung Station. Ahn explained, "We aimed to create a brand that felt like the imported shops from the United States. We adopted the ambiance and feel of American brands from the exterior design to the domain.” Facing initial low sales, Ahn immersed himself in customer feedback, actively seeking improvements by visiting customers and making adjustments.     Ahn said, "Sales quickly increased as we modified menu composition and ordering methods based on customer feedback.” He also said, “I realized that considering customer demands delicately is important for survival in the restaurant business.” Building on the success of the first branch, Salady has grown into a franchise brand operating over 300 stores.    Ahn introduced the background of Salady’s growth, highlighting how the brand found unexpected breakthroughs during the COVID-19 pandemic. With the surge in health-related demand and the expansion of the delivery market, Salady was able to accelerate its growth. Ahn stated, "Before COVID-19, delivery orders accounted for 20% of sales, but after COVID-19, it grew to around 50%.” He explained, “Franchise business became more active, leading to rapid growth in profits of both the head office and franchise stores.”      Furthermore, Ahn provided realistic advice for those interested in F&B entrepreneurship. He noted that predicting customer reactions is the most challenging aspect of the F&B entrepreneurship process. Ahn shared cases where a menu created by chance became the top-selling item for the brand, while a menu crafted by experts recorded the lowest sales. Additionally, he pointed out that the unclear boundaries of the target market and low added value make success in F&B entrepreneurship not easily achievable. Ahn mentioned, "The F&B industry is a very challenging and competitive business, but at the same time, the difficulty presents numerous opportunities, making it attractive for entrepreneurship."     Ahn emphasized the importance of decision-making and sustainability throughout the entrepreneurship process. He stated, "Sustainability is not limited to simple environmentally friendly elements," and “bold verification and challenges in sustainability are encouraged.” Ahn also underscored the significance of decision-making in entrepreneurship, comparing the process to the game of Baduk, where countless moments require decisions.      Closing his lecture, Ahn sincerely advised aspiring entrepreneurs among the university attendees. He said, "When facing numerous challenges during the entrepreneurship journey, one may start questioning oneself and feel the desire to give up. You need to continuously question yourself about the reasons for pursuing entrepreneurship.” Ahn concluded, "Entrepreneurship is a dream that anyone can try and achieve," expressing his hope that individuals won't be discouraged by those who are ahead or have already achieved their goals. Lastly, he stressed the importance of having confidence while being humble. The lecture concluded with a Q&A session. 

“Unleashing Creativity through Passion and Ingenuity” – Taling CEO Kim Yoonhwan’s Entrepreneurship Academy Lecture     On Novemeber 14th, KUBS (Dean = Kim Sang Yong) Startup Research Institute (Director = Moon Jung Bin) led the Entrepreneurship Academy for the second semester. As the third speaker of the Entrepreneurship Academy lecture series, CEO Kim Yoon Hwan of Taling stepped forward. Under the theme “The Rise and Fall of Startups,” Kim Yoon Hwan shared his journey from university entrepreneurship to leading a company with an investment of over 20 billion won. Taling, founded in November 2016, is a talent-sharing platform that offers both online and offline classes. With 1.5 million members and 23,000 tutors, Taling has successfully attracted over 20 billion won in investments with a method where individuals transform their unique talents into content and conduct distinctive lectures.     Taling, born out of the university's 1st ChuChu Enterprise Program, debuted through the university's startup incubation program, presenting their products and services at the university's startup demo day called 'ChuChu Day.' CEO Kim Yoon Hwan vividly recounted his entrepreneurial journey that began during his university years, expressing the efforts invested in student entrepreneurship. Kim reflected, saying "After I came to Korea University after 4 attempts, I joined as a 2012 student in the Department of Political Sciences with the courage and audacity of 'there's nothing I can't do,' initiating entrepreneurship." He further reminisced, "Looking back, during my university days, when Taling had just started, the marketing methods we attempted were the closest experiences to reaching our customers."      CEO Kim Yoon-hwan successfully expanded the scale of the startup, achieving significant growth as a young entrepreneur. However, beneath this leap lies the traces of intense deliberation during the early days of entrepreneurship as a university student, aiming to minimize business costs and generate maximum managerial efficiency. Taling initiated its marketing efforts by directly promoting to students within Korea University. With the belief that "even if the instructor lacks expertise, there will surely be demand due to its cost-effectiveness," CEO Kim Yoon Hwan launched the business and as demand began to grow within Korea University, he expanded the business to universities in Seoul. Despite being a CEO not even proficient in Excel, he collaborated with computer science friends and attempted development through outsourcing. Kim Yoon Hwan expressed, "The experimental attempts to reduce business costs during my university days, even if they were just a few pennies, turned out to be much more creative and effective ideas than those attempted after the success of the business." He added, "I think the passion and ingenuity unique to university student in the twenties, unaware of many things, played a crucial role in achieving success."     Despite the subsequent success and growth of Taling, the business faced challenges faced during the COVID-19 pandemic. Kim Yoon Hwan revealed, "After barely overcoming a hacking issue, we faced a situation where members who had paid for offline classes demanded refunds, and I even contemplated shutting down the business." To cope with the crisis, to recover from a monthly deficit of 700 million won and reach the breakeven point, Taling had to undergo a large-scale restructuring, reducing its workforce from over 90 employees to 15. Kim Yoon Hwan confessed, "Because I didn’t want my business and the efforts of my 20s to become a disgrace, in times of crisis, I used my own money to pay the tutors' salaries.”     Continuing, he expressed, "Businesses cannot always thrive continuously," emphasizing that experiencing ups and downs is inevitable in the business world. “It seems that enduring these challenges with the mindset that facing setbacks is a natural part of the entrepreneurial journey has allowed Taling to persist until now.” Overcoming the pain of a resignation recommendation, Taling transformed into a 10-member company in 2023, successfully pioneering new markets and emerging as a thriving EduTech enterprise. Since the fourth quarter of last year, Taling has strengthened its customized Business-to-Business (B2B) services for corporate employees, offering a variety of well-being programs, including fitness, hobbies, and self-development, to hundreds of companies remotely. They achieved a turnaround to profitability in the first half of this year, and in June, monthly operating profits exceeded 100 million won for the first time.      Concluding the lecture, CEO Kim Yoon Hwan offered heartfelt advice to aspiring entrepreneurs that attended. He stated, "Starting a business at a young age is truly beneficial. In your 20s, you have the energy to endure even when stable cash flows are not guaranteed in the early stages of a business." Continuing, he advised, "Relying on money to solve every business challenge can lead to the disappearance of creativity." He encouraged not forgetting that many creative ideas can emerge while contemplating how to proceed with the business without excessive reliance on finances. Additionally, he urged the creation of a healthy organizational culture infused with positive energy, striving to unfold one's unique ideas to the best of their ability.

‘ESG Management and Climate Tech Business’ 2023 ESG Lecture Series Successfully Completed    The fourth lecture of the 2023 ESG Lecture Series, hosted by the KUBS ESG Research Institute (Director: Lee Jae Hyuk), took place on Tuesday, October 31st at 2 p.m. in the LG POSCO Business Building. The series aimed to share key topics related to ESG in domestic companies and industries by inviting top scholars in the ESG field, discussing practical approaches for both academia and industry. For the recent lecture, Kim Dohyung, a specialist in environmental regulation at Hwawoo Law Firm and Park Ranhee, the CEO of Impact On were invited as guest lecturers. Director Lee Jae Hyuk stated, “The purpose of inviting practitioners from various fields though the ESG Lecture Series is to introduce real-world professionals to undergraduate students.”       Kim Dohyung discussed "Domestic and International ESG Policy Trends and Challenges" in his lecture. He emphasized the need for formulating resource circulation policies as a solution to the evaluation that domestic climate change response indices are regressive. Kim suggested that addressing climate change through a circular economy policy can be a solution. He highlighted the importance of achieving both industrial development and job creation simultaneously through the Green New Deal, emphasizing that ESG policies can succeed based on a sustainable profit generation foundation for companies. Kim also stressed the necessity for companies to disclose strategies and plans considering climate crisis scenarios, as all disclosures ultimately lead to the impact of climate change. He stated, "Today, small businesses strengthen ESG demands from their trading partners, selecting partners based on this." Kim highlighted “In ESG management, the environment is very important, and detailed support beyond government macro policies is essential for small and medium-sized enterprises to feel practical effects.”      The second lecture was conducted by Park Ranhee, CEO of the ESG-specialized online media ‘Impact On,’ who spoke on the topic “Climate Tech Changes Business” for an hour. Park Ranhee mentioned the various risks associated with climate tech, requiring longer time and big capital compared to general investments. Therefore, despite the worldwide mention of carbon neutrality, many global companies do not foresee the decline of petroleum-based businesses and continue to expand their business scale. Park said, “South Korea needs to consider various social issues that may arise during the industrial transition process and contemplate solutions.” She also said, “There are many voices casting doubt on whether recent ESG-related trends will continue” and added, “Even if there is a wind of anti-ESF, the individual components of ESG are increasing, so businesses will continue to formulate business strategies reflecting ESG elements.”