Recent Market Trends and IR Insights from a VC Analyst: Entrepreneurship Academy featuring Park Ji Hyung, Senior Investment Manager at LB Investment    On October 8, Korea University Business School hosted a special lecture as part of its Entrepreneurship Academy at "The Stage," located on the 2nd floor of the Business Main Building. The lecture featured Park Ji Hyung, Senior Investment Manager at LB Investment, who shared insights on three pivotal topics: (1) recent market trends, (2) effective strategies for investment pitching (IR), and (3) the daily operations of venture capital (VC) professionals. The session concluded with an engaging Q&A, allowing students to interact directly with the speaker.      T Senior Investment Manager Park Ji Hyung began by sharing his experiences at Neowiz, where his roles in marketing and business development provided him with valuable insights into the processes of venture capital (VC). He shared specific anecdotes from his time at the company, describing how his team prepared, developed, and successfully launched games on a global scale. Reflecting on these experiences, he stated, "VC professionals come from various fields. My experience at a gaming company gave me familiarity with mobile apps and games, which provides a strong foundation when making investment decisions."    Next, Senior Investment Manager Park Ji Hyung discussed recent market trends, focusing on the U.S. market. He explained that he chose to highlight the U.S. because "the Korean VC market often follows the trends set by the U.S." Park described the current U.S. VC market as the most favorable environment for investors in the past decade, attributing this to a significant rise in down-round valuations in recent years, which has created highly advantageous conditions for investors in the VC space.    However, Park noted that the down-round rate remains relatively low for early-stage investments. Supporting his insights with data, he highlighted that the median pre-money valuation of venture companies is on a recovery trend, comparing Q1 2023 to Q1 2024. He also pointed out that while there were only 228 mega-deals (exceeding KRW 1.12 trillion) in 2022 and 2023 combined—the lowest since 2017—the emergence of mega-deals involving AI-based companies is becoming more frequent in 2024.    Park emphasized, "SaaS companies continue to command high valuations, but the key trend here is the AI wave." According to his data, the release of ChatGPT in Q4 2022 triggered a surge in AI-related investments, leading to an expansion in AI's share of the VC landscape. U.S. VC investors are increasingly aggressive in securing stakes in even small AI startups, reflecting the growing significance of AI in the market.      The outlook for U.S. venture capital in 2024 presents a complex landscape. Senior Investment Manager Park Ji Hyung observed, "The number of startup bankruptcies is rising due to failures in securing funding," adding that "VC investors are highly interested in new AI technologies, which is translating into active investments." He also noted that investors are closely monitoring expectations for IPO recovery, potential interest rate cuts, and developments surrounding the U.S. presidential election later this year.    In the session on "Investment Pitching (IR) Insights," Park discussed common mistakes made in IR materials and highlighted factors that can either attract or deter VC investors from founders. He offered practical advice for current and aspiring entrepreneurs, as outlined below.    Many entrepreneurs focus heavily on their company's past achievements. However, as the investment adage goes, "Investors pay for the future." This highlights that investors prioritize a company's plans and potential for future growth over its past accomplishments.    Park emphasized the importance of presenting a logical and coherent process in an IR pitch. Investors are not just looking for forecasts; they want to see a clear connection between the business's current performance and its potential to achieve significantly larger results within the next 5 to 7 years. Entrepreneurs should focus on demonstrating how their present achievements will drive future growth and create sustainable, long-term value.    Park concluded the lecture by highlighting the importance of a compelling vision for founders. He emphasized that founders should present a vision so powerful that it leaves investors feeling captivated by the company’s potential. Moreover, founders must convey their determination to dominate their industry, demonstrating both ambition and focus.    “The goal is for investors to leave your IR presentation thinking, 'I have to invest in this company,'" Park advised, offering the audience a clear takeaway on how to captivate and secure investor interest. 

Discovering Careers Night: HR Consulting and Preparing for the Era of Multi-job Careers    On October 10th, Korea University Business School (KUBS, Dean: Eonsoo Kim) hosted the event “Discovering Careers Night (Job多한밤)” at the SUPEX Hall in the LG-POSCO Hall. This event serves as a platform where alumni share their career and life experiences with current students, offering guidance and resolving concerns about future paths. Alumni from diverse fields participate in this program, which, on this occasion, featured Jin Seok Park (Business Administration, Class of ’91) and Jung Kwon Hwang (Business Administration, Class of ’91), who gave lectures on HR consulting and strategies for diversifying income.    The first speaker, Jin Seok Park, currently serves as the Country Managing Director of Korn Ferry Korea and previously held the position of Vice President at Mercer Korea. Park described Korea University Business School as a place that nurtures future leaders, encouraging students to strive toward leadership roles. Highlighting the importance of global leadership, he advised, “Aspire beyond being a leader in Korea—dream big and seek opportunities to operate on the global stage.”    Park also provided practical advice for those interested in HR consulting. “HR consulting plays a critical role in resolving organizational personnel issues and building leadership aligned with corporate strategies,” he said. He emphasized the need for strategic thinking and a deep understanding of organizational structures, regardless of one’s major. He also encouraged students to gain diverse internship experiences, particularly during their summer or winter breaks in their junior year.    The second speaker, Jung Kwon Hwang, a seasoned professional who has held positions at Hyundai Securities, Truston Asset Management, KB Asset Management, and now serves as an advisor to Worksmate, focused on the shifting dynamics of the labor market. He stressed the need for students to adapt to a rapidly changing job environment and build personalized career portfolios, especially as the era of “multi-job careers” emerges.      “In the future job market, a portfolio combining regular employment, short-term jobs, and investment income will become increasingly important,” Hwang noted. He pointed to Japan’s thriving market for ultra-short-term jobs and the concept of “freeters” (a combination of “free” and “part-timer”) as examples. He urged students not only to gain experience in the gig economy but also to explore ways to generate additional income through investments.    Hwang also addressed shifting corporate expectations. “Today, companies value experience over creativity in new hires,” he said, contrasting the current emphasis on practical skills and work experience with the creativity-centered evaluations of the past. He concluded by advising students to move beyond a focus on credentials, instead prioritizing career-building during their university years and differentiating themselves through skills and experience.    Both Jin Seok Park and Jung Kwon Hwang provided actionable advice for students. Park emphasized the values learned at KUBS and the importance of HR-related experience in growing as a global leader. Hwang highlighted the need to adapt to changes in the labor market by building a personalized career portfolio and preparing for the rise of multi-job careers. 

“Finding Success Through Continuous Pivots”: Entrepreneurship Lecture by NextUnicorn CEO Jaeyong Jang    On November 19, the Entrepreneurship Academy Lecture Series for the second semester of the 2024 academic year, hosted by Korea University Business School (Dean: Eonsoo Kim) and the Startup Institute (Director: Jungbien Moon), was held at The Stage on the 2nd floor of the Business Main Building. NextUnicorn, a platform service provider connecting startups and investors under the motto, "Solving startup problems to innovate the world," participated in the event. Jaeyong Jang, CEO of NextUnicorn, delivered a lecture on the theme "Insights for Early-Stage Entrepreneurs." The topic reflected his aspiration to provide practical support to aspiring entrepreneurs.      CEO Jaeyong Jang shared his journey of entrepreneurship, highlighting multiple pivots along the way. After leaving Gallup Korea, he launched a music player business with a friend. However, the rapid rise of streaming services posed significant challenges. In response, he pivoted to create My Music Taste, a platform that enabled concerts based on music fans’ data. Embarking on his entrepreneurial journey independently, he introduced LOOK SO FINE, an application that recommended fashion styles tailored to the weather. Later, he turned his focus to e-commerce, operating the cross-border fashion shopping app HALFZ (also known as Harpers) and expanding into the U.S. market. Despite this growth, HALFZ faced difficulties due to insufficient app tracking systems in the U.S. and the high cost of marketing, ultimately prompting another pivot in its strategy.    CEO Jaeyong Jang shared the key criteria he uses when selecting new business ideas: focusing on areas he knows well, businesses requiring future value and technological strength, B2B models, fields that earn social respect, and ventures with high profitability. He encouraged the audience to establish their own set of standards. Reflecting on his past experiences, he recounted meeting Enrico Beltramini, who expressed interest in the Asian market while Jang was seeking investors for Harpers. That meeting made him realize the necessity of fostering a stronger startup ecosystem in Korea, which ultimately inspired the business model for NextUnicorn.      CEO Jaeyong Jang concluded his lecture by sharing key insights for entrepreneurs: “Most initial ideas of entrepreneurs fail,” “Positioning is crucial,” “You must have a strong rationale for your business and a compelling motivation for starting it,” “Aim for monopoly,” and “Don’t give up until it works.” These words served as a powerful and inspiring message for aspiring entrepreneurs.    During the Q&A session following the lecture, a student asked about the secret behind consistent success for entrepreneurs in a startup world where luck plays a significant role. CEO Jaeyong Jang responded, “Entrepreneurs who seem lucky have often fought relentlessly until their luck turned in their favor. Their volume of decision-making is overwhelming.” He advised aspiring entrepreneurs to increase the sheer number of decisions they make, emphasizing the importance of testing hypotheses, generating results, and moving forward based on those outcomes.      In closing, CEO Jaeyong Jang encouraged the students by saying, “I don’t believe my thoughts are the absolute answer,” and “Only the experiences you go through, the value judgments you make, and the decisions you reach on your own will guide your life to the next level.” 

Connected Through 'Business' — 2024 Fall Semester Mentoring Day    Korea University Business School (KUBS, Dean: Eonsoo Kim) successfully hosted its 2024 Fall Semester Faculty Mentoring Day on November 20-21. The event took place at the Cuckoo Seminar Room and Young Il Ahn Hall in the LG-POSCO Hall, where faculty advisors and students came together to share lunch and engage in conversations. Since 2007, KUBS has organized Mentoring Day annually to promote interaction between faculty and students.      During the event, professors and students discussed topics such as academics, campus life, and career planning. Professor Kihoon Kim shared, “I couldn’t join last year as I was on sabbatical, but it’s wonderful to meet so many new students this time. While it’s hard to dive into deep conversations during the first meeting, it’s great to establish a relationship where students feel comfortable asking questions in the future.”      Jaesung Kim, a Business major (Class of 2020), who spoke with Professor Kim, commented, “I entered university during the COVID-19 pandemic, took a leave of absence, and served in the military, so I didn’t have many opportunities to meet professors in person. It was great to have meaningful conversations this time.” Another student, Ji Hyang Ahn (Business, Class of 2024), remarked, “Talking with a professor reassured me, knowing there’s someone to rely on during my university life. It was also a great opportunity to meet students from various countries.”    The event concluded on a warm and congenial note, leaving participants with a sense of connection and inspiration. 

"Producers of Knowledge" – KUBS-DBA Admissions Information Session Successfully Held    On October 17, the Korea University Business School (KUBS) hosted an admissions information session for the 2025 Doctor of Business Administration (KUBS-DBA) program at the Young Il Ahn Hall of the LG-POSCO Hall. The event, led by Associate Dean for MBA Programs Gangseog Ryu, featured a detailed presentation and welcomed attendees who had pre-registered to learn more about the KUBS-DBA program.     The KUBS-DBA program is a doctoral degree designed to develop Korean-style business theories based on practical and professional experiences. It distinguishes itself from traditional academic Ph.D. and MBA programs. While MBA programs emphasize acquiring and applying management knowledge for practical use, KUBS-DBA focuses on creating new knowledge derived from real-world experience and practice. In essence, the program positions itself as a "producer of knowledge," transforming professional experience into academic and practical insights.    Although the KUBS-DBA and traditional Ph.D. programs both emphasize knowledge creation, their objectives and approaches differ. Ph.D. programs focus on establishing universal, generalized, and abstract theories, typically presented in the form of academic papers. In contrast, the KUBS-DBA program prioritizes the development of specific, practical theories that can be applied in real-world settings. Research outputs include not only academic papers but also practical papers, business case studies, and professional books.      To design the KUBS-DBA program, KUBS leveraged its extensive expertise to develop an optimal curriculum. The program fosters innovative and valuable knowledge based on practical experience, enabling learners to realize their research through dissertations, case studies, and seminar presentations.    The three-year program follows a structured, step-by-step approach to knowledge development. Year 1 focuses on building foundational capabilities for independent and creative research while exploring potential research topics. Year 2 involves studying advanced and specialized subjects tailored to individual interests, refining research topics further. Year 3 is dedicated to writing and presenting the doctoral dissertation.    Graduates of the KUBS-DBA program, who earn the Doctor of Business Administration degree, have the opportunity to pursue diverse career paths. By balancing their studies with professional work, they can apply their specialized knowledge within their organizations and in broader professional contexts. Potential career options include roles as business consultants, researchers, freelance professional lecturers, and academic positions such as full-time, industry-focused, adjunct, or visiting professors, empowering graduates to mentor and guide the next generation of professionals.      As part of the 2025 admissions process, document screening results were announced on November 22, with interviews scheduled for November 30. Final admission results will be released on December 13. 

Alumnus Hui Sung Yoo Donates 1 Billion KRW, Continuing His Legacy of Generosity      Mr. Hui Sung Yoo (Class of 1958), an alumnus with a heartfelt wish to dedicate everything to his alma mater, Korea University, and its Business School, has an inspiring history of giving that dates back to 2011. That year, he appeared at Korea University and made a remarkable donation of 1 billion KRW to fund the construction of KUBS’s new building. In 2015, he once again visited his alma mater, handing over another check for 1 billion KRW to the development fund. In 2017, he donated a 155-square-meter (approx. 50-pyeong) apartment in Seoul’s Seocho District, valued at 2.4 billion KRW at the time, which held cherished memories of raising his children.    Mr. Yoo’s philanthropy knows no bounds. He donated 1 billion KRW each in 2019 and 2020, followed by additional contributions of 1 billion KRW in early 2022 and again in May 2023, earning him the nickname “The 85-Year-Old Donation King.” Then, in November 2024, much like in 2011, he quietly reappeared to hand over another check for 1 billion KRW to KUBS’s development fund. With this, his total contributions to Korea University and its Business School have reached an astounding 9.4 billion KRW.    On November 19, a ceremony titled the “KUBS Insung Fund Donation Ceremony” was held in the university president’s office. The event, celebrating Mr. Yoo’s latest donation of 1 billion KRW, was attended by President Dong-One Kim, Vice President for Development and External Affairs Hojung Shin, Dean Eonsoo Kim, Mr. Yoo’s children, and fellow alumni from the Class of 1958.    At the ceremony, Mr. Hui Sung Yoo shared, “I have always expressed my desire to give everything I have to Korea University throughout my life, and I plan to continue adhering to this philanthropic philosophy. As we approach the university’s 120th anniversary, I feel immense pride as an alumnus witnessing its ongoing development.” He added, “I hope that the faculty of KUBS will impart knowledge to students through their research, and that these students, through their dedicated studies, will grow into leaders shaping the future, creating a virtuous cycle.”    In response, President Dong-One Kim expressed heartfelt gratitude, saying, “We deeply appreciate the unwavering love you have shown for your alma mater over the past 13 years. The Insung Fund you have generously donated will actively support the research efforts of KUBS faculty and help nurture creative talents who will lead emerging trends.”    The KUBS Insung Fund, named after the Chinese characters for “仁” (In) from the names of Mr. Yoo’s mother and grandmother, and “星” (Sung) from his own name, supports research initiatives by the school’s faculty. Mr. Yoo’s contributions have been utilized in various ways, including the Insung Scholarship Fund, Insung Research Fund, and Insung Research Award. In recognition of his generosity, Lecture Room B205 in the Hyundai Motor Hall has been named the “Hui Sung Yoo Lecture Room.”