[Executive MBA International Residency Program United States, United Kingdom] -Visiting the Center of International Finance: the USA and the UK     Business School (Dean= Sangyong Kim) Executive MBA (hereinbelow E-MBA) conducted the International Residency Program (IRP) for the 2023-Spring semester. E-MBA is a specialized master's program in business management targeting experienced managers and executives with more than 10 years of experience, aiming to nurture creative global CEOs who lead sustainable growth and innovation. IRP is a regular course of the E-MBA program where distinguished professors from foreign universities teach regular classes and participants visit local companies and learn at prestigious universities in the United States and Europe.        To start with, the IRP took place for about a week from June 24th to July 2nd, at Ivy League Yale University located in New Haven, Connecticut, USA. E-MBA classmates, including Professor Daeki Kim, participated in the program. This U.S. IRP offered various courses to teach a sense of global business, such as △Behavioral Economics: Beliefs, Goals, and Choices △Managing the Customer Decision Journey in the Digital Era △Economics of AI and Business Strategy △ESG Investing △World Economic Outlook △Corporate Governance and Business Strategy, among others.        Furthermore, the E-MBA participants had an enriching experience including the Yale University campus tour and watching a baseball game at Yankee Stadium, the home ground of the Major League team New York Yankees. They also had the opportunity to enjoy the historic Broadway musicals 'Chicago' and 'The Lion King,' immersing themselves in the local culture.        After that, from July 2nd to 8th, the IRP continued in Cambridge and London, United Kingdom. E-MBA participants, along with Professor Shijin Yoo, took part in this program. During the UK IRP, lectures were given by Professors Namsik Han, Andress Richter, and Yeonjun Kim at the University of Cambridge. They also had the chance to partake in activities such as the △Cambridge Bio-medical Campus tour, △Cambridge Science Park tour, △Visiting the Digital Catapult, and the Department for Business and Trade.        In addition, the participants enjoyed a city tour in London and watched the musical "The Phantom of the Opera," among other cultural experiences. It allowed them to achieve two goals: gaining knowledge from their courses and creating lasting memories with their E-MBA classmates at the same time.       One of the E-MBA participants, Jeongwook Sim, shared his impressions of the IRP saying, "It was the best lecture from renowned professors, some of whom are Nobel Prize candidates and among the world's top 100 scholars. It was a week of honor and joy."  

Completion of the 2023 Global ESG Forum with various discussions for a sustainable future    The International ESG Association (Chairman=Jay Hyuk Rhee, Yong Sik Ok) and the ESG Research Institute (Director=Jay Hyuk Rhee) of Korea University Business School (Dean=Sang Yong Kim) successfully hosted the "2023 Global ESG Forum" from June 24th to 29th at Singapore CREATE. This annual event, organized by the International ESG Association, featured presentations and lectures by ESG experts from around the world. The forum attracted over 200 speakers and participants from various countries, including professor Shawn Cole from Harvard Business School, representatives from the Ellen MacArthur Foundation, BlackRock, S&P Global, and esteemed professors from the National University of Singapore Business School.      The ESG Forum commenced with an opening keynote speech by Amy Khor, Senior Minister of State for Sustainability and the Environment in Singapore. The event was marked by lively discussion on the current state of ESG management in Korean companies and strategies for future implementation. One notheworthy presentation introduced the ‘Biodiversity and Nature Positive Ranking of the Top 200 Korean Companies’, accompanied by a novel evaluation methodology for biodiversity. Additionally, the forum revealed that an ESG advisory group would announce the ranking of global companies, including Korean firms, in terms of biodiversity on November 28th.    Throughout the ESG Forum, experts from various fields delved into in-depth analyses and discussions on a rage of compelling case studies, including △sustainable plastic management △ESG considerations from a consumer perspective △waste resource circulation technology and circular economy △voluntary carbon markets △net-zero and renewable energy solutions. Notably, representatives from BlackRock, the Ellen MacArthur Foundation, and Harvard Business School engaged in special dialogues on the theme of ‘Research Partnerships for a Sustainable Future.’    S&P Global, a leading investment firm, hosted special sessions at the ESG Forum focused on the present and future of impact investing, climate-linked credit, and risk solutions driving global businesses forward. Notably, the Taskforce on Nature-related Financial Disclosures (TNFD) is set to unveil its final disclosure framework in September. Moreover, the response status of the top 200 Korean companies in biodiversity and nature-positive, as reported by the International ESG Association, was a mojor highlight of the event.    The ESG Forum took place at CREATE (Collaborative Research And Technological Enterprise), a research and technology development center situated within the National University of Singapore. CREATE is known for its efforts in commercializing next-generation technologies acorss various fields. including △environment △energy △water resources △biotechnology and △design. During the forum, Mr. Jay Hyuk Rhee, Director of the ESG Research Institute a professor at Korea University Business School, who serves as the Chairman of the International ESG Association, explained the rationale behind selecting Singapore as the host city. He emphasized that Singapore has showcased exemplary leadership through fruitful collaborations with international organizations in diverse ESG management-related domains."      After the successful concolusion of the ESG Forum, a prominent event is scheduled to take place in Seoul from November 28th to 30th. This event will convene esteemed scholars from around the world who are renowned for their expertise in the ESG field, including the Secretary-General of the IUCN, representatives from Stanford School of Sustainability, the Oxford Business School, and the National University of Singapore Business School.   

We’ll be your wings: supporting newly admitted startups…Summer 2023  Entrepreneurship Practical Education ‘Startup Essential’    The Startup Institute (Director= Jungbien Moon) of Korea University Business School (Dean=Sang Yong Kim) has organized a practical on-and-offline entrepreneurship education program called "Startup Essential" to support the stabilization of early-stage startup businesses in the summer vacation 2023. The program aims to enhance the capabilities of startups in addressing financial, tax, legal, customer, and market validation challenges encountered during the entrepreneurial process. It targets move-in occupants from Iljin Center for Startup Incubation, Crimson Startup Support Foundation, and Anam Campus Town, which are all affiliated with Korea University.      On June 27th, an orientation for the participating companies was held to mark the beginning of the program. The event was attended by distinguished guests from the Startup Institute, including Director Jungbien Moon, Director Jaiho Chung, and Director Jinkyu Park as well as newly admitted startup companies. The following startups have joined as the 15th Choo-choo: △Delper △BarunPet △Block Security Chain △Space Jump △Unboxing Dreams △SPAD △Walga △Generative Lab △Photorage and △Hoxi Mobility.  To start with, the introduction of the startups admitted through the ‘2023 Startup Express Summer Season’ followed. Director Jungbien Moon of the Startup Institute expressed his excitement, stating it was a "very exciting day" to welcome the companies. He also mentioned how delighted he was to be among young individuals filled with energy and ideas, saying, "I'm curious about what you want to achieve and what you want to 30 years from now."      Among the startups, Unboxing Dreams expressed their aspiration to become a common noun in their business field, reflecting their ambition. BarunPet expressed their desire to be immediately associated with their pet-related services when people think of the pet industry. Impressed by the determined ambitions of the startup representatives, Director Moon remarked, "You will strive towards Choo-choo Day one year from now”. He further expressed his conviction that everything learned throughout the one-year process would serve as a foundation for long-term growth.  Therefore, Director Moon sincerely welcomed the new startup occupants to the Startup Institute emphasizing that one of the most valuable experiences they can have at a young age is starting and growing a company. He also highlighted the institute’s role as a platform for entrepreneurship and innovation.      Next, Director Jaiho Chung of Iljin Center for Startup Incubation provided detailed explanations about various projects and activities conducted in the Startup Institute, including PPT presentations. He especially said that "We have channels open 24/7 to communicate with the occupants, and those representatives who frequently contacted us have made progress quickly." He expressed his hope for comfortable and frequent communication on any topic, whether it be concerns, networking, or anything else.      This education program combines both online Zoom sessions and offline activities and is structured to include mentor lectures, practical training, and networking events. The mentor lectures, which will be conducted in two sessions, will focus on the common mistakes made by early-stage entrepreneurs in areas such as taxation, legal matters, patents, and business operations. Each session will feature experts in the respective fields delivering lectures. The practical training component of the program will cover topics such as team building, hypothesis testing for ideas, customer validation, revenue generation, and finance. This training will provide hands-on experience in startup operations and will span eight sessions, aiming to enhance the capabilities of the startups. Lastly, the program will conclude with three networking events, fostering networking skills and building a sense of community among the startups. 

“Don’t be afraid of pioneering a new market…” Entrepreneurship Academy Special Lecture by CEO Changwon Kim of Pet Friends    On June 7th, ‘Entrepreneurship Academy Lecture Series’ for the Spring 2023 semester was hosted by the Startup Research Institute (Director= Jungbien Moon) of the Korea University Business School (Dean= Sang Yong Kim) and took place at The Stage on the second floor of the KUBS Main Building.  In this special lecture, Mr. Changwon Kim, the CEO of ‘Pet Friends’ served as the speaker, accompanied by Sooho Park, a journalist from Maeil Economy as the host. ‘Pet Friends’ is the foremost pet commerce platform in Korea, providing a wide rage of products services for pets and their owners. Notably, CEO Kim is also an alumnus of the KU Graduate School of Biomedical Sciences. The lecture took the format of a talk show, featuring CEO Kim and Mr. Park engaging in a conversation. Throughout the session, CEO Kim shared his entrepreneurial journey, discussing the process of founding, developing, and ultimately selling his company.      Since its establishment in 2015, "Pet Friends" has achieved remarkable success. Within four years of starting its e-commerce operations in 2017, the company achieved a monthly revenue of 8 billion Korean won. CEO Kim’s journey towards this achievement involved various preparatory processes and entrepreneurial endeavors.   In his early twenties, CEO Jun transformed his personal one-on-one part-time tutoring into a physical education private academy. He expanded the academy by hiring instructors and establishing multiple branches, thereby creating a unified brand. Additionally, he embarked on four startup ventures and successfully exited each one. Notable among these ventures were targeting young women in the food service industry and starting an SNS advertising agency through Facebook.  Throughout his entrepreneurial journey, CEO Kim emphasized the importance of prioritizing the customer. While financial success was a goal during his business ventures spanning about 20 years, he firmly believed that placing the customer at the forefront was ultimately paramount.  When questioned by the host about his approach to startups, CEO Kim emphasized the significance of selecting a growing market. He stated, "I believe my willingness to venture into new industries without fear was instrumental," further expressing his preference for forgoing a distinct path rather than entering crowded and competitive markets.      With the emergence of the era of ten million pets, CEO Kim and his team at Pet Friends pondered on strategies to enhance customer repurchase rates. They found the solution in customer customization, where pet-related information is collected to offer personalized product recommendations. The company’s fast delivery services, specifically targeting single-person households raising pets, also played a significant role in their success, leading to an impressive 80% repurchase rate.   CEO Kim highlighted the company’s commitment to a data-driven approach as it grew. Despite investor pressure to influence management style, they remained dedicated to thoroughly analyzing customer data and metrics. Regular meetings with employees were also a consistent practice, and the company implemented selective benefits instead of universal ones to enhance operational efficiency.  Mr. Kim assumed the role of CEO at Pet Friends from 2015 to 2021 before deciding to sell the company. When questioned about the reason for the sale, he pointed out the relatively low pace of change in the perception surrounding pets.  Despite of success of Pet Friends as a pet commerce platform, Mr. Kim expressed that the shift in people’s perception of pets had been slower than anticipated. He stated, "By redirecting efforts towards other fields where change can be more impactful, greater achievements can be made.” Following the sale of Pet Friends, he has actively engaged in startup investments.      In his concluding remarks, Mr. Changwon Kim graciously shared advice for aspiring entrepreneurs. He emphasized the importance of avoiding excessive reliance on self-development books about successful entrepreneurs. Instead, he encouraged entrepreneurs to direct their attention towards the market and customers directly in front of them. He further advised utilizing diverse methods, such as group-focusing interviews, for effective market research, rather than relying solely on surveys.   The lecture wrapped up with an enthusiastic Q&A session allowing students to engage directly with Mr. Kim. 

  '2023 Startup Express Summer Season' Concludes Successfully, Paving the Way for a Better World    On June 2nd, the '2023 Startup Express Summer Season' (hereinafter referred to as ‘competition’) hosted by the Startup Research Institute (Director= Jungbien Moon) of Korea University Business School (Dean= Sang Yong Kim) was successfully held at LG-POSCO Hall. 'Startup Express' is a student startup competition held every summer and autumn, organized by the Seung Myung Ho Entrepreneurship Education Center. Its purpose is to propose creative business ideas based on entrepreneurial spirit and innovation, as well as to discover startup teams with excellent business viability.      The judges for this competition included △Jungbien Moon, Director of the Startup Research Institute, △Jae Ho Jeong, Director of the Iljin Startup Support Center △Jin Kyu Park, Director of the Seung Myung Ho Education Center, as well as △Seung Pyo Lee, Director of the Iljin Global R&D Center △Won Kyung Yoo, Team Leader of the Business Planning Team at Hankook Ilbo △Jun Hyun Hwang, Team Leader of the Online Services Team at Donghwa Enterprise △Myung Choel Shin, Partner at Kingsbay Capital and Professor at Korea University Business School △Ji Seung Baek, Manager at SK C&C and △Seung Il Lee, CEO of PentaFlow.    The event commenced with a welcome speech delivered by Jin Kyu Park, the director of the Seung Myung Ho Entrepreneurship Education Center, and also provided an introduction to the event. Director Park stated, "The teams selected in today's competition will have the opportunity to enter the Seung Myung Ho Entrepreneurship Education Center," and added, "If they grow for one year, they will eventually participate in Choo Choo Day and enter the actual market." He described the event as "the glorious beginning of that process." Director Park further expressed his pride, stating, "Currently, Korea University has 113 resident companies, and our Startup Research Institute continues to produce companies that receive investments and grow steadily after graduation of each generation. I hope that today's participating teams will also embark on this path together and achieve positive outcomes."      In the competition, 12 teams selected through preliminary evaluations presented their business ideas. These included △AI-based self-introduction feedback service (Generative Lab) △post-processing managing SaaS platform for traffic insurance (DELPER) △self-development planner service through gamification (OV Land) △platform for exploring and saving hot spots through short-form content (Unboxing Dreams) △preventive and diagnostic service for canine patellar luxation (Barun Pet) △demand-responsive mobility service based on taxis (HOXI Mobility) △used equipment trading platform (Space Jump) △operating and management platform for dog daycare centers (Walga) △blockchain smart contract monitoring/auditing/cybercrime prevention service (Block Security Chain), △closed social network service that delivers family photos to the elderly (Mili Log) △dating platform utilizing AI technology and learning-based algorithms (SPAD) and △’four-cut’ photobooth photo archiving service(Photorage).      The event comprised a 5-minute idea presentation and a 5-minute Q&A session for each team. The judges evaluated each teams based on their △problem definition △business model △capabilities and △determination to select the teams for entry. Among the teams, Barun Pet received the Seung Myung Ho Entrepreneurship Award, and Block Security Chain was awarded the Iljin Startup Award, propelling them onto the 'Startup Express,' the path to entrepreneurial success in the second half of 2023. Furthermore, eight teams, including △Space Jump △DELPER △Unboxing Dreams △Walga △Generative Lab △SPAD △Photorage and △HOXI Mobility, received encouragement awards for their remarkable efforts.      After the conclusion of the competition, Jungbien Moon, Director of the Startup Research Institute, expressed, "Everything in the world is difficult and scary," and underscored the significance of taking a stand. He emphasized, "The most important thing is to position oneself with strong determination. If you prepare with unwavering resolve, there will be ample success awaiting you in the future." Moon further added, "Even if you didn't e,erge as winners today, our goal extends beyond triumph in this competition. We aim to reach the unicorn stage. Korea University will continue to provide more opportunities to access shared workspaces like 'The Stage,' so do not give up."        Meanwhile, the two teams that received the Seung Myung Ho Entrepreneurship Award and Iljin Startup Award will be granted operating expenses. Additionally, all the teams, including the recipients of the encouragement awards, will have the opportunity to enter the Iljun Startup Support Center at the Startup Research Institute. Once admitted to the center, each team will benefit from ongoing guidance and support provided by mentors consisting of seasoned entrepreneurs, industry experts, and venture capitalists. They will also have access to systematic entrepreneurial education programs aimed at further enhancing their skills and knowledge. 

  Intense Discussion Between Overseas Scholars and Domestic Marketing Academis, Successful ‘2023 KUBS International Marketing Symposium’     On the 12th, numerous marketing professors and graduate students from across the country visited KUBS (Dean= Sang Yong Kim). The ‘KUBS Internation Symposium of Marketing (thereinafter Marketing Symposium)’ which began in 2005 as part of the 100th anniversary celebration of Korea University, took place in Room 412 of the LG-Posco Business building. The marketing symposium featured three presentations from overseas scholars and panel discussions under the theme “Consumer Behavior: Social Media, Political Ideology, and Marketplace Dignity’.       First, Professor Jeff Inman, the Albery Wesley Frey Professor at the University of Pittsburch in the United States, gave a presentation. Professor Inman in highly respected as a scholar in the field of consumer behavior research, having served as the editor-in-chief of the Journal of Consumer Research, the leading academic journal in the marketing field, as well as the president of the Association for Consumer Research and the Society for Consumer Psychology. In this symposium, he presented on the topic “What Drives Consumer Voting Behavior on Social Media? The Role of Posting Style Matching and Profile Matching.”     Professor Inman analyzed real data from SNS platforms in Japan and review sites in the United States to study consumer behavioral responses (e.g. liking posts) to social media posts. According to research, the “posting style congruence effect,” which indicates that the more the attributes of a post (such as length, sentiment, length of emojis and photos) match the attributed of a person’s previous posts, the more likely the recipient is to react to the post and the “profile congruence effect”, which shows that the more the geographic and demographic profiles of the send and recipient align, the more positive response, were found. Professor Inman stated that “these research findings not only contribute to social media marketing and interpersonal communication theoretically, but also provide practical insights to platforms and marketers.”       Next, Professor Manoj Thomas, the Nakashimato Frey Professor at Cornall University in the United States, presented on the topic ‘Political Ideology Predicts Price Negotiation’. Professor Thomas is known for his expertise in pricing strategy and is the associate editor for renowned academic journals in the field of marketing, such as the Journal of Consumer Research and the Journal of Marketing Research. According to Professor Thomas, “Political ideology has emerged as a significant factor in shaping individual identities, and I aimed to investigate the role of political ideology in influencing individual behavior beyond the political domain.”    Using various research methods, Professor Thomas found the fact that compared to progressive-minded consumers, conservative-minded consumers exhibit a greater tendency to engage in price negotiation due to their strong belief in free market ideology. He presented the role of the free market ideology as a determining factor in price negotiation and particularly emphasized the significance of demonstrating that the universal concept of political ideology also has a significant impact on economic behavior.        The final session was led by Professor Cait Lamberton, the Alberto I. Duran President's Distinguished Professor at the University of Pennsylvania, who presented on the topic of "The Drive for Marketplace Dignity: The Case for and Consequences of a Third System." Professor Lamberton serves as the co-editor-in-chief of the prestigious academic journal, ‘Journal of Marketing’ and is a highly influential scholar, not only having published numerous papers but she also has received several research awards. She stated, “I began this research with the question of whether human dignity exists and is applicable in marketing situation.”      Furthermore, Professor Lamberton stated, "Consumer dignity is composed of three dimensions: first, symbolic visibility and recognition as a human being; second, agency in making choices and exerting control; and third, justice and fair treatment in receiving equal treatment.” She stated that “consumer dignity can be realized in marketing situations, and the extent to which dignity is perceived, leads to different responses to marketing activities.” Additionally, she proposed that “the concept of dignity is related to consumer information processing and in addition to the widely known System 1 (automatic and heuristic processing) and System 2 (systematic and controlled processing), a third processing system based on dignity can operate.”         After the completion of paper presentation sessions, an open-format comprehensive discussion took place between the overseas scholars and the audience. The moderator and the audience raised various questions and issues regarding marketing and consumer behavior research as a whole, and the overseas scholars generously shared their experiences, insights and advice.     Meanwhile, Professor Gangseog Ryu, who participated in this marketing symposium, expressed his satisfaction saying “Even in the United States, only a few universities organize similar academic events, but we Korea University Business School holds this symposium every year. This is something to be proud of as a member of KUBS and I hope this tradition and culture of valuing research will continue.”