“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.