“Exploring the History of Technological Innovation and Startups”

– Special Lecture on Entrepreneurship by Professor Seongmin Jeon of Gachon University 

The Entrepreneurship Academy special lecture, hosted by the Startup Station at Korea University Business School, was held on Tuesday, March 25, at The STAGE on the second floor of the KUBS Main Building. The lecture was delivered by Professor Seongmin Jeon from the College of Business at Gachon University, under the theme “The Past, Present, and Future of the Startup Ecosystem.” 

Professor Jeon explained that before the 1980s, the concept of venture startups was virtually nonexistent in Korea. However, the emergence of personal computers and the introduction of the internet gave rise to a new business culture. He discussed how startups such as ‘SayClub, Hangame, and SAEROME Technology (Dialpad)’ experienced growth and faced challenges during the venture boom. 

Regarding Hangame, Professor Jeon shared an anecdote: “In the early days, when the company wasn’t making money, they opened a PC café called ‘Mission No.1’ and set all the PCs to display Hangame.” This strategy helped the company establish a D2C (Direct-to-Consumer) model, observe customer behavior, and complete its value chain. He also introduced startups that entered new industries through technological innovation, emphasizing the importance of pursuing business models even in ventures that may initially seem improbable. He stressed the value of not being afraid of failure. 

Based on interviews with around 30 individuals who were active during Korea’s first venture boom—a period when Teheran-ro in Seoul was known as “Teheran Valley”—Professor Jeon’s book Teheran Valley Story traces the development of Korea’s startup ecosystem. The book is available for free through Startup Alliance and Ridi Books. 

Meanwhile, Professor Seongmin Jeon of the College of Business at Gachon University, who delivered the special lecture, earned his bachelor’s degree in economics from Seoul National University and his Ph.D. in business administration from the same institution. He previously served as President of the Korea Association of Venture Business, and currently holds various positions including Executive Board Member of the Korean Academic Society of Business Administration and the Korea Society of Management Information Systems, Editor-in-Chief of the Korean Business History Society, Economic Expert Panel Member at the Korea Development Institute (KDI), Outside Director of the Yoonmin Creative Investment Foundation, and Evaluation Committee Member for the Game Rating and Administration Committee of Korea.