“True communication is more important than sales”…WADIZ Entrepreneurship Academy Lecture On Demand Successfully Held

2023-Spring ‘Entrepreneurship Academy Lecture On Demand (hereinbelow lecture)’ hosted by Korea University Business School (Dean= Sang Yong Kim) Startup Research Institute (Head = Jon Jungbien Moon) was held on the last 21^st. This lecture invited WADIZ Chief Sales Officer Inbeom Hwang and Project Director Woojung Im as speakers who gave a presentation on WADIZ’s overall business, practical experience, Q&A and etc. Since its establishment in May 2012, WADIZ has become Korea's largest lifestyle design funding company, performing various reward-based crowdfunding and investment-based funding along with many startups.

Firstly, CSO Hwang explained WADIZ’s services and the roles of each department. WADIZ conducts funding for the promotion and sales of startups, and creators, and consists of departments responsible for SMBs, big brands & global sourcing, and IP business. Hwang stated that “WADIZ’s business is not limited to just funding”, and that “WADIZ helps challenges of people who want to share their own stories in various ways through online and face-to-face communication and financial services.”

The lecture continued with an introduction of a business design chart. They explained how to design a business according to a table consisting of four items. △Channels △Sales Perspective △Categories △ Product Engagement. CSO Hwang cited the example of WADIZ and advised that “Major tasks could be classified through online and face-to-face channels, parallel consignment and procurement, all types of materials along with intangible categories that deal with creators’ areas, and distribution. He then expressed his aspirations and expectations for more active business expansion by stating that “We are planning to manufacture WADIZ’s own products in partnership with companies that own IP characters.”.

PD Lim shared his hands-on experience of directly working with partner companies. He talked about the mindset when participating in funding by saying “We are helping increase the sales and providing opportunities for healthy growth through communication with makers who operate projects.”. In particular, PD Lim advised that “It is important to persuade consumers of the necessity and value of a product beyond simple explanations.”, and “Focus on building credibility and fandom rather than aiming for short-term profits.”

In the Q&A session, CSO Hwang gave sincere advice and tips for students preparing to start a business or pursue new ideas. He explained that “The era of relying solely on finished products is now over.”, and “We are now in an era where the story behind the product including the maker’s thoughts, philosophy, will and belief as well as the joy and difficulty of the manufacturing process, is valued even more than the product itself. He emphasized that this is the time when the value of the “process economy” is expanding.

Finally, CSO Hwang gave warm encouragement to pre-entrepreneurs saying, “Encouragement for new attempts is rapidly being made compared to the past so if you are thinking of starting a business, I hope you must challenge yourself”.