Ajou University-Startups in Korea

W. Ryan Huddleston

[email protected]+82-10-5533-3042Blog: http://ryanceoseminar.blogspot.com

The Korean Start-Up WorldMay, 2012

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Ryan Huddleston

TWO years in Korea

SEMINAR hosting experiences

REPRESENTATIVE of Korean companies

EXPERIENCE working at a Korean startup company


My Experience with

Korean Startups:1.Characteristics2.Obstacles3.Advantages


Verbal and Non-Verbal Cues: Attitude


Hierarchy ConfusionCode Names:“His name isn’t really AI,” Kim explains. “We call each other by code names.”

Women as CEO’s Women as

Managers


Tied to Organizations


Obstacles: English


Obstacle: Early Stage Capital


Obstacle: Path to Follow

CUSTOMERS

PRODUCT

TEAM

BUSINESS MODEL

FINANCIALS

• Identify upcoming problems

• Set Priorities

• Align the team

• Measure progress over time


Obstacle: Path to Exit

“The Chaebol don’t buy companies”

said Chester Roh.

“They don’t need to. They just call you up and say

‘We’ll give you a good job.’”


Obstacles: Working Harder vs. Working

Smarter

*Get Advice*Get Feedback

*Carefully choose your Mentors


Obstacles: Silicon Valley VC Feedback on

Korean Startups


Advantage: Korea

Large MarketGovernment Money“Our economy can no

longer rely on the conglomerates. This is the 21st century. We need another instrument for economic growth.”


Advantage: Korean Startups

“Engineers are smart, hard working, motivated, and cheap compared with the rest of the world”“Because the Korean market is

so competitive, it creates very capable people”

“I think Koreans accept new advances very quickly; for example, the iPhone spread very quickly here compared to other countries”“The market is not huge, but it’s a

perfect place to try a new business; companies can check to see if their service will work in a market in a very fast period of time”


감사합니다

Ajou University-Startups in Korea

Economy & Finance

Transcript of Ajou University-Startups in Korea