Startup Basics (Korean Startup Locations)
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STARTUP BASICS
Written by Hoon Jung nayahun2@gmail.com
with Korean Startup Locations
“ STARTUPS ”
Aren’t they just a trend, strongly initiated by the Korean government?
So, a&er this government, they might go away?
“Public support should be concentrated on start-ups and venture businesses, which struggle most to obtain financing.”
- OECD, “Korea Economic Surveys”, 2014 -
Well, it is about economy We know, somebody has to fix it!
It is happening globally!
< Top 30 Startup Cities >
It is happening globally!
How about Korea?
< Top 30 Startup Cities >
Han River
Seoul Korea already has strong Startup locations & communities
Gangbuk
Pangyo
Gangnam
Guro
Han River
Seoul
Gangbuk
Pangyo
Gangnam
Guro
Han River
Seoul
Gangbuk
Pangyo
Gangnam
Guro
Han River
Seoul
Guro
Gangbuk
Gangnam
Pangyo
Han River
Seoul
Gangnam
Guro
Pangyo
Gangbuk
Yeah, that Gangnam! It has more than Psy J
The biggest part of the Korean
Startup Ecosystem
Guro
Han River
Seoul
Gangnam (2015)
The biggest part of the Korean
Startup Ecosystem
Guro
Han River
Seoul
Gangnam (2015)
The biggest part of the Korean
Startup Ecosystem
Guro
Teheran-ro in
Gangnam
Han River
Seoul
Gangnam (2015)
The biggest part of the Korean
Startup Ecosystem
If you are an entrepreneur and you don't know where to go, go there!
Even big corporations are looking to startups to drive their growth. They are going to build their own startup supporting organizations all over the nation.
Experience working with or for a startup will be very useful for getting a job
Today Yes, Tomorrow even more!
“ What is a startup? ”
It seems it is a small company or opening a new business ..
Ok, let’s talk about
Can a bakery be a startup?
A startup has a scalable business model which solves people’s problems in an innovative way
On-Line
Off-Line
The world is separated into two parts, off-‐line and online.
On-Line
Off-Line
Before the
Internet
On-Line
Off-Line
Dot-Com Bubble
Before the
Internet
On-Line
Off-Line
Dot-Com Bubble
For the first 10 years, we had tried to put things on the internet
Before the
Internet
Web 2.0
On-Line
Off-Line
Dot-Com Bubble
Smart- Phones
Before the
Internet
Web 2.0
On-Line
Off-Line
Dot-Com Bubble
Smart- Phones
Internet of
Things
Before the
Internet
Web 2.0
On-Line
Off-Line
Web 2.0
Before the
Internet
Dot-Com Bubble
Smart- Phones
Internet of
Things
After the ten years we have been applying this innovation to real world
On-Line
Off-Line
Diffusion
You can spread things easily via the Internet
On-Line
Off-Line
Business Model
Diffusion
But, we had been making money by selling stuffs in the off-‐line world
On-Line
Off-Line
Business Model
So, It was hard to find biz models up there but ..
Diffusion
On-Line
Off-Line
Business Model
Diffusion
As technologies advance,
On-Line
Off-Line
Business Model
Diffusion
It gets easier to use technologies to find biz opportunities
Thanks to better Bandwidth, Devices, App stores, Cloud Services, Open sources and etc
Startups began to arise ..
With a chance to reach across industries and countries
Thanks to better Bandwidth, Devices, App stores, Cloud Services, Open sources and etc
Startups began to arise ..
Again, your idea is a new opportunity in a new situation Prove gradually whether it works or not
Here comes the fancy methodology: “LEAN STARTUP”
Implement core functions, launch it and see how people react. Improve and launch again Validate your idea gradually
“LEAN STARTUP” I know you know, but let me explain ..
Based on situations, you might also think of a A change in strategy without a change in vision Pivot,
Results
Resources
Prototype Alpha Beta
It’s easy to build stuffs for the first time but ..
Results
Resources
Prototype Alpha Beta
Facing real world complexity,
Real world problems start
Results
Resources
Prototype Alpha Beta
Facing real world complexity, we need a LOT of resources.
Real world problems start
A project will likely take 3 times longer than you think.
A project will likely take 3 times longer than you think.
MVP (Minimum Viable Product)
Focus on a minimum
solution
Once your MVP is ready, Reach out to Investors
Accelerators Angel Investors Venture Capital firms
Well, VCs are not like Superman, but the fact that you are chosen by them could lead you to another investment chance!
Elevator Pitch
Investors see thousands of people and products. Are you able to pitch in 30 seconds, super simply?
Demoday Selling your services or ideas Best part of startup events
The Core Message
The Core Message
1. I am solving this problem 2. using this magic 3. in this big market 4. with this awesome team
The Core Message
1. I am solving this problem 2. using this magic 3. in this big market 4. with this awesome team
10-15 Slides Less than 10 minutes
What Problems are you going to solve?
< Business Model Canvas >
What Problems are you going to solve?
< Business Model Canvas >
You should make sure what value you are delivering to your customers by solving problems
Firstly, focus on these two
Reveal Your Magic We can solve people’s
problems thanks to our:
Awesome Technology Community Network Cheaper Price
Being the First Comer Expertise
Etc..
Poor Awesome
Poor
Awesome
Show That Others Can’t, But You Can
They
They They
You
Poor Awesome
Poor
Awesome
Show That Others Can’t, But You Can It’s ok as long as you have a strategy
They
They They
You They
Demonstrate How Big Your Opportunity Is
TAM (Total Addressable Market)
SAM (Serviceable Addressable Market)
SOM (Serviceable Obtainable Market)
Demonstrate How Big Your Opportunity Is
TAM (Total Addressable Market)
SAM (Serviceable Addressable Market)
SOM
$10B/100M Customers
50M Customers
(Serviceable Obtainable Market)
3% Market Share 1.5M Customers
Demonstrate How Big Your Opportunity Is
TAM (Total Addressable Market)
SAM (Serviceable Addressable Market)
SOM
$10B/100M Customers
50M Customers
(Serviceable Obtainable Market)
3% Market Share 1.5M Customers
BM1 (B2C)
BM2 (B2C)
BM3 (B2B)
$5M Revenue
Convince Them How You Can Grow
Segment A
Specific Segment
You can maximize users’ interactions with limited resources
Convince Them How You Can Grow
Segment A
Specific Segment
Segment B Segment C
IteraGon
Convince Them How You Can Grow
Segment A
Specific Segment
CriGcal Mass
Segment B Segment C
IteraGon
Convince Them How You Can Grow
Segment A
Specific Segment
CriGcal Mass
RetenGon/Engagement
Segment B Segment C
Loyalty/Engagement IteraGon
Convince Them How You Can Grow
Segment A
Specific Segment
CriGcal Mass
RetenGon/Engagement
New/Stronger BM Segment B Segment C
It shouldn’t be described like this .. But you need to tell them it can be bigger than now
New/Stronger BM
IteraGon Loyalty/Engagement
Last But Not Least: You are a Team
Show them that your team is capable of what you are going to do rather than just listing the background of team members
David
Goliath “I can beat him”
Prove it
Last But Not Least: You are a Team
While solving people’s problems, you are going to face A LOT of difficulties. So, “Tell the story of what your team went through together”
That’s it Thank you for your time and attention!
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