For David Lee, Korea is a land of opportunity.
At first, this might sound strange. Looking at David’s impressive resume, Korea seems like it might be the last place on his mind. Google hired him in the early days as one of its first employees. He was responsible for bringing Google into Asia, Europe and Latin America. The phrase “land of opportunity” evokes imagery of years of immigration to the developed world in search of a better life. It does not seem to fit someone who is a limited partner at Y Combinator, the most famous start-up accelerator in the world.
David is part of a small but growing group of Korean-Americans who are returning to Korea. In his words, “It is the perfect storm in Korea.” He often quotes former President Lee Myung-bak, who said, “The next Mark Zuckerberg is coming from Korea.” David and his fellow Korean-Americans bring with them a wealth of connections and resources. They come with a mission. David’s mission is to create an environment in Korea where start-ups can grow, succeed and enter the global market.
David is an investor. Investors succeed when start-ups succeed, and they succeed in a big way when start-ups succeed in the global market. In 2009, he founded KStartup (www.kstartup.com), a start-up accelerator program in Seoul. Google Ventures and SK Planet provide funding. Working with KJ Byeon and AppCenter, David Lee’s KStartup has now begun to nurture a fourth group of start-ups.
David and KJ have been prudent with their resources. Other similar programs in Korea place emphasis on the global aspect by flying start-ups to the U.S. for months. KStartup instead brings mentors from Silicon Valley to Korea for boot camps. These boot camps are custom-made with each group of start-ups in mind.
If start-ups need design help, the partners at KStartup reach out to successful designers in Silicon Valley. If start-ups need marketing help, the partners reach out to creative marketers in Silicon Valley. Each group of start-ups has special needs. KStartup attempts to fill the unique needs of each start-up.
The genius behind KStartup’s approach is subtle but significant. When a foreign start-up goes to Silicon Valley, they are competing for a mentor’s time. At home, a mentor will have work obligations. A mentor will have family obligations. There a mentor faces the endless stream of distractions that come from being an entrepreneur. When these same mentors come to Korea ― some for the first time in their lives ― they are free from these other distractions. This allows a mentor much more time to meet one-on-one with each start-up. They develop deeper relationships. These relationships may last well into a young Korean’s second or third entrepreneurial venture.
KStartup provides a working space, boot camps and one-on-one mentoring for three months. Start-ups also receive 40 million won ($39,000).
As KStartup has grown, the partners have placed special emphasis on launching globally. Following the lead of President Park Geun-hye, founders unapologetically use English. Well-polished English grants founders a greater emotional reach to foreign customers, partners and investors. Chang Yoon-jin, a partner in KStartup and former Miss Korea, runs a pitch clinic for founders. Her experience as an English-language announcer helps founders to refine their message.
KStartup ends with a fireside chat and pitch day open to all. The fireside chat takes the format of an informal panel discussion. Junior high and high school students with an entrepreneurial mindset often attend.
The fourth group of start-ups at KStartup begins in early August.
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Lorenzo Swank |
By Lorenzo Swank
Lorzeno Swank is the head of engineering consulting firm Pixio. ― Ed.
