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Startup Basics (Korean Startup Locations)
- 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?
- Well, it is about economy We know, somebody has to fix it! “Public support should be concentrated on start-ups and venture businesses, which struggle most to obtain financing.” - OECD, “Korea Economic Surveys”, 2014 -
- It is happening globally! < Top 30 Startup Cities >
- It is happening globally! How about Korea? < Top 30 Startup Cities >
- Han River Korea already has strong Seoul Startup locations & communities Gangbuk Pangyo Gangnam Guro
- Seoul Han River Gangbuk Pangyo Gangnam Guro
- Seoul Han River Gangbuk Pangyo Gangnam Guro
- Seoul Han River Guro Gangbuk Gangnam Pangyo
- Seoul Han River Gangnam Guro Pangyo Gangbuk Yeah, that Gangnam! It has more than Psy J The biggest part of the Korean Startup Ecosystem
- Guro Seoul Han River Gangnam (2015) The biggest part of the Korean Startup Ecosystem
- Guro Seoul Han River Gangnam (2015) The biggest part of the Korean Startup Ecosystem
- Guro Teheran-ro in Gangnam Seoul Han River 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.
- Today Yes, Tomorrow even more! Experience working with or for a startup will be very useful for getting a job
- Ok, let’s talk about “ What is a startup? ” It seems it is a small company or opening a new business ..
- Can a bakery be a startup?
- A startup has a scalable business model which solves people’s problems in an innovative way
- The world is separated into two parts, off-‐line and online. On-Line Off-Line
- 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 Dot-Com Bubble Before the Internet 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 Diffusion Business Model 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 Diffusion As technologies advance, Business Model
- On-Line Off-Line Diffusion Business Model 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 ..
- 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
- 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”
- “LEAN STARTUP” I know you know, but let me explain .. Implement core functions, launch it and see how people react. Improve and launch again Validate your idea gradually
- Based on situations, you might also think of a Pivot, A change in strategy without a change in vision
- Results Resources Prototype Alpha Beta It’s easy to build stuffs for the first time but ..
- Results Resources Prototype Alpha Beta Real world problems start Facing real world complexity,
- Results Resources Prototype Alpha Beta Real world problems start Facing real world complexity, we need a LOT of resources.
- A project will likely take 3 times longer than you think.
- MVP (Minimum Viable Product) Focus on a minimum solution A project will likely take 3 times longer than you think.
- 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? You should make sure what value you are delivering to your customers by solving problems Firstly, focus on these two < Business Model Canvas >
- Reveal Your Magic We can solve people’s problems thanks to our: Awesome Technology Community Network Cheaper Price Being the First Comer Expertise Etc..
- Show That Others Can’t, But You Can Poor Awesome Awesome Poor They They You They
- Show That Others Can’t, But You Can Poor Awesome Awesome Poor It’s ok as long as you have a strategy They They You They 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) $10B/100M Customers SAM (Serviceable Addressable Market) SOM 50M Customers 3% Market Share 1.5M Customers (Serviceable Obtainable Market)
- Demonstrate How Big Your Opportunity Is TAM (Total Addressable Market) $10B/100M Customers SAM (Serviceable Addressable Market) SOM 50M Customers $5M Revenue BM1 (B2C) BM2 (B2C) 3% Market Share 1.5M Customers BM3 (B2B) (Serviceable Obtainable Market)
- 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 Loyalty/Engagement Segment A Specific Segment CriGcal Mass RetenGon/Engagement Segment B Segment C IteraGon
- Convince Them How You Can Grow New/Stronger BM Loyalty/Engagement Segment A Specific Segment IteraGon 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
- Last But Not Least: You are a Team “I can beat him” Goliath David Prove it Show them that your team is capable of what you are going to do rather than just listing the background of team members
- 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!