This post is a summary of notes I took when I attended SUFF in 2024.
Even successful CEOs apparently check out government support program announcements.
Cheering On Every Challenge
Kim Won-kyung, Director of the Gyeonggi Center for Creative Economy & Innovation, mentioned that in the 1990s, Korea had a manufacturing parts-centric industrial structure, but the software revolution that started in the US has led to a growing number of software service-oriented companies. On the other hand, he pointed out that domestic manufacturing companies haven't made large and sustained contributions to startup activation, and have instead made life difficult for subcontractors.
We're now in an era where global innovation is possible from nearby, and cross-industry convergence and collaboration -- both within and across industries -- are emphasized. However, since it's difficult for startups to achieve this convergence and collaboration alone, government and large corporate support are absolutely necessary. Also, since many venture companies are passive about going global, expanding connections with foreign entities is an important strategy.
Startup Survival 101
Shim Ji-hoon, CEO of Nowhow, said the first 3 years without revenue are the hardest times. Startups are always taking on challenges, and they need to build survival strength by participating in recommended support programs and bootcamps. Many get rejected from support programs, but gaining experience and holding on little by little through the process is the reality.
How to Get 1.5 Billion KRW in R&D Grants
So Ji-young, CEO of D-ABLE, shared how she runs her business with big goals while overcoming practical difficulties through R&D support programs -- covering research, hiring, and incentive payments. Government support programs aren't simply about receiving funds; what matters is the perspective that they're a process of continuously developing technology and services and securing market competitiveness.
The M in PMF Is Money
Kim Woo-jin, CEO of Business Canvas, explained the focus at each stage of startup growth, emphasizing a virtuous cycle structure where market, funding, people, and product circulate to generate customers. At the early fundraising stage, realistic revenue model development and core customer definition are important, and he advised that you can only succeed by building products and services that deliver "results."
Bankruptcy -- At the Time, I Thought It Was the End
Yoon Kyung-wook, CEO of Specter, presented a new business model showing that it's possible to create enormous value with a small team of 20 or fewer, emphasizing the mission of creating a fair hiring market.
Investors' Honest Talk Show
Investors said they look at interest rates and market conditions to find reasons to invest in startups, and that it's crucial for founders to truly understand the market and establish commercialization strategies. They particularly emphasized that the key to startup success isn't just having a founder who's technically excellent alone, but making that technology accessible for everyone to use.
A Deep Dive into Corporate VC Open Innovation
When large corporations and startups collaborate, their timelines differ, and the process of aligning key personnel cooperation and organizational fit is essential. Therefore, collaboration with large corporations requires careful verification and coordination.
From Youth Startup Academy to 40 Billion KRW in Revenue
Kwon Sung-taek, CEO of T-Order, dreams of offline data management and digital outdoor advertising infrastructure, and is improving service quality by introducing evaluation systems for customers, store owners, and employees.
It is more important to know where you are going than to get there quickly. Do not mistake activity for achievement.
-- Mabel Newcomber
