South Korea local firm set up a workshop at a place in Seoul called “Google for Startups” the tech giant not only provided office space. It’s help them network with various experts. The CEOs of these Korean companies presented what they’ve achieved in half a year Houdini sheds light on their experience.
Last year Shin ji-hoon started a company that would combine artificial intelligence with fashion. And now as CEO his companies headquartered at Google for startups. It uses AI to help clothing companies choose designs and styles that go well with their product lines.
Sheehan says that because of the workspace supplied by Google his business was able to grow.
I met many people here working for AI or machine learning businesses. I think one of the biggest strengths of this place is networking.
Representatives from the six startups including shins presented what they’ve achieved since July.
They were able to raise investment worth around 4.4 million US Dollars and they grew in terms of Staff by 30%.
This was possible, thanks to Google providing a working space mentoring and global networking opportunities.
Albert Hahn, Head of Google for Startups Campus in Korea: “I think most of all startups need support they need psychological and emotional support that this is a really difficult thing that they’re doing. So, you know, what we really intend is to give them that support”.
Startups continue to boom in South Korea. Through October this year, the number of companies newly set up came to more than 85,000 – an increase all near of five and a half percent.
To keep the trend going the South Korean government unveil new measures to support people starting their own businesses.
By 2020 it plans to create a fund worth their out 8.8 billion US Dollars raised with private investors and focus most of it on businesses in the early stages rather than ones that are already growing.
Experts mentioned though that there’s a lot more to starting a successful business than just setting up a company.
Shin Ho-jung, professor of Korea University Business School stated that there are four important steps to starting a business:
1. Finding a problem in society
2. Solving that problem
3. The fun that you feel while solving it
4. It’s observing how entrepreneurship can benefit a country’s economy.
He believes in South Korea many are more concerned about starting a company than the problem people want to solve.