Those Who Invested in the Passion to Change the World... A Look at the Faces of 'Unicorn CEOs'

[Unicorn Company Analysis 1]
Lee Seung-geon Who Gave Up Dentistry
Heo Min Who Overcame 18 Failures
Entrepreneur Kim Bong-jin from a Humble Background

No Separate Office, Together with Employees
Called 'Byeong-gyu Nim' Without CEO Title

Kakao Games Entered KOSDAQ
Crafton Dreaming of the 'Second PUBG'
Endless Challenge Toward Industry No.1

[Asia Economy Reporters Kim Bo-kyung and Bu Aeri] The founder's capabilities and leadership play the biggest role in growing a startup into a unicorn company valued at over 1 trillion won. Looking at the key figures behind domestic unicorn companies, their origins, careers, and backgrounds varied. However, their common traits included repeatedly innovating with creativity as their weapon and successfully running their businesses through bold decisions that sometimes involved taking risks. They also shared the ambition to break existing molds and lead changes in the world through new creations. Their courage to not fear failure and quick thinking to turn crises into opportunities were also evident.

Relentless Perseverance is a Common Trait

Kim Bong-jin, chairman of Woowa Brothers who created Baedal Minjok, is a representative self-made CEO. He was born on a small island called ‘Gudo’ in Soan-myeon, Wando, Jeonnam Province. His dream was to become a painter. During his time as a designer, when his financial situation was poor, he worked two jobs?company work during the day and part-time jobs at night. It is said that he stayed up all night even the day before his wedding due to design deadlines.

Heo Min, CEO of Wonder Holdings, is famous for showing the spirit of ‘fall seven times, stand up eight’ despite numerous failures before founding Wemakeprice. A graduate of Seoul National University’s Department of Chemical Engineering, he founded the game company Neople in 2001 and after 18 failures, he was in debt of 3 billion won. However, he kept challenging himself, and after the huge success of ‘Dungeon & Fighter,’ he sold Neople to Nexon in 2008 for 380 billion won, becoming a young billionaire overnight.

Lee Seung-geon, CEO of Viva Republica, who graduated from Seoul National University’s College of Dentistry and worked as a doctor, gave up his medical career to become an entrepreneur. After numerous failed attempts with various items, he launched the simple remittance service ‘Toss’ in February 2015.

Jang Byung-gyu, chairman of Krafton, who graduated from Daegu Science High School and earned a PhD from KAIST, is also a representative self-made venture businessman. In 1997, he co-founded Neowiz and launched the chat service ‘SayClub,’ which became a big hit. Later, in 2005, he sold the search engine ‘Cheotnun’ to Naver, and in 2007, he founded Bluehole Studio, the predecessor of Krafton, achieving success and earning the nickname ‘Midas’ Touch.’

Gentle Charisma and Passion... Their Management Styles

Chairman Jang does not even have a separate office in the company. He has a spot next to where employees sit, and employees call him ‘Byung-gyu-nim.’ His horizontal management style has been the foundation for Krafton’s growth. Every third Thursday of the month, they hold ‘Krafton Live Talk,’ a time when anyone from Krafton employees, including Chairman Jang, can freely ask and answer questions about company matters. Chairman Jang usually emphasizes a horizontal corporate culture, saying to employees, "A system and culture that allow continuous challenges are necessary."

Namgung Hoon, CEO of Kakao Games, said, "A CEO is similar to a tribal chief in a resource-poor era," adding, "There is an obligation to distribute the spoils of the hunt as satisfactorily as possible." The result of Namgung’s concerns is the ‘Nolgeum System,’ where the last Friday of every month is a day off to enjoy a holiday.

Toss was born from CEO Lee’s management philosophy emphasizing autonomy and responsibility. Lee has a principle that "there is no leadership monopolized by a few at Toss." He solidified his position by forming partnerships with existing banks and focusing on developing services that eliminate user inconveniences.

What CEO Heo values most are ‘time’ and ‘experience.’ He enhanced his insight through various challenges and experiences and applied them to his business. Although sometimes called an eccentric due to his unpredictable moves, his passion for always dreaming of new challenges is also the source of his business management.

Kim Beom-seok, founder of Coupang, has focused on fast delivery that increases customer satisfaction. He spared no investment worth trillions of won to build logistics infrastructure capable of same-day and next-day delivery. Recently, Kim submitted a filing for listing on the New York Stock Exchange (NYSE) in the U.S., stating, "We will provide everything customers want through Coupang’s infrastructure beyond a simple distribution channel."

Relentless Challenges to Become ‘Industry No. 1’

Kakao Games, which successfully entered the KOSDAQ market last year, has set a goal to strengthen game development and secure new intellectual property (IP) to become a global game company.

Chairman Jang’s future challenge is the birth of a ‘second Battlegrounds (PUBG).’ Krafton, which succeeded with PUBG, has had no major hits since, causing deep concerns. Krafton recently launched a high-intensity organizational restructuring to focus all efforts on new game development. Krafton merged the non-development organizations of its subsidiary PUBG Corporation to launch an integrated corporation. Krafton has operated as an alliance of development studios. Going forward, existing services like PUBG will be managed by the integrated corporation, while independent studios under Krafton will focus on developing new titles, e-sports, and expanding business in various fields.

CEO Lee aims to build a financial platform encompassing internet banking, mobile securities, and payment businesses. Currently, Viva Republica has insurance subsidiary ‘Toss Insurance’ and securities subsidiary ‘Toss Securities.’ The launch of ‘Toss Bank’ is also planned for the second half of this year. Lee emphasized, "Toss will be the first service people turn to when they need financial services."

Kim, preparing for Coupang’s listing on the U.S. New York Stock Exchange, plans to secure the e-commerce market through aggressive investment. He is advancing toward the goal of moving customers’ hearts by quickly providing affordable and high-quality products.

CEO Heo will serve as the general producer of two joint ventures (JVs) involving Nexon and Wonder Holdings. He is expected to focus on development aiming for the success of ‘Mabinogi Mobile’ and ‘KartRider: Drift’ for the time being.

Chairman Kim Bong-jin sparked a warm trend by pledging to donate more than half of his wealth through The Giving Pledge. Upon declaring his donation, he said, "The value shines even more when wealth is shared."