Digital Innovator Relay Contribution ⑤ An Seong-woo, CEO of Zigbang
The business models they proposed have been recognized in the global market and are now attracting attention as new growth engines for our economy. On the occasion of its 33rd anniversary, Asia Economy listened to the voices of five digital innovators pioneering new paths both domestically and on the global stage.
Two Pieces of Advice I Want to Give to Entrepreneurial Juniors
This year marks the 10th anniversary of the founding of Zigbang. Last week, we held a modest 10th-anniversary event with the Zigbang team. While enjoying a pleasant time after a long while, I was surprised to realize that Zigbang already has about 270 employees. It feels like just yesterday when we were a few people united by a common purpose, but Zigbang has grown into a leading proptech (property + technology) company representing Korea.
Growing a startup in the real estate sector, often called a typical low-tech industry, was not easy. Looking back, it is amazing that Zigbang has lasted more than 10 years. When asked to give advice to juniors dreaming of starting a business or already taking action, I repeatedly urge them to consider that business can be much longer and bigger than expected. The process will be more arduous and painful than they imagine.
I thought I was a well-prepared entrepreneur. I learned accounting and management while working at an accounting firm and met many entrepreneurs investing in startups at a venture capital (VC). However, my first business ended in failure. I boldly launched a social commerce called 'Postdeal,' but the market and consumers were unforgiving.
The hardest part was accepting failure. All indicators pointed to failure, but seeing employees continuously come up with ideas was the most difficult. After agonizing for weeks, I gathered the employees and confessed, "I think we need to shut down Postdeal." The employees were disappointed, but I was able to sleep soundly for the first time in a while that day. I realized that the saying 'failure is a good experience for success' is very selfish. Failure leaves a bad experience for many people involved. Entrepreneurship affects the lives of many people and their families. This is the first piece of advice I want to emphasize to entrepreneurial juniors.
Although entrepreneurship can be painful, it is also the most exciting thing in the world. Participating in the forefront of human progress is more thrilling and enjoyable than anything else. I do not think startups create something entirely new that never existed before?that is the realm of art. Startups sensitively identify what people need amid changes in the world and provide it to them. This is the realm of practicality and business.
Entrepreneurs must read the times. What kind of era is this? I want to define it as 'an era where software takes precedence over hardware.' In the past, hardware came first, followed by software. Houses developed first as hardware for survival, and only after industrialization did interior design and residential culture evolve. Conversely, now people who first imagine software?technology, content, services?create hardware as needed. Look at the iPhone made by Steve Jobs and Tesla made by Elon Musk.
Now, the same applies to space. Those who first capture the experiences people want from spaces will create the hardware. When COVID-19 prolonged, Zigbang eliminated offices (hardware) entirely for the best remote work (software). Instead, we built a work environment in virtual space. Now employees log in as avatars to work. However, employees with children at home and those needing places to meet clients want hardware again. So, we are considering hub offices and meeting-only spaces. Software comes first, and hardware is auxiliary.
In this way, Zigbang aims to be a company providing software that changes the experience of space. If Zigbang was a real estate listing app for the past 10 years, it will become a comprehensive proptech company offering more convenient real estate transactions and residential convenience services in the future. The company will grow larger and diversify its business, but the Zigbang app will become a more everyday tool for users.
When you find gaps caused by changes in the era and offer what people need, consumers respond enthusiastically. There is no experience that gives such thrill and joy. Entrepreneurial juniors are probably staying up all night yearning for that moment and pondering. Even if it is sometimes painful, do not lose the determination you had when you first decided to start a business, and deeply trust yourself and your colleagues. This is the second piece of advice I want to emphasize to juniors.
An Seong-woo, CEO of Zigbang
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