[Power K-Women] "It’s My First Time Starting a Business... Yet I Took on the Challenge 'Nevertheless'"

Kim Jin-kyung, CEO of Big Value
'Real Estate' Connecting Legal and Securities Careers
"Creativity and Process Through Convergence Are Important"
Challenging 'Startups' Amid 4th Industrial Revolution Changes
"Women Must Overcome Passive Attitudes Themselves"

[Asia Economy Reporter Noh Kyung-jo] "Everyone feels hardship and anxiety when trying something they have never done before. Despite that, it is necessary to attempt and have an attitude that flexibly accepts difficulties during the process."

There is a person who majored in business administration, worked as a lawyer, passed through an investment department at a securities firm, and then founded a real estate big data company. That is Kim Jin-kyung, CEO of BigValue. She is a rare female leader in the construction and real estate industry, which is strongly associated with masculine and vertical organizational cultures.

Into the Wave of Change... 'Illuminating the World's Value with Data'

BigValue was born in April 2015 from the hands of four co-founders. It was a time when the term Fourth Industrial Revolution was emerging one after another. Their concerns were brief, and curiosity erased worries about failure.

CEO Kim said, "At that time, I thought a lot would change based on technology," adding, "I was afraid because I was neither a developer nor an experienced person, but I was also curious. Rather than avoiding the overwhelming giant wave, I had a strong desire to dive in and see it for myself," explaining the background of her challenge to start a business.

Although she had lived diligently like a model student and knew well that she could not endure even small failures, she chose to experience growth and create a history. The thought that "there is not much time left to walk on dirt roads and rocky paths" also played a part.

Her diverse background and experience became the foundation for leading BigValue. She emphasized, "Like everything else, it depends on how you use it and how you look at it," and "More important than what your major is, is convergence and creatively combining certain points."

Kim Jin-kyung, CEO of Big Value, is being interviewed at the Big Value office in Taepyeong-ro, Jung-gu, Seoul. / Photo by Kang Jin-hyung aymsdream@

BigValue provides big data services for real estate and spaces. It started from the idea of solving various problems in the real estate finance market. CEO Kim explained that while financial companies provide expert advisory services for institutional investors or high-net-worth individuals, she thought that using data and technology might make such services available to ordinary people as well.

Amidst the abundant apartment price information, they focused on villas (townhouses and multi-family houses) which are often overlooked. They extracted over 1,000 variables that determine real estate prices such as area and location, and through repeated learning, created a single algorithm. CEO Kim said, "It is big data on prices based on actual transaction records, not asking prices," adding, "We conduct business-to-business (B2B) transactions with financial companies, proptech, fintech, and even distribution sectors. Villa price data is open for free."

This big data is also expected to help prevent rental frauds like those committed by so-called 'Billy Kings.' She explained, "Intentional frauds can be detected by data when a specific person owning hundreds or thousands of units transfers ownership at similar times, and if the named owners are figureheads who go bankrupt when they fail to cover debts," adding, "By looking at building registry data, we can also detect transactions at prices higher than market value."

There is no competitor yet considered a rival to BigValue. Perhaps because of this, the startup completed its funding before the end of last year. This year, it aims to turn a profit.

CEO Kim said, "Once you try, you learn a lot quickly. At this time, it is important to accept that you cannot be perfect and that it is okay to be lacking," adding, "Also, a mindset that allows you to start again even after failure and a supportive social atmosphere are necessary." She added words of courage that when faced with challenges, they may not be as big as expected.

"Efforts on Female Leadership and Respect for Diversity"

Jin Kyung Kim, CEO of Big Value / Photo by Jinhyung Kang aymsdream@

CEO Kim especially emphasized that women themselves need to discard passivity in taking leadership roles. She said it is necessary to actively try even small experiences and take credit for achievements. She reminded that there are certainly successful women and urged efforts to move forward despite uncertain challenges with a 'despite everything' attitude.

Focused on stabilizing BigValue, she began reflecting on herself as a female leader and observing her surroundings after the decisive event of 'Blockchain Week' held last August.

CEO Kim said, "There was a female leadership seminar during the program. Women working in mainstream sectors from countries such as the US Commodity Futures Trading Commission's Asian member and India attended," adding, "During conversations, I realized that although times have changed, the proportion of women in each field is still small."

She said, "It was surprising that the unfairness felt as a woman and difficulties as a working mom are not much different (though the degree varies) in any country," adding, "Thanks to that, I felt that sharing concerns as women and embracing identity could be helpful." She plans to continue contemplating creating a society that recognizes and respects female leadership and diversity, as well as communicating with female leaders from various countries.

In fact, the need for reflection and solidarity on female leadership was something she directly saw, heard, and felt every day. Because there are not many women in the construction and real estate industry, when attending meetings, she was naturally the only woman or one of a few, and although women made up about half of the staff in the early days of the startup, now they account for only one-fifth of the total.

CEO Kim said, "I receive a lot of help from my family for childcare. I consider myself a lucky working mom," adding, "However, when I see junior women, they always have many concerns at important career transition points including marriage, childcare, and balancing social and family life," expressing regret.

She continued, "Working mothers often carry guilt about childcare, but ultimately, I believe that making choices that make me happy and sharing good energy also helps the children, and I advise them accordingly."

She also raised awareness about proptech. As an adjunct professor in the Department of Real Estate at Konkuk University, CEO Kim said, "I feel that students' interest in proptech is gradually increasing through course registration waiting lists," adding, "As platforms develop, they inevitably clash with existing market operators, but we only strive to provide better services for customers."

She added, "Solving problems through regulation is not a fundamental solution," and "Consumers decide the outcome. Unconditional opposition to platforms can increase consumer harm and social costs, so we need to move in a positive direction based on understanding."

▶About CEO Kim Jin-kyung

Kim Jin-kyung, CEO of BigValue, was born in 1977 in Seoul. She graduated from Yonsei University with a degree in business administration, passed the 48th Judicial Examination, and completed the 38th Judicial Research and Training Institute. She worked at a law firm specializing in real estate litigation before moving to a securities firm. From 2011, she served as a manager in the asset management division at Kyobo Securities and deputy head of the IB division at KTB Securities for about five years before founding BigValue in 2015.