[Changing the World M]⑨ "Startup, a Valuable Act of Solving Problems and Innovating Daily Life"

“If my child wants to start a business, I want to support and encourage them regardless of their age. The effort to solve problems and change people's daily lives is that meaningful and valuable.”

Lee Hye-min, CEO of fintech startup Finda, said this when asked if she would recommend entrepreneurship to her children in the future. She said, “I also started a startup in my mid-20s, but I have seen many overseas entrepreneurs challenge themselves with startups at a much younger age. I hope many successful cases will emerge domestically so that the overall perception of the startup market can improve.”

A Mature Startup Ecosystem for Both Consumers and Investors

-‘Finda’ is your fourth startup. How did an ordinary office worker get into entrepreneurship?

▲My husband (Hwang Hee-seung, CEO of Job Planet) had a big influence. He started a business when he was a senior in college. As my husband and his friends started businesses, my interest grew. Many of the friends who started businesses were international students who were not fluent in Korean, so I helped them. I helped create sales materials, and as we did that, we got immediate feedback, which was fun. I also subscribed regularly to TechCrunch, a US IT media outlet, actively researched, and attended conferences, which sparked my interest. When I worked at STX Group, I was involved in investor relations (IR), so I was familiar with pitching strategies and reviewing business models.

Lee Hyemin, CEO of Finda / Photo by Mun Honam munonam@

-This planned article's concept is that after the 86 generation, a developing country generation, the millennial generation (born 1980?1996, M generation) raised in a developed country environment will become the main players in our society. Do you think Korea is a developed country?

▲From the perspective of being in a startup, I can divide it into the startup ecosystem area such as investment and the consumer area. From the consumer side, the way and speed of adopting services are remarkable. Everyone tries things quickly and finds convenient ways to use them. It can be considered a developed country. Global companies also use Korea as a testbed. Although there is still much room for improvement in areas like investment, I think we are close to being a developed country. I started my business in 2011, and back then, the word and concept of startups didn’t even exist. At that time, there was a negative perception of IT startups due to the dot-com bubble.

-Has it changed a lot now?

▲Around 2015, when I went to get investment, if the CEO or co-founder was a woman, they would ask, “What will happen to your company if you get married? What will you do if you get pregnant?” I heard Japan still has such questions. In Korea, now, almost no one asks those questions.

-So only about 7?8 years have passed since 2015, but has it changed a lot in that time?

▲I think the last 8 years have changed much more than the first 5 years when I started working.

Lee Hyemin, CEO of Finda, is being interviewed on the 13th at Finda's office in Gangnam-gu, Seoul. Photo by Kang Jinhyung aymsdream@

"I hope a positive atmosphere toward entrepreneurship spreads..."

-What was the atmosphere like when you started your business in 2011?

▲That was when mobile services were just beginning to blossom. If I were a developer, I thought, 'I should make an app too,' and many apps made by individuals started to appear. Until 2012, services were made based on the internet web, but from around 2013, they switched entirely to apps. I think app service development and technology progressed significantly around 2013.

-What do you think about the first generation of venture entrepreneurs like Lee Hae-jin, Kim Beom-su, and Kim Taek-jin?

▲I hesitate to evaluate them, but basically, because there were such first-generation entrepreneurs, the second and third generations could emerge. Although I don’t have many personal connections, some of our investors personally know Lee Jae-woong, the next entrepreneur after Daum. One of the founding members who served as CTO during the venture boom is now also an investor and shareholder in our company. I meet people in this ecosystem.

-For your peers, is entrepreneurship an exceptional experience?

▲Still, from my perspective, since around 2015 when I started Finda, it seems to have become a bit more popular. Income increased, and the government invested a lot of funds in early-stage investments. B2C services used in real life appeared, and people talked about “the service I use received that much investment.” Fintech services like peer-to-peer (P2P) lending also emerged a lot in 2014.

-Would you want to encourage your children to start a business when they turn 20 or 30?

▲I would tell them to do what they want even if they are just 10 years old. I started my business at 26, and my husband at 24. So, I think age doesn’t matter. What matters is whether there is a problem in people’s daily lives they want to solve or something they want to do. From what I hear from friends abroad, some started selling lemonade at 8 years old to donate. Such experiences can be done regardless of age, and if my child wants to do it, I would support them a lot.

-You were born in 1984 and belong to the M generation. Compared to your peers, what do you think about entrepreneurship?

▲Since it has been over 10 years since I first started a business, I meet many entrepreneurs around me, and they all seem positive about entrepreneurship.

-The M generation is said to be the first generation that thinks they cannot do better than their parents' generation.

▲Many people don’t believe that they can improve much even if they have ability or work hard. Many think their lives won’t change much. There is a joke about this: There are only two ways to change life itself. We can’t do it, but either raise children to be idol celebrities or start a business and succeed.

-You must know many M generation entrepreneurs.

▲I know about 40 to 50 people closely. Most were born between 1984 and 1986.

-Why are there so many in that generation? Is it because they are the early mobile generation?

▲That might be part of it. When we were in elementary school, the computer club was created, so we were the first computer club generation. We were the generation that used 386 computers. Thinking about my peers, many are from my generation.

Lee Hyemin, CEO of Finda, is being interviewed on the 13th at Finda's office in Gangnam-gu, Seoul. Photo by Kang Jinhyung aymsdream@

“We Are Losing Future Growth Engines... Need to Increase Support for Innovative Companies”

-How would you evaluate Korea’s venture ecosystem?

▲Early-stage startup investment activation seems to be going well. Institutional support, office space support, government support for labor costs from initial capital, and accelerator programs providing initial seed money of 50 million won are examples.

-Is there anything you want to see improved?

▲After the COVID-19 period ended and with interest rate hikes, an investment winter has come, and interest in new innovations seems to be declining. The more pessimistic the future, the more the nation should seek ways to revive the venture industry as a new growth engine. If we lose the momentum to make bold innovative attempts, we will lose competitiveness further. It is important to have good systems and talented people entering the startup industry, but many success stories must emerge to improve overall perception. Support should not stop at startups just beginning but also strengthen investment in companies moving toward their mid and later stages.

-How does Korea’s startup ecosystem compare to Silicon Valley in the US? Of course, the scale is incomparable.

▲The biggest difference I felt is that most startups and investors I met in Silicon Valley were not focused on the US local market. The US market is huge and highly competitive compared to Korea, but basically, the target service areas and investor composition are very global. Entrepreneurs target markets not only in the US but also Canada, Mexico, Europe, and even India. Asia is culturally diverse, so it is not a priority. Korea also has excellent services targeting global markets, but it is still local-focused. Success in the Korean market is a prerequisite. Investors initially focus on Korean investors.

-Aren’t many foreign venture capitals also entering Korea?

▲Some have entered, but unfortunately, large venture capitals don’t have many bases in Korea. They have major bases in China, Singapore, and Hong Kong. The funds themselves are centered in Singapore, Hong Kong, and then Beijing or Shanghai in China. They invest in Southeast Asia and Korea as well.