[AAA2023] Kim Hyungseop, SAP Executive Director, "Use 'LinkedIn' Instead of Korean Paper Business Cards"

Special Lecture at the '2023 Asia AI Awards'

On the 20th, at the Press Center in Jung-gu, Seoul, Kim Hyung-seop, SAP Executive Director/Partner, is giving a special session lecture titled "The Status of Korean Startups in the Global Investment Market" at the '2023 Asia AI Awards Ceremony'. Photo by Jo Yong-jun jun21@

Kim Hyung-seop, SAP Executive Director/Partner and Standing Member of the World Business Angel Investment Forum (WBAF), said on the 20th, "Prepare a global business card 'LinkedIn' instead of Korea's paper business cards."

On the same day, Kim gave a special lecture titled "The Status of Korean Startups in the Global Investment Market" at the '2023 Asia AI Awards' ceremony held at the Korea Press Center in Jung-gu, Seoul.

Kim explained the attitude needed for Korean startups, saying, "In the global economic environment, data-driven uncertainty response, resilience, and globalization are becoming increasingly important."

The venture industry is experiencing a global investment winter. Global market research firm CB Insights estimated the worldwide venture investment amount for Q3 2023 at $64.6 billion (84 trillion KRW). Although this is an 11% increase compared to the previous quarter, it is 23% lower than the same period last year ($83.6 billion / 109 trillion KRW). The number of new unicorn companies per quarter is also the lowest at 12. Unicorn companies are unlisted startups valued at over $1 billion.

Kim said, "This year, the number of unicorn companies has decreased by 40% compared to the previous quarter as of Q3, making it a very difficult situation," emphasizing, "It is time to pay attention to global communication channels, branding, and openings."

He also pointed out, "If you look beyond Korea, you will find that there are surprisingly few reports about Korea," adding, "In the CB Insights report, individual sectors of Korea do not even exist." Korea is also excluded from the quarterly 'KPMG Venture Pulse' report published by global accounting and consulting firm KPMG International.

On the 20th, at the Press Center in Jung-gu, Seoul, Kim Hyung-seop, Executive Director of SAP, is giving a special session lecture titled "The Status of Korean Startups in the Global Investment Market" at the '2023 Asia AI Awards Ceremony'. Photo by Jo Yong-jun jun21@

The first step domestic startups must prepare for overseas expansion is to create a LinkedIn account that is recognized worldwide. Kim said, "Having at least 1,000 followers on the company page and the founder's personal page can give the impression that the company is ready for communication," adding, "This is the best way for conservative investors to feel trust."

He further stated, "Regarding open innovation, you cannot start working with a company that blindly contacts you saying, 'We want to collaborate with company A,'" emphasizing, "You must first consider four things: the company itself, its business model (BM), its customers, and the intersection between that company's customers and our company's customers."

He advised that once the considerations in the first step are complete, the second step should involve understanding the pain points and unresolved problems of the other company's customers and whether your company can solve those problems. The third step should involve contemplating the company's valuation.