On November 10 in the Grand InterContinental Seoul Parnas Hotel and on November 11 in the Startup KAIST Studio (W8) The KAIST Institute of Entrepreneurship (IE) held the KAIST IE 2014 Forum, in which participants discussed how to create entrepreneurship-friendly ecosystems in Korea as well as help Korean startups go global. To gain more insight into the forum, the KAIST Herald interviewed two key figures who were in charge of organizing the event: Kyoungock Roh and Professor Sung Tae Ahn.

Could you introduce some of the invited speakers and what they were talking about?

One of the speakers was Robert L. Byer, a Professor of Applied Physics from Stanford University. He has done immense research in the field of lasers and nonlinear optics since 1969, holding honorable positions as the president of the Institute of Electrical and Electronics Engineers (IEEE) Lasers and Electro-optics Society. He has published more than 500 scientific papers and holds 50 patents in his field of expertise.

Next, we have Sae Ju Jeong, the CEO and co-Founder of Noom Inc., a company that specializes in the development of mobile applications and helping people live healthier lives through insurance coverage. He has had a successful career as an entrepreneur in both Korea and New York. A member of South Korea’s Ministry of Science and Technology’s steering committee, Sae Ju actively mentors and invests in young entrepreneurs’ tech startups.

In addition to these two speakers, you can find more detailed biographies of other speakers in our program guide, ieforum.kaist.ac.kr.

What can participants learn from the KAIST IE Forum 2014 as a whole?

The forum maintained a central theme on what we can learn from the success stories of Silicon Valley. Participants learned about how prominent institutions like Stanford University and the Massachusetts Institute of Technology (MIT) maintain close ties with various startup projects in Silicon Valley and support newly formed markets in related areas, and how KAIST can emulate their accomplishments. There also was heavy focus on how the government and institutions such as KAIST can successfully establish a booming entrepreneurial environment in Korea’s own Daedeok Valley.

How did the forum aim to inspire KAIST students and encourage them to partake in entrepreneurship?

The forum itself was mainly oriented towards informing and sharing insights and is one of the building blocks of the KAIST IE’s various efforts to encourage and assist aspiring entrepreneurs in successfully launching their startups and advancing to the global market.

Originally, the committee had planned to hold the forum in Seoul exclusively, but having seen the need to reach out to the KAIST student body, we held another forum here in Daejeon one day after the one in Seoul.

Did the forum maintain a particular focus towards certain demographic groups within the KAIST student body?

No. We strongly encouraged anyone, those interested in entrepreneurship or those who were not, to attend the forum. We guaranteed that the forum would be a time well spent, a session where participants may gain new insights and interests. Plus, dinner was provided, so we strongly recommended everyone to drop by.

Are there any other aspects of the KAIST IE Forum 2014 you would like to share?

We wanted to let students know that a lot of preparation had gone into this forum. Furthermore, the invited guest speakers were all very busy people who had kindly spared some time to attend our forum. Take advantage of this rare opportunity, which you may never come across again outside of KAIST, arranged by our persistent efforts. (this sentence cannot actually be written in the past tense – what should I do with this?)

The event was rare also in the sense that it was one of the few programs run entirely in English. Previously, the IE have had to reluctantly turn down foreign students interested in many of our programs because they had been offered only in Korean, but this time, the KAIST IE Forum 2014 welcomed international students as well.

How would you assess Korea’s current ecosystem for startups and entrepreneurial culture?

Currently, entrepreneurship in Korea is in recession. There are several reasons for this: industries heavily focused on large companies rather than small and medium enterprises, the punishing costs of failure that deter young entrepreneurs, and most importantly, an undeveloped startup-friendly ecosystem. In the case of Silicon Valley, entrepreneurs, technicians, venture capitals, angel investors, and lawyers all work collaboratively to support entrepreneurship. However, in Korea's case, the technicians’ willingness to establish startups, the flow of capital and investments, and the supply of well-trained technicians are all lacking. This is seriously hindering entrepreneurial activity in Korea.

Until now, Korea has seen remarkable economic growth mainly due to the successes of a handful of large firms, but such an economic structure has its limits. We now need to encourage venture businesses that can harness innovation and creativity. Of course, such economic transitions are no short-term projects. KAIST and its recently founded KAIST IE aims to initiate change and improve Korea's current ecosystem for startups and entrepreneurial culture.

Do you have any words for aspiring entrepreneurs in Korea?

I am guessing that a lot of youngsters in Korea are interested in entrepreneurship but are hesitant due to the risks involved. Yes, it is true that as of now, entrepreneurs who fail to establish themselves face difficulties finding more opportunities in the future. Society is often unforgiving towards failed startup attempts. However, the situation will hopefully improve soon. So instead of settling for employment at large firms take risks and challenge yourself. Not all attempts result in success, but you can always learn from your mistakes. Another thing to realize is that passion and courage is not enough in establishing a successful startup. You need marketable skills in a wide range of fields, so it is important to train yourself in multiple areas that are outside your expertise. Marketable technology is not all that is required to be a successful venture; you have to research what the market wants and how you will appeal to consumers. A true entrepreneur knows how to be humble and never hesitates to open his eyes, ears, and hearts to learn new things.