On April 26, KAIST held a Failure Seminar which invited guests, such as entrepreneurs and content managers, from all over Korea to share the necessary failures that contributed to their achievements. I.T. Shin (also known as Cheol-ho Shin), founder and CEO of OGQ — a social creator platform with over 100 million downloads on Google Play — participated in the seminar, sharing his biggest failures, biggest priorities, and a way to navigate life, leveraging both to focus on what matters and what gives meaning. 

Please introduce yourself to our readers.

I have founded various ventures such as OGQ, a social creator platform that connects creators with fans; DocFriends, a platform that connects patients with doctors specializing in various fields; and POSDAQ, a political innovation platform aimed at evaluating politicians daily with a goal of three-term limits. I believe in the power of IT to innovate the world, and I continue to pursue entrepreneurship based on this belief.

How did you come to participate in the Failure Seminar held at KAIST? 

I was aware of Professor Joonyong Noh's startup challenges at KAIST's Center for Ambitious Failure. I found that his perspective, which considers mistakes in life as not the ultimate failure but rather not starting at all, aligned with my own beliefs. This led me to participate in the seminar.

What was one of the worst failures you experienced in your professional career? How did you overcome it?

I don't consider any failure as the worst. Looking back, I see them all as part of the process. Some incidents that I thought were failures turned out to be fortunate turning points. In other words, I have frequently experienced [successes] that I wouldn't have encountered if those failures hadn't happened. As a result, it has become difficult for me to define what I am currently facing as a failure, similar to Steve Jobs' concept of “Connecting the Dots”. When I have a reason [to] do something, when I believe that doing it will give meaning to my life, and when I answer “yes” to those questions, I make the choice to do it and get back up even if I stumble.

We were intrigued by the story you shared during the Failure Seminar about a setback resulting in a new connection. Could you share the story with our readers?

At that time, I had been friends with Jon Oringer, the CEO of Shutterstock through various [social media] channels for a long time. I believed that there was synergy between OGQ, the copyright market of my startup [OGQ], and Shutterstock's copyrighted content. Jon read my messages, but he didn't respond for about eight years.

I went to the Empire State Building in New York [from Seoul without any plan]. I was confident that the results achieved by OGQ would also be beneficial to Shutterstock. While waiting to go up, someone approached me and asked, “What brings you here?” After confirming that there was no prior appointment, I was asked to go down to the first floor and wait. Since there was no chance of meeting Jon Oringer if I went down, I had no choice but to stay on that floor. The person kept telling me to go down, but eventually said, “Let me hear what you came for.” That person was Michael Lesser, the vice president.

Eventually, OGQ became an exclusive content partner for 1 billion copyrighted content from POND5, which was acquired by Shutterstock.

What was the most important lesson you learned from that experience?

[While waiting in the lobby, I felt that I would be grateful even for the opportunity to hear [either a clear] “yes” [or] “no”. There is no outcome to trying that would make me regret it more than not trying at all. 

The best way to express what I believe in is through my sense of urgency. However, in order for [that] to not be a burden to others, I need to have valid preparation that anyone can see.Preparing in advance and trying at the appropriate time. Not giving up on myself with the thought that the other person is too big and difficult to approach. Constantly maintaining my [mindset]. These were necessary.

Many successful businessmen say that startup founders need to strongly believe in their future. When pitching an idea, do you acknowledge the chance of failure but also show research results to prove success, or do you try to show complete confidence?

There is always a possibility of failure. Rather than complete confidence, what has empowered me is the essence of "this work being my mission".

How do you find the balance between letting go of something that won't work and persisting? 

The line between letting go of something that won't work and persisting is [whether] I believe that work has meaning in my life. Until [the point where I feel that it has little meaning], I continue to persist and try.

There have been moments when a greater meaning of life has come. There have been moments when I had to prioritize my life. At that point, I changed my focus to what I needed to concentrate on. Ultimately, the boundary was determined by the priority given to the meaning of life.

Would you act on every opportunity you encounter no matter how prepared you are or what the success rate may be, or prepare and plan for fewer opportunities? 

There is no need to think that way. I believe that those who can ask such questions learn from any failure. Furthermore, we are aware that we cannot attempt every opportunity. Each attempt requires my will, time, money, energy, and various factors, and there are limits to physical labor even [if you have] the ability to handle multiple tasks simultaneously. In the end, I believe that I can intuitively discern which attempt I should prioritize without anyone teaching me.

What is some advice you would like to give to our readers?

I would suggest creating a routine where you close your eyes for 10 seconds and praise yourself. "It will go well. You did well. You worked hard."

When I regard myself highly, praise myself every day, [and discover my daily achievements,] I believe that it becomes the most important foundation of life.