The Technological Startup Counseling Booth was launched by the Key Initiatives of Technical Entreprenure (KITE) Entrepreneurship Foundation in May in order to help KAIST students and others who are interested in forming their own startup. The KAIST Herald met with Moon Ki Jung, the secretary general of KITE Entrepreneurship Foundation.

▲ Consultation on startup and business plans is carried out on Mondays

Could you briefly introduce yourself?

Hello, my name is Moon Ki Jung. I am the secretary general and executive director of KITE Entrepreneurship Foundation.

Could you tell us about the KITE Entrepreneurship Foundation?

It is a nonprofit foundation for startup entrepreneurs who are in technology-based businesses. In fact, its name “KITE” is an acronym for Key Initiatives of Technical Entreprenure. Cheol Hwan Kim, who is a KAIST alumnus, established the foundation in order to incubate and nurture next generation startup entrepreneurs. Also, successful entrepreneurs, who have already experienced and overcome the difficulties of a startup business, wanted to carry out their social responsibility by sharing their talent and experience with new businesspersons and students interested in startups.

To help with startups, we have formed an accelerator group, which makes angel investment by providing seed money, various facilities, and mentorship programs. We have already invested in 12 startups in different areas of electric- and nano- materials, medical devices, and Internet of Things (IoT). Among these startups, seven are under Tech Incubator Program for Startups (TIPS), in which the government and Small and Medium Business Administration (SMBA) select and provide funds to startups for research and development purposes.

What is the Technological Startup Counseling Booth?

The counseling booth was launched in May. When people form their own company, we consult with them on building a team and a business model, as well as help prevent mistakes that can occur in the process of establishing a business. It is an open counseling booth where anyone who is interested can seek advice on startups.

We try to provide what the prep entrepreneurs need. For the ease of counseling, we ask them to apply for the counseling session and make arrangements beforehand. If they tell us the specific area in which they need help, we can prepare the required materials and also save much time. We could even find senior entrepreneurs who are in the related field and arrange mentoring programs.

Before the launch of this counseling booth, we also held a four-week training program for people who have already started their businesses. In this program, we focused on practical applications, instead of theoretical knowledge, by helping them verify business models, write up a business plan, improve presentation skills, and find investments if necessary.

Are there many KAIST students who are interested in startups?

Actually, most of the partnership groups that are receiving the investment from the foundation are from KAIST. Many students who are interested in startups have visited the center. When they have specific business plans and teams, and want to introduce their business to others, the foundation offers them investor relation (IR) opportunity on every third Monday evening of each month.

How can the students use the counseling booth?

The counseling booth is open from 3 p.m. to 7 p.m. every Monday. Students can arrange for a meeting beforehand by sending emails to the contact e-mail posted on our website. Even if they forget do so, they are still welcome to drop by the center anytime. The counseling usually takes from 30 minutes to an hour depending on the progress of each business model.

What are the plans of KITE Entrepreneurship Foundation? What do you hope to achieve in the future?

We hope to ignite many global startup businesses and contribute in improving Korea’s economy by providing many innovative, technology-based companies. We hope that our mentees who have succeeded in their startups with the help of the foundation can later come back and help nurture the next generation of entrepreneurs by sharing their knowledge. That way, we can make a virtuous cycle in the startup ecosystem and implement social responsibility.

Also, we hope many students can participate in the program. We want to expand the startup scene of Korea and help create global technology businesses. Currently, there are many businesses supported by various government sectors, local governments, and universities. We hope to play a role in creating a bridge among different startup businesses and provide mentorship from experienced business leaders.

Do you have any last comments for the students who are hoping to start their own business?

If you are interested in startups, please visit us and help create the future of Korea’s startup scene. If you have any questions, do not hesitate to contact the foundation or drop by our counseling booth on Mondays. 

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