They defy rules and norms. They set no limits to destroying the old and creating the new. They have zero chance of succeeding in creating disruptive technologies in this market that is heavily reliant on and driven by conglomerates.They choose risk and rebellion over security because they believe that they can make the world a better place with game-changing technology or creative ideas.They are the entrepreneurs of tomorrow.Recognizing their true potential for the economy, the government has re

Industry Dec. 6, 2013

Kim Deok-hoon returned to university to set up a business. He enrolled in a start-up course and took advantage of the free office space the campus offered.“I think I’ve learned a lot over the past six months,” said the 37-year-old, who graduated from Hanyang University with an engineering degree in 2001.He had worked for nearly seven years as a consultant, but never had the chance to receive practical, hands-on training in starting and running a company until last summer, he said.“Every weekend

Industry Dec. 6, 2013

Entrepreneurs must be ready to stay ahead of the game through market foresight, and every five years they should try to create something new that can potentially disrupt existing technologies and markets, Chester Roh, one of Korea’s very few serial entrepreneurs, said in an interview with The Korea Herald.“We are living in an era that demands creative solutions and less complexity as we are seeing a shift in the economic paradigm where tedious traditional labor is being replaced by intelligent a

Industry Dec. 6, 2013

A noted Korean venture capitalist said that entrepreneurs must have a clear motive and a vision before starting a company.They must also have the ability to spot and solve problems. But above all, a great start-up must have a great team, said Jimmy Rim, CEO of K Cube Ventures, a venture capital fund established by Rim and Kim Beom-soo, founder of Kakao, the developer of mobile messenger KakaoTalk and other mobile communication platforms.“What we first look at before investing in start-ups is the

Industry Dec. 6, 2013

Korea is the place to be for both nationals and foreigners looking to launch start-ups, especially in the fields of information technology and mobile technology, a foreign entrepreneur based in Seoul said.Ludolf Ebner-Chung, founder and CEO of Naldo, an online quick-delivery services platform, said that starting a company in Korea may often be a better career move than working at a conglomerate, especially for foreigners.“For Web-based IT and mobile start-ups, Korea is one of the ideal business

Industry Dec. 6, 2013

From Nov. 13-17 at a small gallery in Sagan-dong, a rather quiet area in central Seoul, a very different yet unique exhibition was held. Under the theme of “Hands,” four artists specializing in different forms ― ceramics, timepieces, handbags and dolls ― featured their products ranging from mugs and bowls to eco-friendly purses, handmade watches and ceramic dolls. The stories about the neighborhood were written on the wall. Sagan-dong was named after the librarians and royal historians that reco

Industry Dec. 6, 2013

Financial Services Commission chairman Shin Je-yoon said Friday that Korea would need to reshape its financial environment to allow small and medium-size enterprises to expand overseas, even though earlier attempts have failed.In a seminar for members of the Korea Chamber of Commerce and Industry, the FSC chief stressed that a convergence between finance and manufacturing in the economy is necessary for sustainable growth.Shin said that the financial industry has not been doing its part, and wil

Dec. 6, 2013

Christine Lagarde, managing director of the International Monetary Fund said Thursday that Korea needs to implement a package of economic reform measures to sustain growth.The Korean economy is “more resilient than it was five years ago,” she told the press.But Asia’s fourth-largest economy needs to do more in the face of low female labor participation and low productivity in the services market.She suggested that Korea should make its labor market “more inclusive” to temporary or nonregular wor

Dec. 5, 2013

President Park Geun-hye said Wednesday that Korea would fully support developing and underdeveloped economies in tackling climate change through the Green Climate Fund.At the ceremony for the opening of the GCF’s permanent headquarters in Songdo, Incheon, the president said that Korea would continue to invest in technologies such as renewable energy, carbon capture and storage and energy management systems as part of efforts to make the world more environmentally friendly.She urged not only the

Dec. 4, 2013

Shinhan Card, Korea’s top credit card issuer, said it would offer more cards and services through its expanded relations with American Express.This comes as the two sides agreed to boost their relationship, paving the way for Shinhan Card to tap a greater number of consumers via American Express’ global networks.Shinhan Card said its new U.S. partner would help it provide more diverse services and product choices for Korean consumers.“By partnering with American Express, we expect to provide mor

Dec. 1, 2013