Choi Tae-won "Investment Market Drying Up... Startups, Wait Until the End of Next Year"

[Image source=Yonhap News]

[Asia Economy Reporter Kim Bo-kyung] Chey Tae-won, Chairman of SK Group (photo), stated on the 3rd, "In a situation where money is drying up, trying to raise funds means having to offer corporate value cheaply," adding, "We need to wait until the end of next year."

On the same day, Chairman Chey attended the SparkLabs Demo Day held at COEX in Seoul and held a talk concert with Lee Han-joo, co-CEO of SparkLabs. SparkLabs is a startup accelerator (AC) for early-stage entrepreneurs and celebrated its 10th anniversary this year.

In response to Lee's request for advice to entrepreneurs amid uncertain macroeconomic conditions, Chairman Chey began, "It is currently raining heavily. I do not recommend washing your car now."

He continued, "Even if you ask PE (private equity), no one is willing to invest right now," and explained, "In a situation where money is drying up, trying to raise funds means having to offer corporate value cheaply."

He concluded his answer by saying, "We need to wait until the end of next year," to which Lee encouraged the entrepreneurs, saying, "Until then, you must survive by any means."

This content was produced with the assistance of AI translation services.