Choi Tae-won: "Startups Should Not Chase Money... Must Keep an Eye on the ESG Market"

[Image source=Yonhap News]

[Asia Economy Reporter Kim Bo-kyung] Chey Tae-won, Chairman of SK Group (photo), stated on the 3rd, "It is difficult for the startup ecosystem to develop by merely chasing money," adding, "We must be able to present solutions to the problems society faces."

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 to "give some words of encouragement to junior entrepreneurs," Chairman Chey replied, "It is difficult for the startup ecosystem to develop by chasing money," emphasizing, "You need to target consumer pain points or social issues."

He said, "In the past, maximizing corporate profits was considered good. Earning a lot of money, paying taxes, investing, and creating jobs," adding, "What is now required of companies is to provide solutions to the problems society faces."

He continued, "Companies need a cause and a story. Only then will talented individuals with technology be attracted," and added, "If companies only chase money, they will be abandoned by society."

He mentioned that a new market related to ESG (Environmental, Social, and Governance) is opening up and advised entrepreneurs to pay attention to this market.

Chairman Chey emphasized, "The ESG-related market is opening. When founding or investing in startups, you should keep an eye on the ESG market," and added, "This is a time to measure how much and how ESG is being practiced, and corporate value can significantly change depending on ESG."

In August, SK Group made a 300 billion KRW equity investment in TerraPower to achieve net zero (carbon net zero emissions). TerraPower is a small modular reactor (SMR) design company.

Chairman Chey said, "SMRs are designed as mini nuclear power plants with safety and minimal radioactive waste," adding, "Large nuclear plants cannot solve the radioactive waste problem, so SMRs are inevitable."

He continued, "Even by utilizing all existing recycling technologies, only 50% of net zero can be achieved," emphasizing, "The remaining 50% must be solved by technologies that do not yet exist in this world."

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