Largest K-Startup Forum in New York, USA... Advice from Senior Entrepreneurs Approaching 'Decacorn'?

"I often get asked how we managed to survive so long in the US market. There must be a 'reason' that allows all energy to be focused."

Seju Jung, Chairman of Noom, a healthcare company on the verge of becoming the first Korean startup in New York to reach 'decacorn' status (a startup valued at over $10 billion), attended the 'Korea Startup Forum New York 2023' held on the 13th (local time) at the Bank of America (BoA) Conference Center in Manhattan, emphasizing the importance of an 'unwavering mission' and 'self-management.'

Jeong Se-ju, Chairman of NOOM, shared his success know-how as a senior entrepreneur at the 'Korea Startup Forum New York 2023' held in New York, USA, on the 13th (local time). About 500 people, including Korean-American businesspeople, entrepreneurs, investors, and students active in the New York startup ecosystem, attended the event.

About 500 Korean-American entrepreneurs, founders, and investors active locally gathered at the event, which was organized to connect K-startups knocking on the global door with the New York venture ecosystem. It was the largest K-startup-related entrepreneurship event ever held in New York.

As a first-generation figure in the New York startup ecosystem, Chairman Jung took the microphone to share lessons drawn from his real experiences as a senior entrepreneur. He said, "Anyone who starts a startup should work toward a gold medal as if training at the Taereung National Training Center," stressing the importance of self-management. He also urged, "Founders have investors, families, and employees, so they must create a healthy routine every day."

Regarding the different culture and environment in the US compared to Korea, he answered, "You have to accept the differences." On networking, which many Korean founders find challenging, he advised, "Set your goals low and focus. No one cares if you fail. Build emotional muscles." He especially emphasized that founders should not be desperate for investment. Rather than rushing and making mistakes when investment is urgent, Jung suggested meeting investors even when investment is not needed.

In a private pre-event held that morning, 35 startup founders and CEOs presented their business achievements and strategies in 4-minute pitches. Chairman Jung, as a senior founder and investor, evaluated these pitches alongside other venture capital representatives.

Based in New York, 'Kim`C Market' introduced its business model of importing premium Korean food ingredients and artisan products and distributing them online across the US. The company is currently the largest supplier to the Jangjoji Tin Building and supplies premium Korean rice freshly milled, among other ingredients, to New York’s representative Korean fine dining restaurants such as Atomix, Kkot, and Muno. Among online customers, 65% are Americans, and about 67% are repeat buyers. CEO Kim said, "As an immigrant, I wanted to introduce high-quality, healthy Asian food to the US," emphasizing future market growth by noting, "Online transactions account for only about 11% of the entire US grocery market, and Asian food is only 2%."

Hubble, a startup whose business model is a tool for collecting and analyzing customer feedback on products and services, differentiates itself by providing integrated analysis tools at each stage, unlike existing services. The Asian dating app 'KRUSH' has already gained local popularity as an Asian community where only verified users can participate through friend recommendation algorithms. These companies set up booths in the event lobby to promote their businesses to investors.

After the pitching program, Chairman Jung told reporters, "I was really surprised. They were very well prepared." He added, "While listening to the presentations, I was checking companies that I thought would be a perfect match for certain investors, and that list exceeded 10," expressing admiration for the strength of Korean startups. Another investor who participated as a judge also predicted that more than half of the startups presenting that day would easily secure investment funds. He cited 'Kula Bio,' which manufactures sustainable microbial fertilizers, as an impressive startup.

From the left in the photo are Mike Joo, a leading Korean figure on Wall Street and Chief Operating Officer (COO) of the Global Investment Banking division at Bank of America (BoA), and Sander Hur, Managing Director at Charlesbank Capital.

At the main event held from the afternoon, prominent Korean figures from Wall Street, including Mike Joo, COO of BoA’s Global Investment Banking (IB) division, and Sander Hur, Managing Director of Charlesbank Capital, delivered keynote speeches. Both are co-chairs of the Korean Financial Society (KFS), the largest Korean community of financial professionals on Wall Street. Chairman Joo repeatedly emphasized the importance of Korean community networking, saying, "Korean financial professionals on Wall Street have grown to thousands through mentoring and 'frentoring.'"

In a panel discussion moderated by Kyungsil Noh, Director at Primer Saje Partners, executives including Sungyup Jung, Executive Director of Coupang, Seungyoon Lee, CEO of Story Protocol, and Changwon Kim, General Partner at Rabbit Venture Capital (VC), shared opinions on the global strategies of Korean startups. Key figures from domestic and international startup ecosystems, such as Sujin Lee, CEO of Yanolja, also shared success know-how. During the startup presentation session, New York-based ammonia fuel cell system specialist 'Amogy,' invested in by SK and Korea Zinc, and smart medical clinic 'DoctorHere' were introduced.

Meanwhile, the event was jointly hosted by the Ministry of SMEs and Startups’ Startup Promotion Agency, the Consulate General of the Republic of Korea in New York, Noom, Primer Saje Partners, The Miilk, the Korea International Trade Association New York Branch, and the Small and Medium Business Corporation.

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