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Posted on Sustainabilitank.info on February 22nd, 2014
by Pincas Jawetz (pj@sustainabilitank.info)

From:  Policy & Corporate Programs The Korea Society
950 Third Avenue
New York, NY 10022
policy@koreasociety.org
212-759-7525

 David Lee, CEO of Shakr Media spoke at The Korea Society  on Korea and Startups.

David Lee is the founder & CEO of Shakr Media, the Seoul & SF-based startup that makes great video accessible to everyone. David has built an international development team in Seoul, while raising $2.75M in venture capital from both Korean & U.S. investors including NHN Investment and 500 Startups.
Under David’s leadership, Shakr has appeared as a presenter at Techcrunch Disrupt’s Startup Battlefield in Beijing, and has earned top honors at beLAUNCH 2013 in Seoul and beGLOBAL 2013 in Palo Alto.

Attention to South Korea becoming the next Global Hub for Tech Startups comes from Alan McGlade of Forbes Magazine:“American business has long led the way in high tech density or the proportion of businesses that engage in activities such as Internet software and services, hardware and semiconductors. The US is fertile ground for tech start-ups with access to capital and a culture that celebrates risk taking. Other countries have made their mark on the world stage, competing to be prominent tech and innovation hubs. Israel has been lauded as a start-up nation with several hundred companies getting funded by venture capital each year. A number of these companies are now being acquired by the likes of Apple, Facebook and Google. Finland and Sweden have attracted notice by bringing us Angry Birds and Spotify among others. But a new start-up powerhouse is on the horizon – South Korea.”

Bloomberg News recently published the Bloomberg Global Innovation Index and ranked South Korea first among all nations by comparing a group of indicators such as research & development capability, productivity, tech density and patent activity. South Korea’s ranking is not a surprise. In recent decades, South Korea has transformed into an economic heavyweight, having systematically applied substantial resources to research and development. As a result, South Korea has become the world leader in patent activity, and information and communication technology. The country has the highest broadband penetration in the world at 97 percent and is a leader in broadband speed with an average peak connection of close to 50 megabits per second.
Increasingly young technologists are fueling a fledgling start-up scene that is led by mobile game developers and social media innovators. This is complemented by entrepreneurs returning from overseas with an eye on conquering the globe.  These entrepreneurs are coming back with a sense of how to take on the US market, a greater willingness to assume risk, and an interest in building things that aren’t just made for Korea.  This has attracted the notice of American technology companies. Google has taken an active role in nurturing South Korean companies, introducing their favorites in the US to help them build a global profile. A company called Sparklabs was formed a little over a year ago with offices in Seoul and San Francisco to incubate Korean start-ups.
It is logical for South Korea to follow this path. The country is smaller than the state of New York, is not rich in oil or other natural resources, and has limited agriculture and manufacturing capacity. Korean’s must promote technology and innovation to be competitive as a nation since it is not enough to just contend on cost or scale. While the South Korean Chaebols, or large family-controlled corporate groups, focus on exporting and manufacturing, there is a clear recognition that South Korea needs to have a more diverse economy. Thus, the tides are shifting towards supporting smaller businesses and promoting entrepreneurship.
Many of the fundamentals are already in place. Just as Samsung transformed the consumer electronics business, Korean start-ups are poised to have an explosive impact on digital media and services.
To me the most interesting thing I heard from Mr. David Lee was his description of the recent evolution of the Korean psyche – it is really based on the fact that the country developed so much in the last 20 years and the fact that the young people have taken ownership of this success. He said that “they feel they own the story and are proud of it” and that this is the secret of their success. This success is here – in he Palo Alto and New York City High Tech region and in the fact that many of these young people go now back to Korea and are ready to be creative at home.
Sounded interesting – and led me to decide the following day to go and have lunch – under the New York Restaurant Week plan – at the newest high-quality Korean Restaurant in town – the Kristabelli (near Fifth Avenue  at 8 W. 36th Street). As expected – the place filled up with young Koreans.
The lower cost these two weeks was seemingly what brought in this clientele. They came not just because it was an eatery – but seemingly to enjoy their time there. It is al these little dishes and close attention to the food that stretched out my lunch for nearly two hours. The three course meal ($25)
Gujeolplan (an Emperor’s Assortment of nine different thinly sliced sauteed vegetables and beef served with blini stile small crepes, a rib eye cut small barbeque with lots of additives and some blini in a vinaigrette  liquid, and a terrific ice cream bread pudding for desert – and  paired with three containers of Korean wines ($15) – a rice wine infused with sweet potato vodka, a black raspberry wine and a plum flower wine. Quite interesting when one thinks that 20 years ago Korean immigrants  in New York were known only as vegetable marketeers and for finger-nail cosmetic stores.
Thinking of our website and the fact that from start I had Korea as one of the promising Nations on my homepage – I feel totally justified. Further, obviously, helped by the US originally, now I think that further advancement by Korea calls for a more independent policy by South Korea.
It is obvious that all powers – China, Japan, India, the US, Russia – have no interest in the reunification of Korea – but the Koreans themselves ought to keep Germany in mind and learn from the German experience that through re-unification they have a chance to grow. This is simply a question of an internal market that makes them independent of the vagaries of a global market. Forget any kind of revenge – just work hard to supply the unending needs of a backward North Korea like Germany did for East Germany. This will then bring Korea into the front line of the emerged powers and the real competitor with China in its region.
Further – looking up the maps – North Korea borders Manchuria of China – the Jilin and Liaoning Provinces and there is an Autonomous Prefecture for Koreans at the border – Yanbian – in the Jilin Province. The kind of place that might someday lead to conflict. Also, the islands in the Yellow Sea (Korea Bay and Bohai Sea) were divided amicably between North Korea and China in 1962 as per the ethnicity of the inhabitants. This again may eventually be disputed.

 

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