Beyond A Business
Providing opportunities to unfamed artists
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An art exhibition took place in the Business Administration building, starting from the 25th until the 28th of May. The exhibition was held by three students: Lee Jae-gi (Financial Management, '14), Lee Sang-Ah (Business, '16) and Ong Uk-man (Business, ‘15), who first met each other at the Hanyang New Business Development Lab. While sharing their interests in art, the three students were able to meet the goal of expanding the start-up company Picto Sales.
The Hanyang Business School has established the Hanyang Biz-Lab in the form of a holding company, and has registered as an institution for field-experience by providing internship opportunities to Hanyang students. It consists of seven departments, including the New Business Development Lab (New-Biz Lab), which mainly focuses on providing support to the participating students establishing a start-up company. It was through this program that the three students were able to meet and share their ideas about the expansion of the newly started Picto Sales company.
Being the third management class of the Business School’s New-Biz program, the three students have been able to further expand the Picto Sales business portfolio, which was first conceived by the second generation. The company has the chief goal of providing a transmission platform for little known artists and potential consumers who are willing to purchase low-priced works of art. By displaying artworks of unfamed authors at a relatively low price, Picto Sales tries to benefit both the artists and consumers.
Although it has the form of a start-up company, Picto Sales prioritizes meeting its corporate social responsibilities over making profits. This was due the agreement of the three students to focus on providing a steady platform where artists can share their artistic creations rather than to simply sell artwork and make profit for the company. While most transmission businesses in the art industry take half of the profit from sales, Picto Sales takes only around 30 percent. Thus, while providing a platform where amateur artists can share their artwork, the company also remits a higher portion of profit to them.
Prior to the current exhibition, Picto Sales has already managed to display two exhibitions outside of campus. The first exhibition was held from the 30th of April until the 11th of May at a gallery café located in Hongdae, whereas the second was held at the Kangdong Community Center from May 23rd to the 26th. Lee was careful when selecting the locations for the two exhibitions. The accessibility, parking space, and levels of collaboration were all taken into consideration. Additionally, low rental payments were a priority, as Picto Sales does not have a high budget. Although the rental fees of gallery cafés are known to be high, Lee was able to rent the location without any costs by promoting their actions of providing artistic opportunities to unfamed artists.
Despite their successful exhibitions, there were hardships that Picto Sales had to overcome. The tight budget of the company resulted in the students starting from scratch. They visited over 30 places in order to find an adequate location for the exhibition, and even once the location was arranged, they had to carry the works of art to the exhibition locations themselves. The vacuum of an art major among the members was another difficulty, as they also had to learn how to deal with artwork. “Despite all three of us sharing a great interest in art, there was more for us to learn when dealing with artwork. It was through this experience that I first learned how to attach backing-paper when handling oriental paintings in order to prevent them from wrinkling,” mentioned Lee.
While overcoming such hardships, the gratitude they received from the artists whose work they were displaying motivated them the most. The platform that Picto Sales is trying to construct is a wonderful opportunity for them. Aside from the gratitude received by the artists, the high enthusiasm that consumers showed towards the exhibitions was another factor that inspired the members of Picto Sales. According to Lee, despite how hard preparing the exhibition was, once they saw people finding the exhibition and showing interest towards the displayed work, their fatigue lightened.
Having success with three exhibitions, two outside and one within campus, Picto Sales is now planning their fourth and the last exhibition in June. The three students, being the third generation of the New-Biz Lab, are now ready to pass their company to the fourth generation as their internship ends this semester. Although, it is up to the succeeding generation whether they will enlarge Picto Sales or start a new business, the three students have shown their hopes towards the further expansion of the company. While showing their concerns toward the succeeding generation having passion for art and the promotion of amateur artists, they did not forget to share their advice. "Managing a start-up company requires high levels of preparation. Although it is important to be ready in various aspects, being prepared in legal issues would especially help one to manage his or her business and to spread their passion.”
Choi Seo-yong firstname.lastname@example.org
Photos by Kang Cho-hyun
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