A Step Towards Global Student Entreprenuership
Global Hanyang Startup Challenge 2019
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Hanyang University has long been recognized for its strong support towards the startup businesses of its students. As one of the many programs offered by the Startup Support Foundation, the Global Hanyang Startup Challenge was created in order to help students experience other global startups, eventually helping them enhance their competence on an international level. Divided into two groups, the selected students were sent to International Consumer Electronics Show 2019 (CES 2019), held in Las Vegas, U.S. and Alibaba Jumpstarter 2019, which was held in Hong Kong.
According to Park Min-jung and Cho Jong-hyuk of the Startup Support Foundation, although the name of the program, Global Hanyang Startup Challenge, has been changed, similar programs have been held every year. With the main purpose of providing practical experiences to students who have plans of entering the global market, the main format of the program allows its participants to grasp the current trends of startups and, even experience conducting real business meetings.
“Although many students dream of starting global businesses, staying within Korean borders puts them at a disadvantage. Simply attending such large global exhibitions in person will allow them to strengthen their competencies and receive new kinds of motivation,” explained Park. For the selection process of the participating students, Cho stated that they were mostly evaluated upon their current and past experiences with startups and their interests in regards to global business. As a result, a total of eight students, four for each country, were selected.
CES 2019 (Las Vegas, U.S.)
CES is the world's largest electronic show with over 180,000 participants coming from 155 countries. While its target in the past has been household products, CES now covers a much wider variety of technology. Kim Han-bin (Department of Economics and Finance, 4th year) was selected as a member of the U.S. team, based on his current startup business Tagosa - a purchasing system in which consumers can buy convenient products from inside a taxi. Having participated in various startup programs provided by the school such as the Startup Academy and Startup Group, Kim recalled that his passion towards starting a business was fully recognized during the selection process.
There were two main reasons that Kim chose to go to CES rather than Alibaba Jumpstarter: it had a larger scale than the other convention, and his Tagosa business was based on a U.S. business model. Staying in Las Vegas for nine days, from January 6th to the 14th, Kim mentioned how the program helped him expand his outlook. "Throughout the program I was able to meet various people who provided me with really practical advice. The exhibition itself was also interesting, as it covered a wide range of technology from those used by early startup businesses to the technology used by technical giants like Samusng and LG. This helped me learn how I should present my own business items and ideas to others,” recalled Kim. Based on his experience in the U.S., Kim is now focusing on further expanding his current Tagosa business, also having plans to later enter other foreign markets. (Direct link to Tosaga store)
Alibaba Jumpstarter 2019 (Hong Kong)
Park Sang-yeob (Department of Mechanical Engineering, 4th year) first dreamed of starting a business during his military service. After coming back to school, Park pursued his dream by enrolling in courses related to startup business, while also double majoring in the Department of Entrepreneurship. Having launched two startups, Planip (IT) and Depries (Design), Park applied for the Hong Kong program due to its stronger relation to his business models and the higher opportunities of meeting actual investors compared to the U.S. program. During his four days in Hong Kong, from January 22nd to 25th, Park was able to network with three venture capitalists while visiting global companies and learning the actual processes involved in conducting a business.
Park has long wondered how he should control foreign buyers and sellers when expanding a business globally, and he explained that this program provided him with an idea upon which he should start thinking. Being able to build the insight that a global startup requires, Park is now targeting the U.S. and Southeast Asian markets, based on a business model taking advantage of the existing information asymmetry. “As for those who are planning to start a business, it is important that they fully receive the various benefits provided by the Hanyang Startup Support Foundation,” maintained Park. While the Global Hanyang Startup Challenge gave them the opportunity to experience the global startup market, it is just one of the many programs offered by the Startup Support Foundation that provides a variety of experiences related to business startups.
Choi Seo-yong email@example.com
Photos by Lee Hyeon-seon
Design by O Chae-won
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