Startup Support Foundation Hosts 247 Startup Dome Demo Day
Hanyang’s own entrepreneurs gather to show off the progress of their startups
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Hanyang University’s Startup Support Foundation hosted its biannual 247 Startup Dome Demo Day on January 31st at the Di Nozze Convention Center in Wangsimni. This year, 19 teams presented their startup’s progress during the past year and their business strategy for the future in front of professors and fellow dorm mates. Startups of various fields attended the day’s event including apparel, education, healthcare, and mobile applications.
The 247 Startup Dorm is a dormitory for young entrepreneurs who want to start their own business located on the fifth floor of the first Student Residence Hall in Hanyang University’s Seoul Campus. The dormitory is managed by the Startup Support Foundation and is comprised of three-person dormitories, a co-working space, and meeting rooms. Students selected by the foundation get to reside in the dormitory as they are offered a room, a chance to attend startup classes, and receive exclusive mentoring by specialists. Teams can stay in the dormitory for a period of two years. The name 247 symbolizes the 24 hours a day, seven days a week spent by young entrepreneurs in order to build their businesses.
“Being in an environment surrounded by people building startups creates synergy in itself,” said Choi Jong-bong (Department of Biomedical Engineering, Doctoral Program), the CEO of AIMD (Artificial Intelligence Medical Device) Inc., a medical equipment startup that designs a laryngoscope which uses artificial intelligence to assist in the process of respiratory tract insertion within patients. “The dormitory also allows us to save time on traveling, allowing us to take systematic action.” AIMD has already developed its product and is waiting to introduce it to the market. The company’s initial goal of achieving sales of eight billion won still stands, and AIMD seeks to sell its product in the global market in the future.
On the other hand, Choi Moon-jo (Department of Physics, 4th year), the CEO of Maronmav, an online education platform that offers computer coding classes, said that the mentoring support offered by the 247 Startup Dorm was important in that there were designated professors who would be in charge of their business who were able to have a deep understanding of the startup. “It is important to get a chance to be absorbed in one’s work,” said Choi. “I liked the fact that we were able to work even after a day’s work at the office. We didn’t have an office at first, and the dorm became our office, a garage for our garage startup.” Maronmav has met its 2019 goal of capturing 8 percent of the engineering education maker market and offers its platform to around 300 schools. Today's pitch was Maronmav’s last presentation as a member of the 247 Startup Dorm because the company’s two-year contract is near its end. The company plans on expanding its business to three additional developing countries and raise its market dominance in Korea's education sector to 20 percent.
“Other than the 247 Startup Dorm, there are programs within the school for improving students’ competence in the startup environment like systematic startup education, various training and networking programs, and infrastructures,” said Ryoo Chang-wan, the head of the Startup Support Foundation. “We would like for individuals to actively use these programs according to their current situation and goals.” The Startup Support Foundation plans on promoting autonomous student councils to create seminars and special lectures by former dorm residents that have graduated. The foundation also plans on expanding its global startup mentoring group that was limited to the Silicon Valley in California, United States, to China and Vietnam starting in February. This expansion will allow students to get hands-on experience in locations regarded as startup hotspots.
Jung Myung-suk firstname.lastname@example.org
Photos by Lee Hyeon-seon
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