About Me

Joon loves going to great restaurants and discovering new restaurants to try.  His job as a Chief Strategy Officer at MangoPlate is simply an extension of his hobby and of his dream to run a startup.  Prior to MangoPlate, Joon led the Global Partnership Group at Samsung Electronics in Korea, where he led deals with global companies like Google, Yahoo, Facebook, Twitter, Bloomberg, ESPN, Accuweather, and many others.  Joon also worked as a corporate / digital strategist at HP in Palo Alto, and as a management consultant at Monitor, BCG, and PwC.  He has a B.A. in Economics, East Asian Studies, Masters in Computer Science, and an MBA from the University of Chicago.   Twitter: @joonoh0308 Linkedin: kr.linkedin.com/pub/joon-oh/8/359/a21/ Email: joon@startupgrind.com

My blog posts

SG Seoul: Bedy Yang (500 Startups) On Avoiding Potential Pitfalls When Raising Money

Startup Grind Seoul hosted its ninth event at the newly opened Google Campus Seoul. The guest speaker that night was Ms. Bedy Yang, Managing Partner at 500 Startups. She was able to give us specific advice that related to 500 Startups and also general advice for entrepreneurs. Before going into 500 Startups-specific advice, here is a brief introduction of the company. 500 Startups is a global company that not only invests in companies but creates a platform for startups to excel. As a seed fund and accelerator, they have invested in over 1,000 companies in 50 countries. As a global community and ecosystem, they have a founder network of 2,500 entrepreneurs and expert mentor network of 250. On plans on entering Korea, she mentioned that 15M has been allotted for investing in the Korean market. They have already invested in 8 companies in Korea, but that number will soon grow. Ultimately, she said half-jokingly, that their goal is to conquer the world! An important piece of information for those interested in being invested by 500 Startups was that even for early stage startups, they do care about monetization. She said that they prefer companies that think from early on how to make money. Even if the founders do not see it at the moment, they may be able to.

Startup Grind Seoul 8th Event with Il-Hwan Kwon (Qualcomm Ventures)

Startup Grind Seoul hosted its eighth event at Maru180 with Mr. James Ilhwan Kwon, Director of Qualcomm Ventures, as the guest speaker. As an active venture capitalist in Korea, he was able to give us some insight into the startup world in Korea and specific advice for startups in dealing with VCs. It was a rather encouraging session for startups. His views on the Korean startups were positive, saying that the current Korean startup culture is very active and changing ever so quickly. However, he repeatedly emphasized the need for a more present startup ecosystem in Korea. There needs to be more success cases for others to follow in their footsteps. The US, in comparison with Korea, may seem to be much more generous in backing early-stage startups. However, it is because they have witnessed the Facebooks and the Googles and they believe there are more to come. When evaluating an early-stage startup, he said he looks for the following. 1. Potential: What is the problem you are trying to solve, and how big is that problem? 2. Business model: It is preferable to have a business model but the business model will most likely pivot so it is hard to tell from the beginning. If you only have an idea, you will need some kind of credential to back you up, whether it is startup experience or a specific technology. Here are some tips when dealing with VCs. 1. Find the right VC for you: It is crucial to find the right fit. You can get into trouble if you are just looking for the biggest offer. It’s not just the money you are choosing; it’s also the one who is offering the money. James had a great analogy for this. He said the relationship between the startup and the VC is like marriage. You may hate it but you cannot leave unless you get a divorce, or in another words, pay a lot of money. 2. Settle for a fair contract: There is no one standard template since all deals are different. Neither party may be fully satisfied. The most important thing is to find a middle ground where both parties feel it is fair. 3. Figure out when to raise funds: You should look to raise funds when the company is ready to take the next step. If you were to send a shuttle into space, you would raise funds after each of the following milestones: proving that you have built a working engine, building a proper navigation system, building the actual shuttle, etc. You have to know when and what is the next step? 4. Resolve conflict with your VC: You will run into a difference in opinion regarding management or direction of the company. Be creative in problem solving and try to narrow the difference. In the end, however, it is the startup who is executing the business.