Interview with CEO Park Jae-joon of Antock /Photo = Reporter Kim Hui-sun hwijpg@
Over the past year, we have identified the world's top 100 venture capitalists based on assets under management (AUM) and continuously monitored the investment portfolios of individual institutions. The purpose is to capture technology types and service models that global investors are currently interested in or are positively looking at the future based on data by reviewing the projects carried out by new overseas startups that have successfully attracted investment on a monthly basis. What impressed me during the investigation was the fact that the technology development of companies attracting investment is carried out from a very long-term perspective and that the business items are bold.
Supergap technologies related to the quaternary industry are inevitably aimed at future markets, but related global companies seem to have a farther future in mind than expected. Domestic startups often look beyond that when looking at the moment or the next 10 years. For example, technology companies related to autonomous driving, carbon neutrality, and space launch vehicle development are currently in the spotlight in Korea, and in the global market, more and more companies are already studying autonomous flight (Auto Aviation), carbon negative (Carbon Negative), and space minerals extraction.
In addition to proactive technology development, unique services specialized in niche markets (Niche Markets) also attracted attention. I was able to experience experimental ideas and business models without getting bored, such as an OTT (online video service) platform that provides street performance content, footwear brands specializing in oversized sizes, and agency services that mediate relationship conflicts. Even though I thought these services were really fresh, I thought, “Will they make money?” or “Is there sufficient customer demand?” Questions related to marketability continued to hover in my head.
Obviously, the investment was executed because it was preceded by a review of market size, and I soon realized that this doubt was due to my unconscious premise of limiting the overall market size to a single country. Assuming that the various unique items proposed earlier are commercialized only domestically, there will certainly be limits to revenue generation and market expansion. However, I think it is possible to form a meaningful business outlook from a completely different perspective by comprehensively absorbing the niche markets of multiple countries on the global stage.
A niche market literally refers to a small-scale market with customer needs that have not yet been popularized. Other companies have not yet entered the market, so it can be viewed as an opportunity area, but since demand is low, it is difficult to realize economies of scale, so it is difficult to expect business efficiency and explosive growth. However, it is determined that these shortcomings can be offset through globalization. This is because even if it is a local customer group, it is definitely not a small market from an integrated point of view if that group exists in common in multiple countries. Paradoxically, a niche market in a country may not be a niche market on a global level.
In particular, recently, access to customers from other countries has been greatly enhanced due to the advancement of logistics and distribution infrastructure and technology. In the case of pure IT services, it is awkward to separate domestic and international customers. Therefore, it can be said that it is an era where it is extremely advantageous to look at segmented and fragmented national niche markets as a group. Rather, I think global commercialization is a window to present more experimental and bold business ideas, and at the same time, it is a good way to generate even meaningful demand.
The Korean government announced comprehensive measures for startup Korea in August of last year with the goal of becoming a global startup powerhouse. Recently, the Minister of Small and Medium Venture Enterprises announced plans to expand the 10 trillion won 'Global Fund' amount by 1 trillion won each year until 2027 to support the overseas expansion of domestic startups. I hope that domestic innovative venture companies will present bold technology and services in a wider global market in connection with this policy tone, and I hope to secure new growth engines through this.
[Money Today Startup Media Platform 'Unicorn Factory']
