Insights into Israeli-concept of creativity, risk-taking at global startup competition
KOISRA Seed Partners as judge at Thursday's demo day and global startup competition; more insights into the Israeli-concept of creativity, growth, and risk-taking
We arrived at the 2014 Columbus Global Camp just as the event's Master of Ceremonies took to the podium and prepared to begin the day's proceedings. We were there partly in the capacity of judges and partly on one of our reconnaissance missions to find another great Korean startup among the dozen startups selected as finalists that afternoon.
KSP managing partner and KOISRA CEO, David Park, was joined at the judge's table by accredited angel investors, accomplished startup mentors and ex-entrepreneurs, including the founder of Startup East, a new Israel-based Asian startup accelerator.
To our pleasure (but not surprise), the afternoon's itinerary was jumpstarted by a few words of optimism and encouragement about the burgeoning creativity and entrepreneurial ambition on the Peninsula -- all in the backdrop of Israel-inspired startup success.
Before the company presentations began, the audience of judges and entrepreneurs was addressed by the honorable former Ambassador of the Republic of Korea to the State of Israel, H.E. Ilsoo Kim, who began with an overview of some of the lessons about entrepreneurship and innovative business he had learned from his three years in Israel. The slide behind him had the three words, "Talmud Creative Economy". His book of the same name aims to provide valuable insight to Korean people about the special aspects of Israel that have transformed it into The Startup Nation.
I approached the ambassador during the break. I wanted to know the deal with Korean companies who aren't going global.
Take the case of KakaoTalk, I said. It is often cited as one of the most successful of Korean startups. I use both KakaoTalk and WhatsApp (acquired by Facebook for a whopping $19 billion last month), and consider Kakao highly superior (and a lot more fun). In fact, I think my American and European friends who use Whatsapp would also acknowledge how good it is -- if only they knew what it was, or I could convince them to try it. In other words, KakaoTalk is very much a company with Korean -- or if you're feeling generous, an Asian -- reach. Yet, as its success increases, what does it choose to do? It merges with Korean internet portal, Daum -- a large and powerful company, sure, but one which is quite certainly never leaving the Peninsula. To me, this choice essentially represents Korean companies' lack of imagination, inherently limiting themselves by thinking smaller than what they are capable of.
Indeed, Mr Ambassador agreed. It is as much about attitude as it is about good ideas or practicality.
H.E. Ilsoo Kim, who has promoted business cooperation and stronger ties between the two countries in the context of Korea's aspirational 'creative economy', co-wrote the book with Mr. Youngtae Kim, the previous Industrial Attaché at the Korean Embassy in Israel, who has explained the Korea-Israel relationship this way: "For Israel, Korea can act as a gateway to China and other Eastern countries, and for Korea, Israel can become a gateway into the US market. In addition, Korea can mentor Israel on global marketing and sales as well as efficient industrial production techniques – and Israel can become the inspiration for expanded Korean innovation." Moreover, as Mr Kim explained during his introductory speech, there's also a lot to learn from the educational paradigm and innovation culture characteristic of Israeli society. Many smart people in Korea are encouraged to pursue secure jobs at corporate behemoths like Samsung or LG rather than take the risks inherent in entrepreneurship.
The event's announcer cut him off, calling us to return to our seats. The startup competition would now begin.
The ambassador turned back to me, with a politician's handshake but a very genuine grin.
"Read my book," he said.
