Startup
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KAIST to Host the THE Innovation & Impact Summit in 2019
KAIST and Times Higher Education (THE) agreed to co-host the THE Innovation & Impact Summit at KAIST from April 1 to 3, 2019.
Global leaders from higher education, government, and industry will gather at KAIST to discuss how universities can better innovate for creating a greater impact.
(from left: THE Managing Director Trevor Barratt and KAIST President Sung-Chul Shin)
President Sung-Chul Shin and Trevor Barratt, managing director at the THE, signed an agreement to host the 2019 THE Innovation & Impact Summit at KAIST next April. The agreement was signed on February 6 during the THE Asia Universities Summit held at SUSTech in Shenzhen in China. Phil Baty, editorial director at the THE was also present during the agreement.
By hosting the 2019 THE Innovation & Impact Summit, KAIST has a chance to introduce its innovative research and performance and its educational environment and startup ecosystem to the world. Having educational and industrial leaders meet at KAIST will add more power to the global status and capacity of KAIST.
The THE Innovation & Impact Summit, first held in 2017, is one in the seven presidential summit series held by THE. During the second summit at KAIST, THE will launch their world university innovation rankings for the first time.
As innovation at universities and its impact have been a crucial indicator in building an institutional brand and reputation, leading universities are gearing up to encourage startups and entrepreneurship education. Even more, innovation at universities is emerging as one of the growth engines of economies.
The innovation indicators of KAIST have been highly recognized by many global ranking institutions in terms of the volume of patents and the patents-to-article citation impact. Thomson Reuters has recognized KAIST for two consecutive years as the most innovative university in Asia, and sixth in the world.
President Shin has high expectations for the hosting of the Innovation & Impact Summit at KAIST. He explained, “Innovation makes up the DNA of KAIST and it has been our institutional mission from the start in 1971. KAIST was commissioned to make innovation for industrialization and economic development through education and research. I do not see any university more suitable than KAIST to host this innovation summit. I hope the summit at KAIST will serve as a global platform to provide very creative ideas for making innovation and collaboration among the leading universities for all the participants.”
Meanwhile, at the THE Asia Universities Summit in Shenzhen, how to respond to the implications of the Fourth Industrial Revolution was the key agenda piercing the two-day sessions.
As a panelist, President Shin shared his experiences on innovative strategies viable for spearheading university reform for the Fourth Industrial Revolution, along with Vice-Chancellor of the University of Sheffield Sir Keith Burnett, President of Monash University Margaret Gardner, and President of Hong Kong Polytechnic University President Timothy W. Tong. He said that universities should foster young talents by equipping them with creativity, collaboration, and convergent minds. To swiftly respond to the new industrial environment, President Shin said that universities should remove the high barriers between departments and establish cross- and inter-disciplinary education systems, convergence research and technology commercialization.
2018.02.06 View 7618 -
Strengthening Industry-Academia Cooperation with LG CNS
On November 20, KAIST signed an MoU with LG CNS for industry-academia partnership in education, research, and business in the fields of AI and Big Data. Rather than simply developing education programs or supporting industry-academia scholarships, both organizations agreed to carry out a joint research project on AI and Big Data that can be applied to practical business.
KAIST will collaborate with LG CNS in the fields of smart factories, customer analysis, and supply chain management analysis.
Not only will LG CNS offer internships to KAIST students, but it also will support professors and students who propose innovative startup ideas for AI and Big Data. Offering an industry-academia scholarship for graduate students is also being discussed. Together with LG CNS, KAIST will put its efforts into propose projects regarding AI and Big Data in the public sector.
Furthermore, KAIST and LG CNS will jointly explore and carry out industry-academia projects that could be practically used in business. Both will carry out the project vigorously through strong cooperation; for instance, LG CNS employees can be assigned to KAIST, if necessary. Also, LG CNS’s AI and Big Data platform, called DAP (Data Analytics & AI Platform) will be used as a data analysis tool during the project and the joint outcomes will be installed in DAP.
KAIST professors with expertise in AI deep learning have trained LG CNS employees since the Department of Industrial & Systems Engineering established ‘KAIST AI Academy’ in LG CNS last August.
“With KAIST, the best research-centered university in Korea, we will continue to lead in developing the field of AI and Big Data and provide innovative services that create value by connecting them to customer business,” Yong Shub Kim, the CEO of LG CNS, highlighted.
2017.11.22 View 9595 -
KAIST Alumni Take a Strong Hold on Tech-Based Startups
Average sales for KAIST alumni startups in 2015 doubled from the previous year to 20.7 billion KRW. They reportedly recorded approximately 37-times higher sales than non-KAIST alumni startups, demonstrating that KAIST is emerging as strong tech-based venture startup incubator.
According to a white paper on the Profile and Performance of KAIST Startups released recently, the number of KAIST startups stood 1,112, of which 877 were founded by alumni (78.9%), 36 by faculty and staff (3.2%), and 199 by those funded by the KAIST Technology Business Incubation Center (17.9%) at the end of 2015.
The total sales of KAIST startups stood at 13.6 trillion KRW in 2015, a 25% increase compared to the previous year. KAIST alumni startups created about 32,400 jobs in that year.
Most KAIST founders majored in engineering (649 people, 71.1%), followed by business (121 people, 13.3%), natural sciences (86, 9.4%), life science and bio engineering (32 people, 3.5%), and liberal arts and convergence science (24 people, 2.6%), making a total of 913 founders, excluding the 199 startups funded by KAIST Technology Business Incubation Center.
By department, most founders come from electrical engineering (148 people, 16.2%), followed by mechanical engineering (135 people, 14.8%), and computer science (114 people, 12.5%).
KAIST startups produced 63 listed companies (1 KOSPI, 51 KOSDAQ, and 11 KONEX), which accounted for 5.7% of the total 1112 startups. This is significantly higher than the average for venture companies (1.1%). It should be noted that the rate is only around 10% for Korean conglomerate-affiliated companies.
At the point of startup establishment, KAIST alumni startup founders were mostly in their 40s (430 people, 40%), followed by their 30s (415 people, 38.6%), 20s (110 people, 10.2%) and 50s (110 people, 10.2%). Around half of the founders were in their 20s and 30s. In particular, the number of founders in their 20s and 30s was around 3.5 times higher in KAIST startups compared to general startups and 1.2 times higher than venture startups.
The average lifespan of KAIST startups is 10.3 years; 276 companies (25%) were established over 16 years ago, 282 companies (25.4%) between 6 and 10 years, 246 companies (22.1%) between 11 and 15 years, and 308 companies (27.7%) less than five years ago. By type of business, startups based on technology accounted for 88.1%; 510 manufacturing companies accounted for 46.2%, followed by 321 information service companies with 29.1%, and 147 science and technology service companies with 13.3%.
By region, 617 companies (55.5%) were located in Seoul and the nearby metropolitan area, followed by 350 companies (31.5%) located in Daejeon.
2017.05.30 View 5708 -
KAIST Startups Annually Engage 33,000 People, and Their Sales Total Nearly 10 Billion Dollars
According to a recent study, KAIST startups annually engage 33,000 people, and their sales total nearly 10 billion US dollars. Also amongst 1,245 companies, 50 were listed in stock markets including KOSDAQ and KONEX. President Kang of KAIST commissioned an evaluation of KAIST startups last year. The report consisted of six chapters: current status of entrepreneurs and companies, cross analysis based on individuals’ background and academic degree, annual performance analysis, and current status of startup assistance.
The report categorized the startups with respect to the founders’ background. Of 1,245 companies, KAIST alumni founded 929 (74.6%) of the companies under study: 191 (15.3%) were located within the KAIST campuses, 91 (7.3%) were founded by enrolled students, and 74 (2.7%) by professors. The startup founders had different levels of education: 515 (41.4%) founders had master’s degree, 443 (35.6%) Ph.D. degree, and only 213 (17.1%) had only bachelor’s degree as the highest level of education attained. The reason behind the majority of founders having a master’s degree or higher degree is that many people established a startup after obtaining specialized knowledge and skills.
Focusing on the founders’ college majors, 719 (70.6%) founders were from the engineering department, 111 (10.9%) from the business administration department, 103 (10.1%) from the natural science department, and 86 (8.4%) from other departments. Looking at the companies' locations, 462 (37.5%) were placed in Seoul, 355 (28.8%) in Daejeon, and 273 (22.2%) in Gyeonggi.
By the end of 2013, the total asset of 1,069 companies came to 12 billion and 444 million dollars. Their total sales figure was 10 billion and 13 million dollars, and annual employments summed up to 33,000 people. The companies generated a significant portion of gross regional domestic product (GRDP) in each region. They formed 0.49% of GRDP of Seoul, took up 1.67% GRDP of Gyeonggi, and 5.53% of that of Daejeon.
Along with the performance analysis, the report also took a survey of suggestions on future startup assistance and opinions on current startup assistance policies. To a question asking what constituted the most difficult part of startup, 31.7% of respondents answered “attraction of investment,” 22.8% chose “a lack of human resources,” and 16.8% said “consulting” amongst 214 respondents. The study showed that major and medium enterprises face difficulty in finding human resources whereas small businesses experience obstacles attracting investment. Some startups had help from KAIST: 44 startups were provided with the office space, 21 had educational supports, and 18 were supported in research and development.
The report demonstrates that startups established by KAIST alumni and members play a key role in the South Korean economy despite KAIST’s short startup history, which began only since the end of 1990s. Based on this report, KAIST plans to listen continuously to the needs of alumni founders, and use those responses as a guide to entrepreneurship education for current students.
The Dean of the Office of University and Industry Cooperation, Joongmyeon Bae, who oversaw the publication of this report, said, "As this report is the first in Korea to study the status of alumni startups, it will be incredibly valuable in modifying the startup assistance policies.”
To spread an entrepreneurial spirit and start-up cultures in the campus and enhance the startup supporting system, KAIST has founded various startup centers on and off the campus.
2015.07.14 View 7484 -
Seven Graduates of KAIST S+ Convergence AMP Publish a Book, "The First Penguin"
Seven graduates of KAIST’s S+ Convergence Advanced Management Program (KAMP) have published a book containing their business success stories, The First Penguin, hoping that in telling their story, they will inspire readers who want to become entrepreneurs. The book is available only in Korean.
The title of the book refers to a penguin that enters the water first when other penguins hesitate to dive into the ocean, symbolizing the need to make the first move. The book reflects the experiences of the seven authors, for example, how they marched forward with a conviction to an unknown field and succeeded in creating startups.
The authors are Sung-Jin Kim, the CEO of i-KAIST; Hyung-Jin Kim, the Chairman and Co-Chief Executive Officer of Sejong Telecom Inc.; Beom-Gu Seo, the CEO of EM Life Science Research Institute; Mi-Sung Seog, the CEO of Luckstone; Jang-won Lee, the CEO of Bluebird Soft; Chung Hee Lee, the CEO of ETRO; and Mi-Oak Jang, the CEO of I Top Asset.
The recurring message in the book is “Have strong convictions. Do not give up. Then, you can do it.” The authors hope to give strength and courage to readers in an era of uncertainty and to support those who take challenges to realize their dreams.
KAMP will continue to publish their graduates’ stories in an essay format from this year onwards. The program aims to train students to become multidisciplinary future leaders who are able to transcend the borders among business, management, science and technology, and information communications.
2015.05.26 View 7697 -
SmileGate Membership Program for Students and Video Game Industry in Korea
The Office of University and Industry Cooperation at KAIST and SmileGate, a video game developer based in Korea, agreed in June 2014 to cooperate in the development of talents for the video game industry in Korea and to support students’ startup efforts.
The company established the SmileGate Studio at the KAIST campus in 2010 and has been supporting KAIST students who are interested in video game design and development, such as hosting design competitions and offering networking opportunities as well as consulting services for startups.
The Studio launched a scholarship program called the “SmileGate Membership” in November this year to offer 12 students research funding, equipment and tools for game design and development, and mentoring services for eight months. Participating students will also receive free space for research and development, legal services for business development, investment advice, and assistance in networking with the global community after the completion of the program.
Professor Joongmyeon Bae, the Dean of the KAIST Office of University and Industry Cooperation, said, “This is a great opportunity for our students because they can actually utilize their passion and creativity to make their own games. KAIST and SmileGate will continue to lead the video game industry in Korea through close collaboration.”
2014.12.03 View 8088 -
IAMCOMPANY, an educational technology startup created by a KAIST student
In-Mo Chung, a senior student of the Department of Industrial Design at KAIST, developed a mobile homework book application, IAMSCHOOL, in order to help parents engage, more interactively, in their children’s school activities.
Chung said in an interview with KAIST:
“I came up with creating my company, IAMCOMPANY, when I worked as a volunteer for a student club in 2009 that provides an educational service to high school students living in a less-favored environment. I found out their educational environment very poor, which ultimately led me to build a public interest business model for education.”
Chung created a few mobile applications including IAMSCHOOL and IAMCLASS. The application, IAMSCHOOL, receives school’s notices, homework assignments, or any information related to classes and sends them directly and immediately to parents, allowing real-time communications between parents and teachers. In Korea, parents usually check as many as 50 school notices per month.
Once registered, private educational institutes and public organizations can also receive school information through this application.
In July 2011, the Department of Science Management at KAIST hosted a student competition for startup ideas, and Chung’s idea to build an educational application won the best award. In 2012, he received the grand prize at the KAIST E-5 Startup Competition.
An undergraduate student who is the chief executive officer of a tech startup
Chung established IAMCOMPANY with the seed fund of 13 million Korean won that he had received from the city government of Daejeon. His business idea was selected as one of the 300 College Student Startup Projects, a startup support program operated by Daejeon City to encourage entrepreneurship among college and university students.
Chung talked about the background of his business:
“I think that my idea to offer a “free educational application” helped me win the first prize at the student startup competition. At that time, I was still young, so I considered the winning of the competition as an “exercise” to build my own business in the future. But when I actually started my company, I found out that KAIST’s startup programs helped me a lot throughout the entire process and realized that these programs are good enough for young entrepreneurs to build up their company from a single idea.”
KAIST professors and staff support student startups.
Chung took in-depth mentoring from KAIST professors. Professor Min-Hwa Lee of the Department of Management Science and Professor Lak-Kyoung Song of the Department of Technology Management, who is also the president of the Daejeon Creative Economy Innovation Center, have supported Chung’s endeavors. President Taek-Su Kang of the KAIST Innovation Center gave Chung a lot of advice as he was developing IAMCOMPANY’s initial business model. Chung said that even now, they look for solutions together when his business ran into a brick wall.
Professor Lee said, “IAMCOMPANY does not aim for profit. Instead, by supplying free applications, they improve the environment of education and eventually create public interest. Also, they find out consumers’ hidden demands and satisfied it creatively.”
With 8,000 schools registered to IAMSCHOOL, 750,000 parents are using the application in just two years of its release. Parents and teachers responded enthusiastically.
The application “IAMSCHOOL” provides services for 8,000 schools in Korea. Currently, 750,000 parents are using this application.
The company offers the nation’s largest online education service. The reason behind their rapid growth is that their service solves communications problems between schools and parents in a simple and efficient manner.
Jung-Mi Hwang, a teacher at Galma Elementary School in Dajeon, said:
“After using this application, there are fewer occasions of students forgetting their school materials. We think this is because the parents can check the school notices and newsletters at any time through the application.”
She added, “I hope more and more schools will use this application because it is convenient and also available for free.”
Another teacher from Daedeok Elementary School in Daejeon, Dong-Min Nam, said that “many parents like this application since they are immediately notified with school events.”
KAIST’s Technology Business Incubation Center
“After moving around many places due to expensive rent,” Chung said that “we finally moved into the Technology Business Incubation Center (TBIC) at KAIST. The center helped us not only providing the space, but also mentoring and connecting us with venture investment companies. This was a great help in attracting initial investments.”
Chung added:
“At first, a staff member from TBIC was concerned about the viability of my company. I was then an undergraduate student with zero business experience, and from his standpoint, I was taking a huge risk.”
But in several months after its establishment, IAMCOMPANY has grown to have 16 employees.
An investment of 1.5 billion Korean won from a venture capital company led to a sustainable growth.
In early stage, IAMCOMPANY received 300 million Korean won from a venture capital company, and it recently attracted additional 1.2 billion won from a leading venture capital. With these investments, the company grew further. Moreover, investments from large educational corporations have proved the value and competitiveness of the company in the education market.
Chung plans to expand his service globally, particularly in China and Singapore.
He said that he would not forget how he had started his business, and with such a focused mind, he would strive to provide students and parents with quality educational services while proactively incorporating the advanced information technology (IT) into his products.
A bold movement to Pangyo Techno Valley, a Korean version of Silicon Valley
Although the company started with only two members, as of August 2014, it boasts of having twenty employees, a remarkable leap of growth within just two years.
In April this year, Chung relocated his office from TBIC to Pangyo Techno Valley, the Silicon Valley of Korea, in order to provide a better work environment to his staff.
It was not an easy decision for him to leave the comfortable, well-known place, the KAIST campus, and the colleagues, including TBIC staff and KAIST professors, who had helped his startup efforts in early days. However, in order to recruit better employees and to access additional IT resources and education-related companies, Chung decided to make a bold movement, relocating his business to Pangyo Techno Valley in Seoul.
A reputable American venture capital investor, Timothy C. Draper, invested in IAMCOMPANY
Chung was able to secure solid support from an eminent global investor, Timothy C. Draper, the founder of Draper Fisher Jurvetson, a venture capital based in Menlo Park in California.
Recently, Draper, a legendary investor of the Silicon Valley, invested USD 20,000 in IAMCOMPANY. Draper discovered worldwide venture companies such as Hotmail, Skype, and Baidu. IAMCOMPANY received high marks from him as a company with a competitive edge in the global education market.
Chung met Draper in April 2014 when he participated in a television network’s (Korean Broadcasting System) audition program for startups. Draper was one of the judges for the program, and he was impressed by the robust growth of IAMCOMPANY. He eventually made a decision to chip in USD 20,000 in Chung’s company.
Chung said that he was glad to meet the tycoon of Silicon Valley who recognized the potential of his company.
In last October, IAMSCHOOL was selected for the K-APP Global Hub Program—a global market pioneering program to support the development of mobile applications—which was sponsored by the Small and Medium Business Administration in Korea.
IAMCOMPANY will bring ‘the Korean Wave’ in the area of educational applications.
Chung said, “We plan to sustainably manage the applications and add more functions, so that more educational institutions can adopt our application.”
The company aims to provide its service to over 11,000 schools and 100,000 academies nationally so that more parents are able to receive educational news and information easily.
Chung concluded his interview in an upbeat tone as he predicted the future of his company:
“I am proud that IAMSCHOOL is being recognized by the world’s best investor, and I have gained confidence to advance to the global market. Through global service, I want to make "the Korean Wave" in the field of educational applications and to receive appreciation from students, teachers, and parents worldwide.”
2014.09.04 View 9143 -
IAMCOMPANY, an educational technology startup created by a KAIST student, featured online in EdSurge
EdSurge is a U.S.-based online news site focused on education and technology innovation, which published an article, dated August 12, 2014, on IAMCOMPANY (http://iamcompany.net), a startup created by a KAIST student, Inmo (Ryan) Chung.
The article introduced one of the company’s most popular and free smartphone applications called “IAMSCHOOL” that “funnels school announcements and class notices to parents’ smartphones using a format similar to Twitter and Google+.”
For more about IAMCOMPANY, please visit the link below:
EdSurge, August 12, 2014
“South Korea’s Biggest Educational Information App Plans Pan-Asian Expansion”
https://www.edsurge.com/n/2014-08-12-south-korea-s-biggest-educational-information-app-plans-pan-asian-expansion
2014.08.19 View 7726 -
A KAIST startup, YBrain, builds a wearable device to cure Alzheimer's
A group of KAIST graduates from the Departments of Bio and Brain Engineering, Computer Science, Materials Science Engineering, and Industrial Design created a startup called YBrain (http://ybrain.com/). YBrain develops a wearable neuroscience technology to treat or reduce the symptoms of degenerative brain diseases such as dementia and Alzheimer’s. Their recent technological developments were covered in e27, one of the leading blogs based in Singapore. The blog covers topics like the latest technology innovation, startups, and entrepreneurship in Asia. A news article follows below:
e27, June 24, 2014
“This wearable tech may be able to combat effects of Alzheimer’s”
http://e27.co/this-wearable-tech-may-be-able-combat-effects-of-alzheimers-20140624/
2014.06.25 View 10849 -
Prime Minister's Prize for KAIST TBIC at 2013 Korean Venture & Business Expo
The KAIST Technology Business Incubation Center (TBIC) received the Prime Minister’s Prize at the 2013 Korean Venture & Business Expo. TBIC started its service in 1994 and was selected as the best center by the Asia Association of Business Incubation (AABI) in 2007.
The center has contributed to business incubation for competitive enterprises through consulting, venture capital, educational curriculums, and infrastructure service. It has also encouraged and activated business startups by KAIST students through educational programs and supporting services such as hidden champion buildup, mentoring & networking, startup auditions, and special lecture sessions for entrepreneurship.
TBIC has supported 488 businesses since 1994, and 278 companies (57%) are still in business. Eleven companies have been listed on the Korea Stock Exchange through the support of TBIC and eight of them are still on the list as of today. Those companies have been contributing to the national economy with total sales of 1.9 trillion won and in job creation by hiring 5,908 employees.
2013.12.11 View 7286 -
Venture Incubation Program: "Startup KAIST"
Making KAIST’s research accomplishments accessible outside the university to benefit Korea and beyond, as well as spurring the process of knowledge and technology transfer between academia and industry
KAIST launched a new business incubation program, called “Startup KAIST,” to support the growth of venture companies in late November 2013.
The program fosters a spirit of innovation and entrepreneurship on campus while advancing the development and commercialization of new discoveries and technologies made at the labs of the university.
Startup KAIST promotes entrepreneurship culture among faculty, students, researchers, and alumni; supports the full cycle of a startup ecosystem from the introduction, growth, maturity, and liquidation of new companies; encourages the development of globally sustainable startups; and collaborates with the Daedeok Innopolis, the largest science and technology research, development and business complex in Korea that is located adjacent to KAIST in Daejeon, to expand the startup program to the nation and the global community.
Under the program, the Startup KAIST Studio will be established. The entire third floor of the Education Support Building on campus is dedicated to startup activities where aspiring entrepreneurs come to network, develop new ideas and innovations, and share information and knowledge.
With a total of 24,000 square feet space, the Studio has neither partitions nor cubicles, thereby promoting open communication. It has seminar rooms, a high-tech-equipped conference room, an exhibition hall, offices, and cafés. The Startup Studio will be available for use from March 2014.
In addition to administrative services, Startup KAIST will offer a variety of courses, forums, and conferences on such subjects as entrepreneurship, technology management, intellectual property, and venture capital, along with training and mentoring programs on how to organize a company, secure funding, and pursue entrepreneurial visions.
Seeking active collaborations with alumni, industry, and other science and technology universities through Startup KAIST, the university will redouble its endeavor to form early-stage venture companies. Seasoned professional coordinators or volunteering entrepreneurs will stay at the Startup KAIST Studio to provide timely support for members of the KAIST community.
President Steve Kang said, “Startup KAIST is a one-stop service to create a new, strong company, small and medium size in particular, around innovations and disruptive technologies developed at KAIST and its adjacent research complex, Daedeok Innopolis.”“One of the important roles assigned to a research university today is to become a catalyst for knowledge and technology transfer among society, industry, and academia, upon which the advancement of humanity can build. KAIST will become a sounding board for engineers and scientists aspiring to launch a venture company to address their questions and concerns and to guide them through the startup process,” President Kang explained the need for implementing the Startup KAIST program.
Inside of the Startup KAIST Studio
2013.12.04 View 8380