Daejeon
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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 10121 -
KAIST International Food Festival
The KAIST International Students Association (KISA) hosted the 2015 International Food Festival in front of Creative Learning Building, KAIST, on May 22, 2015.
This was the 11th International Food Festival for KAIST where international students introduced food from their home countries to strengthen cultural exchanges with Korean students. This year’s festival was the biggest international festival in Daejeon in which around 500 students and staff from KAIST, Chungnam National University (CNU), the University of Science & Technology (UST), and the public participated.
KAIST’s President Steve Kang opened the festival with a welcoming speech, followed by congratulatory speeches by CNU President Sang-Chul Jung and UST President Un-Woo Lee.
The first section of the event was the food festival where around 40 kinds of food from ten countries including Kenya, Kazakhstan, India, and Turkey were presented. Students from each country offered cooking demonstrations in booths, and participants purchased the food.
Cheryl Wanderi, a Kenyan student who recently received a Master’s degree from KAIST’s Department of Bio and Brain Engineering last February said, “I am delighted to introduce Mandazi, a Kenyan donut, to not only Korean students but also other international students.”
The second half of the event consisted of cultural performances from different countries. There were eight teams performing including an Indonesian traditional Saman dance team, a Kazakh group that performed on traditional instruments, and an Azerbaijani K-POP dance team.
Sung-Hyon Myaeng, the Associate Vice President of KAIST’s International Office, said, “Despite their busy lives, students from three different universities planned this event to get to know each other. I hope international students and Korean students can come together and enjoy the festival.”
Edrick Kwek, the President of KISA, said, “This food festival is an event showing the cultural diversity of KAIST in the most splendid way.”
2015.05.27 View 11645 -
KAIST Connects CNU with Pedestrian Walkway
KAIST and Chungnam National University (CNU) built a pedestrian walkway ("pedway") that physically brings them closer than ever. Opened on April 13, 2015, the KAIST-CNU Pedway now offers members of the two universities a quick and scenic road to walk or bike for their campus visit.
The 180-meter-strip, with a width of four meters, starts from KAIST’s student dormitories, Narae and Mir Halls, and arrives at the backyard of the College of Agriculture and Life Sciences building at CNU. For security and safety precaution, emergency alarms, CCTVs and security lights are installed along the path.
A commemorative event celebrating the opening of the pedway was held on April 15, 2015 at the KAIST campus. Along with senior administrators of the two universities, In-Sik Kim, Chairman of Daejeon City Assembly, Choon-Hee Baek, Deputy Mayor for Political Affairs of Daejeon, President Steve Kang of KAIST, and President Sang-Chul Jung of CNU will attend the event.
CNU is located just a twenty-minute walk from KAIST, but the two universities have had little interaction. To promote more collaboration and exchange, KAIST and CNU signed a memorandum of understanding on the cooperation of education, research, and medicine in June 2014.
With the KAIST-CNU Pedway as the stepping stone, the two universities will strengthen their cooperation in academic information exchange allowing access to their libraries and establishing the Graduate School of Integrated Medical Science in Sejong.
President Kang said, “Universities should not be isolated islands from the local community, but should act as bridges between different districts.” He continued, “I hope this pedway can be the starting point.”
President Jung said, “I hope this road can remove the wall between KAIST and Chungnam National University, in terms of knowledge, information, and people. I further hope that it will become the symbol and token of unity of the two universities.”
2015.04.13 View 8039 -
ITTP Produces 119 Graduates from 52 Countries.
“Transparency of Costa Rica was highly improved after adopting an electronic purchase and supply system from Korea.”
So noted a public official from the technical office of the digital government in Costa Rica, Ileana Palaco, who entered the master’s program in KAIST’s Global Information and Telecommunication Technology Program (ITTP) last September.
She also said, “The electronic government of Korea is an exemplary model emulated in the establishment of the e-Government system in Central and South America. I am eager to introduce Korean IT technology and policies to the countries in the region.”
Consisting of master’s and doctoral programs designed for public officials and technical experts in emerging countries, ITTP fosters international cooperation, builds human networks, and supports domestic companies in technology transfers.
For the past twenty years, the IT industry has been the key to Korea’s development. Utilizing its advancement in the IT technology, Korea provides developing countries with the support necessary for their continuous growth in the 21st century. To that end, KAIST created ITTP which invites government officials from emerging countries with a growing IT industry.
Run by the Business and Technology Management Department of KAIST since 2006, ITTP has produced 119 graduates from 52 countries. For the past 10 years, 57 students from Africa, 45 from South East-Asia, 16 from Eastern Europe, and 7 from the Middle East were accepted to the program.
The program consists of theory-based classes which introduces the technology and IT policies of Korea and project-based classes for university-industry cooperation. In the latter, experts from professional organizations in IT such as the Electronics and Telecommunications Research Institute (ETRI), the National Information Society Agency (NIA), and Korea Telecom participate and provide information based on industry experience.
Foreign governments and international organizations have reacted positively to this program. Having recognized its excellence, the International Telecommunication Union (ITU) has supported it by sending the application information to 193 member countries. The African Development Bank (AFDB) chose ITTP as one of the Next Generation African Leadership Programs and assigned 19 public officials from Africa.
ITTP graduates have played a large role in promoting the e-Government system overseas. In In 25 cases in 2012, graduates participated as researchers in 6 cases. Thanks to the support of elite public officials from emerging countries who graduated from ITTP, Korean technology companies can bring their technology to overseas countries more effectively.
Recently, government officials from these countries have been asking for both long and short- term programs on technology and IT policies. In response, KAIST is planning to expand the program. Professor Jaejeung Rho from the Business and Technology Management Department who supervises this program said, “Allowing public officials in the field of IT all over the world to know more about Korea is very important in raising Korea’s reputation in technology and in the globe” and added that “having these officials is a boon in keeping our country’s competitive edge in the IT industry.”
Picture: About 60 people including ITTP students, the Nigerian ambassador to Korea, and President Steve Kang of KAIST joined a ceremony to raise a scholarship fund for KAIST on April 2, 2015 at Munji campus in Daejeon.
2015.04.03 View 8670 -
Emeritus Professors' Social Service for Embracing Multicultural Families
Korea has become a melting pot over recent years, with many families embracing diverse nationalities, cultures, and ethnicities. A group of KAIST emeritus professors volunteered to help these multicultural families, which are often formed through international marriages, better cope with life in Korea by creating a continuing education program called “Multicultural Mother School.”
The school admitted a total of ten non-Korean mothers for its first class and held an entrance ceremony for the students on March 14, 2015, at the IFC Hope Church in Daejeon. Classes began since March 16, 2015, offering the first lecture to students remotely via the Internet.
Professor Emeritus Byung-Kyu Choi, who organized the volunteering program and is the director of the Multicultural Mother School, said, “About 5% of newborns in Korea currently come from multicultural families. It is important that we should support them to assimilate well into the Korean society. Since 60% of multicultural children have yet to enter the public school system, particularly at the elementary schools level, offering their mothers opportunities to learn more about Korea will serve a greater good.”
2015.03.14 View 7307 -
Elsevier Selects a KAIST Graduate's Paper as the Top Cited Papers in 2011-2012
Dr. Myung-Won Seo, a graduate from the Department of Chemical and Bimolecular Engineering at KAIST, published a paper in January 2011 in Chemical Engineering Journal, which was entitled “Solid Circulation and Loop-seal Characteristics of a Dual Circulating Fluidized Bed: Experiments and CFD Simulation.” His paper was selected by Elsevier as the Top Cited Papers of 2011-2012. The Chemical Engineering Journal is a renowned peer-reviewed journal issued by Elsevier.
Dr. Seo published another paper, “CFD Simulation with Experiments in a Dual Circulating Fluidized Bed Gasifier,” in January 2012 in Computers & Chemical Engineering, which was also selected as the Most Downloaded Papers in 2012-2013.
Dr. Seo graduated with a doctoral degree from KAIST in 2011. He is currently working at the Clean Fuel Laboratory, the Korea Institute of Energy Research, Daejeon, as a researcher. His research areas are coal gasification, upgrading, and liquefaction, as well as energy and chemical production from low-grade fuels such as biomass and wastes.
2014.11.24 View 11639 -
KAIST Robotic Art: Exhibit called "Artificial Brain, Robots Evolve"
It is not difficult to find the desire to create a Neoanthropinae in the history of mankind. Humans evolve through man-made extensions and live by self-training them. This is Seung Hyun Son’s description which encourages us to discuss the changes man-made humanoids would bring to our future lives. He depicts this in “Theory of Evolution: From mankind to humanoid” in the “Artificial Brain, Robots Evolve” exhibition in the KI Building, KAIST, from 21 November 2014 to 8 February 2015.
KAIST's Art and Design Committee (led by President Myung Seok Kim) is holding the third experimental art exhibition based on the integration of science and art. The previous exhibition themes were “See the Sky” in 2012 and “Life is Beautiful” in 2013. The exhibition is divided into five subtopics: Move, Feel, Think, Express, and Experiment in Imagination.
The exhibits are by 17 artists including Nam June Paik, Nancy Lang, and KAIST Professor Myung Seok Kim. The main exhibits include “Cloud Face,” by Seung Baek Shin and Yong Hoon Kim, that shows up as error on computer but can be seen by human eyes and “Brains in Vat," by Boo Rok Lee and Myung Chul Kim based on KAIST's robotic lab’s materials and motif. Also, “The May of My Life” by Professor Myung Seok Kim’s lab reminds us of the relationship between robot and human.
President Myung Seok Kim said, “The range of content in cultural art will inspire students’ imagination.” He continued, “I hope this exhibition will awaken both scientific ideas and artistic sense.”
The opening ceremony of the exhibition will be held from 14:00, 21 November. The “Artificial Brain, Robots Evolve” exhibition is hosted by the Daejeon Museum of Art and sponsored by National Museum of Modern and Contemporary Art and Soma Museum.
Pictures from top to bottom are Cloud Face, Brains in Vat, The May of My Life_1, and The May of My Life_2.
2014.11.21 View 9234 -
3D Printer Developed by KAIST Undergraduate Students
More than 100 Pre-orders Prior to Product Launch Made
KAIST undergraduate students received more than 100 pre-orders before the launch for 3D printers they developed and became a hot topic of interest.
KAIST Research Institute for Social Technology and Innovations (Head Hong-Kyu Lee) had a launch party at Daejeon Riviera Hotel on 17 November 2014 for “Commercial Delta 3D Printer” developed by KAIST undergraduate students inviting around 50 businesses, buyers and representatives of 3D Printing Industry Association.
“3D Printer” uses blueprints of products such as toys, mug cups and chairs to make 3D objects and is thought to be revolutionary technology in manufacturing industry. The interest has grown as recent printers could print even fruits and cosmetics.
The printing structure of 3D printer can be divided roughly into horizontal Mendel method and Delta method. KAIST students focused on the Delta method to give a differentiated product from 90% of commercial products that use Mendel method.
First, the students focused on lowering the cost of unit price by using self-developed components. The carriage (transport machine) of the product is replaced by self-developed components instead of bearing to reduce the noise and the linking method was changed to beads from loop guide to increase the completeness of the printed product. Also, an auto-levelling is loaded to ensure the nozzle and the bed is parallel and hence increasing convenience for the users. Further, the printer, designed by a product designer in Germany, is linked to a smartphone application for blueprints.
A student in the development team, Seokhyeon Seo (Department of Computer Science, 3rd Year Undergraduate) said, “The biggest merits of the product are lowering the price to a 1/3 by using self-developed components and reducing the noise.” He continued, “By using a smartphone application, anyone can easily design the product. So it is applicable to use for education or at home”
In the exhibit, “3D Printing Korea 2014,” in Coex, Seoul the printer had a preview demonstration, and received more than 100 pre-orders from educational and business training institutions. Further, buyers from Canada and the US requested opening agencies in their countries.
KAIST Research Institute for Social Technology and Innovations Head Hong-Kyu Lee said, “3D printing is an innovative technology that could bring the 3rd industrial revolution.” He continued, “It is still early days but the demand will increase exponentially.”
This project was a research project of KAIST Research Institute for Social Technology and Innovations led by a development team consisting of 4 undergraduate students of KAIST, one student from University of Oxford and one German product designer.
Students in the picture below are Won-Hoi Kim (Department of Mechanical Engineering), Sung-Hyun Cho (Department of Mechanical Engineering), and Suk-Hyun Seo (Department of Computer Science) from left to right.
2014.11.19 View 12756 -
Community Outreach Program by KAIST Students for Underprivileged Children
The KAIST Leadership Executive Team (K-LET), a student volunteer group, hosted an event for children and teenagers who live in the local community. The K-LET invited 120 students in Daejeon and Sejong City on November 1, 2014 and held a quiz game called “Challenge! The Golden Bell” at the Creative Lecture Hall on campus.
The K-LET was created in 2009 by a group of students who wanted to contribute to the betterment of society through volunteer activities such as donating their time to teach math and science to students.
After the game, the participating students toured the campus and met KAIST students. Dong-Wook Lee, the President of K-LET, said, “We hope that the students have enjoyed their time with us, and we will continue to hold this kind of event next year and onwards.”
2014.11.06 View 6488 -
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 11706 -
BizWorld 2014 Takes Place at the KAIST campus: July 28-August 2, 2014
A multinational student conference on science, technology, and business called “BizWorld 2014 (http://kisa.kaist.ac.kr/bizworld/kaist/)” began on July 28, 2014 and continues through August 2, 2014 at the KAIST campus in Daejeon.
Created in 2013 by international students at KAIST, the conference aims to promote entrepreneurship among students within KAIST as well as those from other nations and to exchange knowledge and experiences in translating technological and scientific innovations into business opportunities.
The KAIST International Student Association (KISA) hosts the conference in partnership with five universities in the Asia-Pacific region: Peking University in China, National Taiwan University in Taiwan, the University of Tokyo in Japan, National University of Singapore, and the University of Queensland in Australia.
This year, four distinguished speakers from the Korean government and private sector will give talks on job creation through science and technology advancement, strategic management of technology, and trends in information technology business.
Participating students will also visit laboratories for electric vehicles being developed by KAIST: Armadilo T and the Online Electric Vehicle (OLEV).
The Armadillo T is a small, light, and agile electric car that folds its body for an efficient use of space. OLEV can be an electric car, bus, or even a high-capacity train, which is recharged wirelessly while on-the-go.
The s tudents will have a Q&A meeting with researchers and discuss a possible business model to commercialize these technologies.
2014.07.30 View 10478 -
KAIST Midam Scholarship Fund Receives the "Proud Yuseong Award"
The Midam Scholarship Fund, one of KAIST's student clubs, received an award from the Yuseong District Office in Daejeon on July 8, 2014.
Selected as the recipient of the second “Proud Yuseong Award,” members of the Midam Scholarship Fund have offered, with seven other Korean universities, their talents and knowledge to teach math and science to underprivileged young middle and high school students.
Established since 2013, the "Proud Yuseong Award" is given to citizens or organizations that have made contributions to the development of the Yuseong community in the past year.
2014.07.14 View 7645