{"id":20956,"date":"2016-04-24T20:41:05","date_gmt":"2016-04-25T00:41:05","guid":{"rendered":"https:\/\/www.wework.com\/creator\/?p=20956"},"modified":"2020-04-03T17:58:36","modified_gmt":"2020-04-03T21:58:36","slug":"new-york-entrepreneurs-forge-bonds-korean-millennials","status":"publish","type":"post","link":"https:\/\/www.wework.com\/ideas\/community-stories\/member-spotlight\/new-york-entrepreneurs-forge-bonds-korean-millennials","title":{"rendered":"New York entrepreneurs forge bonds with Korean millennials"},"content":{"rendered":"\n

During the five years David and Charlotte Cho lived in South Korea, friends and family were always asking them to bring back their favorite beauty products when they visited California. Turns out they loved the local brands, but couldn\u2019t find them anywhere they shopped in the U.S.<\/p>\n\n\n\n

Surprised that no entrepreneur had hit upon the idea of importing the sought-after skincare lines, the Chos founded Soko Glam<\/a> in Seoul but focused on the U.S. market. Their company immediately took off, garnering great reviews in fashion magazines like Allure<\/em> and Marie Claire<\/em>.<\/p>\n\n\n\n

Charlotte eventually quit her job at Samsung in Seoul, David finished his service in the U.S. Army, and they moved to New York City in 2013 to focus on gaining traction for their startup.<\/p>\n\n\n\n

As they talked with more people, it turned out that starting a company is still considered to be a risky move in South Korea. Things are slowly changing, but the mindset is that it\u2019s a safer bet to get a good job at an established corporation.<\/p>\n\n\n\n

So the Chos decided to encourage would-be entrepreneurs by providing internships for college students born in Korea. David Cho says he emphasizes that they\u2019re going to get hands-on experience.<\/p>\n\n\n\n

\u201cI tell them, \u2018You\u2019re not going to come here and make coffee and print copies,\u2019\u201d Cho says. \u201c\u2018You\u2019re going to do real work. I want to give you a real startup experience.\u2019\u201d<\/p>\n\n\n\n

Cho, a WeWork NoMad<\/a> member, recalls a conversation he had with a few of his interns in their early twenties. They said they couldn\u2019t join a startup because they\u2019d never be able to get married.<\/p>\n\n\n\n

\u201cThey care so much about what job they\u2019re going to have,\u201d Cho says. \u201cNot for the title, but because they think, \u2018I want to get married. I can\u2019t get a proper girlfriend if I don\u2019t have a job. Nobody is going to marry me if I don\u2019t have money to get an apartment.\u2019\u201d<\/p>\n\n\n\n

The positive feedback he\u2019s received from interns is enough to keep them reaching out to the younger generation in Seoul. It\u2019s an eye-opening experience for them because most had never worked at a startup.<\/p>\n\n\n\n

Cho\u2019s advice is simple: \u201cBottle up that feeling when you go back to Korea.\u201d<\/p>\n\n\n\n

Building bridges<\/strong><\/h2>\n\n\n\n

Other entrepreneurs are also building bridges between Seoul and New York City. Young Kim\u2019s startup Kicea<\/a>, which has space in WeWork Times Square<\/a>, provides internships and skills training for students in Korea.<\/p>\n\n\n\n

The program aims to give Koreans a sense of the U.S. job market, even if they end up working for a multinational corporation in Seoul. He says it\u2019s a struggle to try to break out of the mold when you\u2019re a millennial in South Korea.<\/p>\n\n\n\n

\u201cMany students want to get a job at a conglomerate in Korea because of safety and security, but I want to expand their horizon in terms of professionalism,\u201d he says. \u201cI don\u2019t want them to be dedicated to just getting a job at a conglomerate. I think Kicea could help them open their eyes.\u201d<\/p>\n\n\n\n

Seoul-born MJ Kim, founder of 3Claps<\/a>, a fashion-forward children\u2019s clothing company, says many older Koreans are still wary about their children striking out on their own.<\/p>\n\n\n\n

\u201cMy father\u2019s generation had a bad image of startups because they see having investors as losing shares,\u201d he says. \u201cBut what they didn\u2019t understand is you\u2019ve got to give up something to grow to the next level. Korean startups are starting to understand that.\u201d<\/p>\n\n\n\n

Kim says it helps that government programs are popping up that promote newly launched businesses.<\/p>\n\n\n\n

\u201cThe Korean government is pushing a policy of changjo gyungjae<\/em>, or \u2018creative economy,\u2019 that puts money towards entrepreneurs who are starting creative businesses,\u201d he says.<\/p>\n\n\n\n

\"Sang<\/figure><\/div>\n\n\n\n

South Korea\u2019s startup culture is still less than a decade old, points out Sang Lee, founder of DarcMatter<\/a>, a technology platform for asset managers. As salaries at startups have risen, parental pressure to take more secure jobs at established companies has diminished.<\/p>\n\n\n\n

\u201cA broader stigma of being in a startup has been lifted, and the lifting occurred because more startups can pay close to market salaries in Korea,\u201d Lee says. \u201cFive years ago, it was pretty much impossible for Korean startups beyond co-founders to survive without pay.\u201d<\/p>\n\n\n\n

What also helps foster camaraderie in South Korea\u2019s startup scene is removing the emphasis on traditional work hierarchies and instead focusing on being part of a team.<\/p>\n\n\n\n

\u201cI always tell Koreans they should get rid of titles at companies,\u201d says Lee, a WeWork Chelsea<\/a> member. \u201cIn Korea, people think CEO and founders are very important, but a lot less emphasis is placed on how important the team really is.\u201d<\/p>\n\n\n\n

Photo: Lauren Kallen<\/p>\n","protected":false},"excerpt":{"rendered":"

During the five years David and Charlotte Cho lived in South Korea, friends and family were always asking them to bring back their favorite beauty products when they visited California. Turns out they loved the local brands, but couldn\u2019t find them anywhere they shopped in the U.S. Surprised that no entrepreneur had hit upon the idea of […]<\/p>\n","protected":false},"author":917,"featured_media":34770,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[43903,43911],"tags":[],"class_list":["post-20956","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-community-stories","category-member-spotlight"],"acf":[],"yoast_head":"\nNew York entrepreneurs forge bonds with Korean millennials<\/title>\n<meta name=\"description\" content=\"The startup culture is beginning to take hold in South Korea, and New York business owners are giving young entrepreneurs there a helping hand.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, 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