So you have a brilliant idea but don’t really know how to take it to the next level? That is the main problem for most early startups. In Korea there has been a huge growth in startups. Korean startups are springing up weekly and sometimes daily. Here are some tips for early Korean startups to get them from point A (idea) to point B (launch).
1. Start as soon as possible.
Korean startups are growing fast and if you think your idea is original think again. There is another young Korean entrepreneur waiting to beat you to it. Especially in Korea, ideas are easily stolen (maybe they learn from Samsung) so it is better to start asap. Get the first line of code, sketch the design and make a prototype, and get the domain name. All that shouldn’t take more than a few weeks and will cost very little money.
2. Get a competent Korean Attorney.
Korean law is very different from laws in other countries so it is very important to find a smart Korean Attorney right away. Korean Attorneys are more helpful and are willing to work for a small percentage of the company. They expertise in Korean law loopholes will come in handy in navigating through the Korean business world.
3. Hire remote contract workers.
Korean startups look outside of Korea to hire staff early in their startup. Why? Not only are they cheap but you don’t want to focus too much of your companies assets on staff. Why not hire 2-3 workers in India or China rather than in Korea. Also remember to make them contract workers which will lead to less headache when you need to let them go.
4. Find at least one Co-Founder that is fluent in Korean.
Korean VCs are more likely to invest in a TEAM not an individual. 2-3 would be ideal (with at least one being able to speak fluently in Korea)… as long as their is some short of hierarchy. Cofounders can also give different perspectives and analysis.
5. Don’t focus on money.
If your product or service is good. Money will come. Korea is the perfect place to start a startup because there is money everywhere. The Korean Government, investors, VCs, accelerators, incubators, you name it. Startups focus should be on everything except money.