Facebook is looking to start a movement with their startup for women training problem titled #SheMeansBusiness in Seoul. It was launched at the Song Eun Art Space on October 25th with the goal of sharing marketing techniques used by Facebook as well as Instagram with over 500 female startup entrepreneurs in South Korea. The program is not just for Korea, Facebook launched the movement in March of this year to celebrate International Women’s Day and so far have gone to 13 countries with Korea being one of them.
Why is Facebook doing this? Many Korean startups might have noticed that when you go to startup events there are far more men than woman. Pitching competitions in Seoul usually are dominated by men. For every 4 men, there might be 1 women at these events, especially when it comes to tech. High-tech industries in Korea have traditionally been dominated by men. Facebook is looking to chance this with the #SheMeansBusiness program.
Having more female entrepreneurs in Korea can go a long way in giving future female generations the confidence that they too can succeed and become a successful entrepreneur. Facebook feels that female startup entrepreneurs are better than males when it comes to sympathizing with people. This is a great characteristic for promoting their products and services int he form of storytelling. Having a female perspective is crucial since females are half the market.
However, many female entrepreneurs have faced an uphill battle when it comes to getting their startup funded. There are very few female VCs in Korea and female investors in general. Female entrepreneur business ideas are usually targeted for women which would make it very difficult to sell the idea to a male investor. A female entrepreneur might have a great idea for females but men might not realize this. Men need to listen closely to these female business ideas. TechCrunch recently did research on this and found that startups with five or more women in high levels positions increased the companies success rate by 61%. Women-led technology companies are also more efficient with their capital by having a higher return on investment by 35%.
A great way for female entrepreneurs to get into the startup scene would be with South Korean Fashion which includes cosmetics, clothes, and skincare products. This movement is called the “Korean Wave” and can be found on Instagram and Facebook throw images and videos on K-Beauty. Female entrepreneurs ideas will be heavily relied upon in this industry and you can see the pathway for many future successful Korean female entrepreneurs coming out of this sector.
The days of leaders with strong figures leading with their egos in Korea are done. One person can not dictate everything. The male dominated conglomerate ideology is quickly dying. A good leader listens to others and takes their input seriously and change their companies direction with the information provided.
Korean women need to break tradition and be more courageous and promote themselves. If they have a great idea they shouldn’t feel uncomfortable or scared to share it with their colleagues. If they don’t feel confident in sharing their ideas they need to find like-minded people who will support them and bring their ideas to life. Facebook has opened the gateway now Korean women need to walk through it…