Gangnam-gu, the dynamic district synonymous with innovation and dreams, has embarked on a groundbreaking journey to bolster its thriving startup ecosystem. With a strategic focus on fostering entrepreneurship and enabling global expansion, the district has launched a series of initiatives aimed at propelling its startups onto the international stage.
In 2023, the Venture Business Association, in collaboration with Gangnam-gu, unveiled the ‘Global Startup Investment Briefing (IR) Activation Project.’ Building on its success, the 2024 edition of the project was launched, featuring some enterprising Korean startups.
Gangnam Global Roadshow: A Unique Acceleration Program
The 2024 Gangnam Global Roadshow, organized in partnership with beSUCCESS Media Group and the Korea Venture Business Association (KOVA), selected 12 innovative Korean startups to receive mentorship from leading investors in the USA and Singapore. This acceleration program, running from June 26 to August 7, 2024, offers weekly one-on-one online sessions with global mentors, designed to refine the startups’ pitching and presentation skills. The startups present their pitches within a restricted time frame, receiving feedback on significant aspects under marketability, innovation, and scalability.
Singapore Mentorship: Insights from Adrian Hia
The Singapore mentorship sessions, held on June 26, July 3, July 10, and July 17, were led by Adrian Hia, a highly driven individual with wide experience in cross-border investments within China and Southeast Asia. Recognized by Forbes 30 Under 30 and Tatler Asia’s Most Influential, he has seen more than 2,000 tech companies across Asia, invested in more than 18 companies and completed one of the biggest tech exits in Southeast Asia. His experience in tech companies span across multiple verticals such as B2B SaaS, fintech, e-commerce, retail, logistics, and AI. Adrian possesses diverse skill sets and know-hows, equipped with the experience of building a company and team from scratch to exit. Personally, Adrian is committed to economic empowerment and education for the underprivileged.
Three Korean startups were chosen for the mentorship sessions with Adrian include:
- Specter: The startup operates a talent verification platform offering a game-changing solution that enables companies to verify candidate references in 10 seconds.
- NadooModoo: The startup offers an innovative solution that simplifies the creation of internal software for enterprises, aiming to streamline data management and enhance workflow automation.
- Sherpas: The innovative company founded in 2023, leverages artificial intelligence to streamline the management of Software as a Service (SaaS) and IT devices with its cutting-edge platform, SMPLY.
Mentorship Approach and Impact
For the four sessions as a mentor for the Gangnam Global Roadshow, Adrian Hia provided valuable insights to the three enterprising Korean startups, who shared their products and services through detailed presentations. Adrian helped the startup founders refine their pitches and gave advice on market expansion to Southeast Asia and Singapore.
Adrian Hia’s feedback encompassed various aspects tailored to each startup’s unique context. For Specter, he praised their solution for improving hiring processes through quick and accurate reference checks, emphasizing the importance of speed to market, creating a flywheel effect to fend off larger competitors, and leveraging the team’s English proficiency for expansion into Singapore.
For NadooModoo, Adrian acknowledged their innovative solution but stressed the necessity of a sophisticated and tech-savvy user base, advising on a go-to-market (GTM) strategy that includes a developer or partner network and highlighting the need for a clear understanding of their current user persona and ongoing product-market fit (PMF) process.
Regarding Sherpas, he found their product easy to understand and relevant to growing pain points for businesses and individuals, noting the low barrier to entry and stressing the importance of an aggressive and fast GTM strategy, focusing on user acquisition through network effects with revenue generation secondary until the user base is strong enough for customer stickiness.
Additionally, Adrian provided practical recommendations on revenue generation, cost savings, and distribution strategies, suggesting Specter focus on potential revenue streams and competitor analysis, NadooModoo refine their GTM strategy based on a clear understanding of their ideal customer persona, and Sherpas keep operational costs low while designing a user acquisition strategy with a strong network effect.
Adrian Hia’s mentorship has had a profound impact on the participating startups, equipping them with the tools and insights needed to navigate the complexities of the global market. His strategic advice and feedback have been instrumental in shaping the startups’ approaches to pitching, market expansion, and investment opportunities. As a seasoned growth investor and advisor, Adrian continues to play a pivotal role in fostering the growth of innovative startups and driving global entrepreneurial success.
Future Prospects
The Gangnam Global Roadshow exemplifies Gangnam-gu’s commitment to nurturing innovation and supporting startups in their global endeavors. By connecting Korean startups with international mentors and investors, the district is paving the way for these companies to thrive on the world stage. As the 2024 edition progresses, participating startups are poised to refine their strategies, attract investment, and expand their global footprint, reinforcing Gangnam-gu’s reputation as a hub of innovation and entrepreneurship.
With the invaluable insights and mentoring sessions, the nine startups are poised to face offline pitching sessions in the USA in October. The nine startups will also be participating in beSUCCESS Media Group’s publication KoreaTechDesk’s Virtual Demo Day on August 14, where they will have the opportunity to network and pitch for funding to prominent investors and VCs from the USA and Singapore. Please follow this space for more information.
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