Steve Jobs, South Korea and the Search for Innovation (Fulbright Forum 2012 Lecture)

Steve Jobs, South Korea and the Search for Innovation

By Danny Crichton
Fulbright Junior Researcher

What do You Think?

Agenda

Innovation
Silicon Valley
South Korea

Agenda

Innovation
Silicon Valley
South Korea

What is Innovation?

Innovation = Value Added

What is Creativity?

Develop a Solution using Tools and within Constraints

Empowering

Stop Searching!

What is an Innovation Hub?

Economic Clusters

Innovation Hub = High-Tech, High Growth

Problem

Agenda

Innovation
Silicon Valley
South Korea

What is Silicon Valley?

Numbers

Population: 3 Million
Jobs: 1,330,846
Avg. Earnings: $86,540

Diverse

37% Foreign Born

Languages Spoken At home

Educated

43% have degrees

Bountiful Environment

Vibrant Economy

Thinking about Innovation Hubs

People
Spatial Geography
Environment
Economic/Corporate
Culture/Society

Which of these factors are necessary conditions?

Where did Silicon Valley come from?

Well.....

4 Theories + 1 Bad Idea

Was it Military Funding?

Solution: Lots of Money

Was it Organizational?

Solution: Break-up Large Firms

Was it Education?

Solution: Build World-Class Universities

Was it Culture?

Solution: Well, that’s tricky

One Bad Idea

Was it Red Roofs?

Solution: Just...no

So many theories...

One Good Idea: An Accident of History

One more thing...

What exactly is Silicon Valley?

A High-Growth Region

Agenda

Innovation
Silicon Valley
South Korea

Numbers

Population: 48,875,000
Employment: 25,210,000 employees
GDP: $1.01 trillion (2010)
Per Capita GDP: ~$21,000

One Interesting Statistic

“In 2011 [...] out of 300 teams that applied to the JFDI-Innov8 2012 bootcamp, none were from Korea.”

South Korea

Education (KAIST)
Ecosystem (Start-ups)
Future

Higher Education and KAIST

Big Picture: Quality

Ranking Data

Brain Drain

Centralized Control

Up-Close: Educating Students

Admissions: Searching for Talent

CSAT Suneung (수능)

Major Point: Arms Race

Applying to College

수시 Admissions

KAIST Admissions

Holistic

Problem: Three Groups

1: International Students

1

2: Korean Science HS

3: “Normal” Korean Students

Creating Thinkers: Freshman Design Program

Creating Thinkers: Major Choices

Major Choices

Top Student Concerns

Creating Thinkers: Extracurriculars

SPARCS

SPARCS

SPARCS Activities

Runs Course Management Software for KAIST
Holds Seminars: 334 seminars since 1993
Alumni: 262 members since 1988 (~12 a year admitted)

Creating Thinkers: Corporate Programs

Corporate Relations

Samsung Clubs

Goal: Talent Development

Numbers

Samsung Electronics:
8 clubs
sGen Club: 52 students (20 High School student)

Benefits

4 Projects, 2 Years
Mentorship
Free Laptop
Club Lounge
Salary: 100,000₩ per month
95% Selection for Full-time

South Korea

Education (KAIST)
Ecosystem (Start-ups)
Future

Startup Weekend

About 150 Participants 38 Start-up Ideas

Examples

Examples

Start-Up Ecosystem: Venture Capital

Numbers

Number of Firms: 116
Number of Funds: 419
Amount of Funds: 9492.5 billion Won

Venture Capital Targets

Venture Capital Stage

Comparison

Success Story: TicketMonster

Founded 2010 Exited Sept. 2011 $350 Million Deal 600 Employees

However...

Ecosystem Problems

Difficult to Start Companies
First-mover Problem
No mentors
Exit Opportunities Unclear
Difficult Career Path

South Korea

Education (KAIST)
Ecosystem (Start-ups)
Future

Key Point: Start with What You Have

Tentative Conclusions

Chaebol are Crucial

Higher Education is a Mess

Korean Culture is Ready

Questions?

Discussion

Have a comment? Feel free to leave a reply using Discourse. Please try to keep comments civil, or they may have to be edited. ~Danny