Growing Korea's Innovation Garden (KAIST Lecture 2012)

Growing Korea's Innovation Garden

By Danny Crichton
Fulbright Fellow

Agenda

Fulbright Program
Research
“Growing Korea's Innovation Garden Toward Decentralization in Education and High-Tech Policy”
Travels around Korea

Fulbright Program

Some Facts

Started in 1946 to encourage mutual understanding
First English Teaching Program started in Korea in 1992
Today, the second largest program in the world behind Germany
Today, 8000 grants annually in 155 countries

Fulbright Student Grant

Three Components
Research
Language
Cultural Engagement

Fulbright Student Grant

Three Components
Research
Language
Cultural Engagement

Research

Research Synthesis Innovation Garden

Seeds: Start-Ups

Germination: Growth

Blooming: Success

Wilting: Missed

Tree: Super Success

Start Up Funnel

Rational Innovator Model

Ceteris Paribus...

People are more likely to start a company if:
Probability of Success is Higher
Discounted Cash Flow is Higher
Opportunity Cost is Lower

Innovation Garden Probability of Success

Soil: Policy and Talent

Soil: Policy and Talent

Policy Infrastructure

Intellectual Property
Justice/Court System
Finance System
Start-up-friendly taxes and regulations
Many more...

Finding Talent

Engineers
Business executives
Designers / Artists
Marketers
Managers
Technologists
Salespeople
Accountants
Lawyers
Negotiators
Writers
Translators
Supporters
Many more...

Pollination: Advisers

Silicon Valley Pollinators

Water: Money

Desert: Too Little Money

Flood: Too Much Money

Sunlight: Attention

Pollination: Advisers

Innovation Garden Summary

Seeds as Companies
Soil as Policy and Talent Environment
Bees as Pollinators (Advisers, etc.)
Water as Finance
Sunlight as Attention

Research Application South Korea

Research Observations

Innovation Garden Summary

Seeds as Companies
Soil as Policy and Talent Environment
Bees as Pollinators (Advisers, etc.)
Water as Finance
Sunlight as Attention

One Interesting Statistic

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

Where do the seeds go?

Ranking Data

Brain Drain

CSAT Suneung (수능)

International Students

37% Foreign Born

Languages Spoken At home

Creating Thinkers: Freshman Design Program

Innovation Garden Summary

Seeds as Companies
Soil as Policy and Talent Environment
Bees as Pollinators (Advisers, etc.)
Water as Finance
Sunlight as Attention

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 students)

Benefits

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

Innovation Garden Summary

Seeds as Companies
Soil as Policy and Talent Environment
Bees as Pollinators (Advisers, etc.)
Water as Finance
Sunlight as Attention

About 150 Participants 38 Start-up Ideas

Examples

Examples

Innovation Garden Summary

Seeds as Companies
Soil as Policy and Talent Environment
Bees as Pollinators (Advisers, etc.)
Water as Finance
Sunlight as Attention

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

Innovation Garden Summary

Seeds as Companies
Soil as Policy and Talent Environment
Bees as Pollinators (Advisers, etc.)
Water as Finance
Sunlight as Attention

Research Summary Innovation Garden

Rational Innovator Model

Approach to South Korea

Increase probability of success
Increase expected payout

Agenda

Fulbright Program
Research
“Growing Korea's Innovation Garden Toward Decentralization in Education and High-Tech Policy”
Travels around Korea

Travel Around South Korea

Plus Singapore

10 Quick Photos

My Final Message: Fortune Favors the Bold

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