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Welcome back

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In this session, we are going to talk about

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the sources of the opportunities

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Basically, where do opportunities come from?

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This is our core question

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Let's begin right now

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The first and very important sources for opportunity

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would be technology

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If there is a new technology,

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then we can develop new businesses

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The technological innovation

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leads to business opportunities

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For example, in the early 1940s

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three scientists developed a transistor

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as an early version of a semiconductor

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Thanks to the development of the semiconductor

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we can develop personal computers and microprocessors

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Now, we have AI engines

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With the newly developed AI engines

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we can have tons of new businesses 
that never existed before

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What about AI, VR, and AR?

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There are a lot of new technologies out there

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I want to give you a real example

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His name is Dr. Park Sang-il

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He studied at Stanford University

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During his Ph.D. program

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he developed the world's first atomic force microscope

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It's not just a normal microscope

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It's a very specific nanomicroscope

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He developed this technology and set up the company

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He started manufacturing this microscope

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Now, his company

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Park System

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became the world's second largest 
atomic force microscope company

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Where do business opportunities come from?

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Yes, of course

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His technology

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His development of new technology

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led to new business opportunities

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He said that the technology

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I developed for research could become a valuable tool in the industry as well

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That's why I decided to start my own business instead of being a scientist

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This is a kind of natural source of opportunity

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This is his microscope

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See?

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His device is totally different from a normal microscope

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Other sources for business opportunities could be

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changes in society

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Even though our society doesn't seem to be changing

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it is constantly changing

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For example, the way people live the culture, 
the idea of health

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These things change without recognizing it

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This person thinks that we are living in a time

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when we treat our pets as family members

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of course, if our pets are family members

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then we have to think about our pets' health condition

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Then we need some kind of service for them

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He created Pet Health Care Solutions

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I will show you the product

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This is the product

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Basically, his business idea was that

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we need to check our pet's health condition regularly

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then we can save money and healthcare costs

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It is basically a urine test, like a litmus paper

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Then this product can prevent our pet's health

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What do you think?

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These types of businesses never existed before

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These types of businesses are only available

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if we have a different society

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 What I mean?

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What about the other sources of business opportunities?

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What about the changes in regulations?

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We live in a society governed by the government

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When the regulation changes,

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then business opportunities come out

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For example, if there are environmental regulations

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then recycling

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or renewable energy businesses will be possible

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Look at him

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his name is Mr. Shin

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Actually, he graduated from Hanyang University

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majoring in economics

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After graduation, he started his career at a car company first

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and then later he moved to the banking area

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Then later what happened?

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Our Korean government

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loosened the regulation on the crowdfunding area

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Then he decided to start his own businesses

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on the crowdfunding area

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he started crowdfunding businesses

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Eventually, but there was a regulation at the time

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He can not do the investment-based
crowdfunding businesses

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Anyway, he started a reward-based crowdfunding business

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for the first time, at first

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He launched Wadiz

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Wadiz started as

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a reward-based crowdfunding business 
because of the regulation

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Anyway, in the meantime,

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he tried to change the regulation 
together with the government

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to secure the possibility of 
investment-based crowdfunding businesses

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Anyway, it took about, I think, two years

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Then later what happened?

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Finally, his businesses became

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largest investment-based crowdfunding 
companies in Korea

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Remember, his business is Wadiz

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It is all because of the changes in regulation

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Let's move on to other sources of business opportunities

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Yes, it's an unexpected event

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If we have unexpected events such as natural disaster

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or the outbreak of the war,

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then we can have business opportunities

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For example, with World War II

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the world shipbuilding industry boomed

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What an irony

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Look at him

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He developed a team collaboration tool

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The tool's name was Jandi

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It was very similar to the service to Slack

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Have you heard about Slack?

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It's one of the global team collaboration tools

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Anyway, in the meantime,

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when he tried to develop this service

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COVID-19 came out

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So many people were quarantined, of course

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Then the use of the team collaboration tool

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became very important

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Because of the remote work during COVID-19

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After that, what happened?

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These businesses grew

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dramatically with the government support

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Jandi became Asia's leading collaboration tool

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Anyway, the unexpected external event

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can lead to great business opportunities

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this is Jandi as a team collaboration tool

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If we had a job at a big company,

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probably you can use these types of services

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 these types of tools

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Let's move on to another source of business opportunity

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What about the new resources?

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If new resources are developed, such as

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shale gas in America,

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it becomes a new opportunity for sure

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Look at him

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He is Yoo Young Seok

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And he developed cryptocurrency exchange

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And what about the cryptocurrency?

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Recently, with the development of the cryptocurrency

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people made transactions

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And they need, of course, exchanges

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This guy saw the trend very quickly

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And he quickly created the exchange

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for the first time in Korea

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The exchange name was Kobi

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Then later on, this exchange was very successful

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And he sold it to one of the big gaming companies

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in Korea for a huge amount of money

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The new resources lead to the business opportunities

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Let me summarize

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There are several sources of the opportunity

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First, new technology, of course

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Do you remember Parker Systems

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which is the atomic forces microscope?

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He developed the technology

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when he was a PhD student at Stanford University

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What about change in the lifestyle or society?

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so people changed their thought about their pet

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So that's why the FitPet was created

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FitPet was the health service for your pets

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And what about changes in regulation?

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If the government changed their regulations

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there could be new opportunities,

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new business opportunities

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The example was investment-based crowdfunding businesses,

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which is Wadiz

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And what about unexpected events?

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If there is an unexpected event

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we can come up with new business ideas,

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new business opportunities

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So the example was Jandi as a collaboration tool

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And Jandi was growing

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significantly during the COVID-19

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And what about new resources?

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New resources lead to great business opportunities

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In this session,

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I gave you some cryptocurrency as new resources

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One guy created some exchange

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and he made tons of money

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and he became the billionaire overnight

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Let's move on to the other types of business resources

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In the regular class, I categorized

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the sources of the business opportunity

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into kind of four different types

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Before we go into these

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four different types of business resources

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I want to give you some of the interesting examples

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Look at this example first

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This guy was waiting for the bus at the Boston,

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South Station in December 2006

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Then he thought that

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during the four hours ride from the Boston to Manhattan

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I can do the job,

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because he was a programmer at the time

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He had a plan to work on programming

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programming the project, during the four-hour ride

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He found out that

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he left his USB thumb drive at his apartment

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Oh my God, his plan was collapsed

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Probably he felt very upset

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Then he come up with

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a new idea related to his current mistake

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His idea was, wait a minute

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What if we can save our important file on the cloud?

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Then we don't have to bring 
the USB thumb drive all the time

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And we don't have to worry about 
these physical devices

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Wow, it's a great idea

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Let's develop online storage businesses

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This business was what?

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This business was the Dropbox

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And the guy who feel

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he suffered from his mistake was Drew Houston

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After development of the Dropbox businesses

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Drew Houston became the billionaire at his young age

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I want to give you another example

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After the graduation of the college

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she spent several years working 
in the business consulting company

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Think about, she became the consultant

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in kind of McKinsey or AT Coney, something like that

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Did you meet any consultant in your life?

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Consultants wear the kind of 
business suit and formal suit

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And consultants kind of export, in their field

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And also, they are really busy to 
conduct some kind of research

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and prepare for the solution for their client, 
something like that

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Basically, she didn't have time to 
go shopping for her clothes

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Although she should wear the formal suit every day

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She need a kind of formal suit

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But basically, she didn't have any time to go there

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go to shopping for her suit

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And she thought that, it is not only my problem

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Probably, there are other people, other, working women

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who share the similar problems

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Wait a minute

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I can come up with a new solution

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She created an online company called LaFleur

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Look at the news clip together

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In the news, the founder

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explained the concept of the new business ideas very well

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Let's watch together

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How about the businesses?

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And how about the online storage businesses, 
which is Dropbox

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This is fashion-related online company such as LaFleur

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What do you think?

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Where do these business opportunities come from?

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Where?

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Technology?

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Or new resources?

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Regulations?

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Or what?

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These ideas, these opportunities come from our own real life

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In our real life, there are a lot of pain points

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The founders focus on pain points

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They are very observant

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and they are very sensitive to their pain points

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They try to come up with some solution 
related to their pain points

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In this case, the pain points are the problems

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Problems from the real life

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Where do business opportunities come from?

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The business opportunities come from your real life

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How to find out our problems?

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We need to focus on our real life first

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You can do it

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First thing to do,

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you need to find out what's bugging you in your real life

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Second one, and you need to choose one, only one

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You need to choose one that you are passionate about solving

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Because you have many problems

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Many things bug you every day

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But you need to choose only one

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Because we have limited energies and limited capability

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Then later, what are you going to do?

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You need to try to come up with a solution 
related to the kind of pain point

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I want to give you an example

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You may lose many things

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And losing your keys, losing your cell phone and losing your wallet

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losing your items feels like losing your mind

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I really hate losing my valuable items

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This is my pain point

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this is our pain point in our real life

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What could be solutions?

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How to solve this problem?

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It's kind of a mental problem

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You forgot everything

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What do you think?

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What could be the solution?

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One of the startups came up with kind of a new solution

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which is tracking devices

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This company was Tile

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Tile is a startup that offers small

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and square tracking devices for just $20

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You can put the Tile on each valuable item

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You can attach this Tile to your cell phone

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You can attach this Tile to your wallet, something like that

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If you lose your keys or if you lose your cell phone

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then you can simply track your devices 
throughout your cell phone

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Thanks to the development of these new types of services

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Tile successfully raised $25 million in funding recently

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Which is very successful

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And what about other problems in your life?

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It's weight loss

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Weight loss is a problem

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I always fail to lose my weight

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Think about it

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I always have a plan to lose my weight, 
at least just 10% of them

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but I always fail

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00:20:17.120 --> 00:20:21.540
the failure of the weight loss makes me frustrated

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00:20:21.540 --> 00:20:26.000
Oh, my God I fail again

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My weight gain again

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00:20:28.660 --> 00:20:30.501
Something like that

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How to solve this problem?

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00:20:35.760 --> 00:20:39.060
Don't eat too much, it is kind of mentally

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It is education

321
00:20:40.920 --> 00:20:42.980
No, it is not very helpful

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One of the pharmaceutical companies developed a new idea

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This is kind of a medicine

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00:20:50.960 --> 00:20:52.760
Have you heard about the Wigovy?

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it's working very well

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Recently, Elon Musk took this Wigovy treatment

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and then he lost his weight

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00:21:03.320 --> 00:21:05.000
And many people asked him

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What is the key secret to lose your weight?

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Elon Musk said that exercise and Wigovy

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This Wigovy

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In order to get treatment from the Wigovy

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00:21:18.000 --> 00:21:20.320
you should pay

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00:21:20.320 --> 00:21:23.000
It is very expensive, though, very expensive

335
00:21:23.000 --> 00:21:26.000
And also, you need to take this Wigovy

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00:21:26.000 --> 00:21:29.240
I think, at least one year

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00:21:29.240 --> 00:21:32.140
one year later, I think 10%

338
00:21:32.140 --> 00:21:36.000
10% weight loss guarantees

339
00:21:36.000 --> 00:21:39.380
Anyway, it is working perfect, but expensive, though

340
00:21:39.400 --> 00:21:41.240
And also, there is a side effect

341
00:21:41.240 --> 00:21:44.300
You should be very careful for the side effect

342
00:21:44.300 --> 00:21:50.200
Anyway, this is kind of a solution from your real-life pinpoint

343
00:21:50.200 --> 00:21:54.220
Again, it is a business opportunity 
from your real-life pinpoint

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Other startups redefined this failure 
of the weight loss problem

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00:22:01.360 --> 00:22:07.420
as failure of monitoring weight problems

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00:22:07.520 --> 00:22:11.000
According to the startup

347
00:22:11.000 --> 00:22:15.180
if the people regularly monitor their body size

348
00:22:15.180 --> 00:22:18.720
then they were able to lose their weight very well

349
00:22:18.720 --> 00:22:24.260
That's why the company came up 
with new types of devices

350
00:22:24.260 --> 00:22:27.800
which is very related to the normal belt

351
00:22:27.800 --> 00:22:31.000
But this belt is not just a normal belt

352
00:22:31.000 --> 00:22:32.380
This is a smart belt

353
00:22:32.380 --> 00:22:35.939
Let's watch the Kickstarter movie together

354
00:22:41.280 --> 00:22:43.260
What do you think?

355
00:22:43.260 --> 00:22:44.720
Isn't it interesting?

356
00:22:44.720 --> 00:22:48.000
In the belt head

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00:22:48.000 --> 00:22:54.000
inside there is kind of electric devices 
connected to your cell phone

358
00:22:54.000 --> 00:22:57.000
when you wear the belt

359
00:22:57.000 --> 00:23:02.000
you can easily monitor your body size, wrist size

360
00:23:02.000 --> 00:23:04.000
Every minute

361
00:23:04.000 --> 00:23:07.700
It will be very helpful for you to lose your weight

362
00:23:07.700 --> 00:23:13.280
And the founder of this company was a medical doctor

363
00:23:13.740 --> 00:23:19.000
He had a great knowledge about health

364
00:23:22.020 --> 00:23:27.000
This company successfully attracted people's attention

365
00:23:28.400 --> 00:23:34.160
and also received the innovation award from Vegas

366
00:23:34.160 --> 00:23:36.040
CES Vegas 2020

367
00:23:36.040 --> 00:23:38.560
So far, so good, great

368
00:23:38.560 --> 00:23:42.200
Where did the business opportunity come from?

369
00:23:42.680 --> 00:23:43.480
Yes, of course

370
00:23:43.480 --> 00:23:46.620
In our pain point from our real life

371
00:23:47.140 --> 00:23:49.340
Let's stop here

372
00:23:49.340 --> 00:23:53.540
We will continue the discussion about

373
00:23:53.540 --> 00:23:55.980
the sources of opportunity again

374
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in the next chapter