Welcome back
In this session, we are going to talk about
the sources of the opportunities
Basically, where do opportunities come from?
This is our core question
Let's begin right now
The first and very important sources for opportunity
would be technology
If there is a new technology,
then we can develop new businesses
The technological innovation
leads to business opportunities
For example, in the early 1940s
three scientists developed a transistor
as an early version of a semiconductor
Thanks to the development of the semiconductor
we can develop personal computers and microprocessors
Now, we have AI engines
With the newly developed AI engines
we can have tons of new businesses that never existed before
What about AI, VR, and AR?
There are a lot of new technologies out there
I want to give you a real example
His name is Dr. Park Sang-il
He studied at Stanford University
During his Ph.D. program
he developed the world's first atomic force microscope
It's not just a normal microscope
It's a very specific nanomicroscope
He developed this technology and set up the company
He started manufacturing this microscope
Now, his company
Park System
became the world's second largest atomic force microscope company
Where do business opportunities come from?
Yes, of course
His technology
His development of new technology
led to new business opportunities
He said that the technology
I developed for research could become a valuable tool in the industry as well
That's why I decided to start my own business instead of being a scientist
This is a kind of natural source of opportunity
This is his microscope
See?
His device is totally different from a normal microscope
Other sources for business opportunities could be
changes in society
Even though our society doesn't seem to be changing
it is constantly changing
For example, the way people live the culture, the idea of health
These things change without recognizing it
This person thinks that we are living in a time
when we treat our pets as family members
of course, if our pets are family members
then we have to think about our pets' health condition
Then we need some kind of service for them
He created Pet Health Care Solutions
I will show you the product
This is the product
Basically, his business idea was that
we need to check our pet's health condition regularly
then we can save money and healthcare costs
It is basically a urine test, like a litmus paper
Then this product can prevent our pet's health
What do you think?
These types of businesses never existed before
These types of businesses are only available
if we have a different society
What I mean?
What about the other sources of business opportunities?
What about the changes in regulations?
We live in a society governed by the government
When the regulation changes,
then business opportunities come out
For example, if there are environmental regulations
then recycling
or renewable energy businesses will be possible
Look at him
his name is Mr. Shin
Actually, he graduated from Hanyang University
majoring in economics
After graduation, he started his career at a car company first
and then later he moved to the banking area
Then later what happened?
Our Korean government
loosened the regulation on the crowdfunding area
Then he decided to start his own businesses
on the crowdfunding area
he started crowdfunding businesses
Eventually, but there was a regulation at the time
He can not do the investment-based crowdfunding businesses
Anyway, he started a reward-based crowdfunding business
for the first time, at first
He launched Wadiz
Wadiz started as
a reward-based crowdfunding business because of the regulation
Anyway, in the meantime,
he tried to change the regulation together with the government
to secure the possibility of investment-based crowdfunding businesses
Anyway, it took about, I think, two years
Then later what happened?
Finally, his businesses became
largest investment-based crowdfunding companies in Korea
Remember, his business is Wadiz
It is all because of the changes in regulation
Let's move on to other sources of business opportunities
Yes, it's an unexpected event
If we have unexpected events such as natural disaster
or the outbreak of the war,
then we can have business opportunities
For example, with World War II
the world shipbuilding industry boomed
What an irony
Look at him
He developed a team collaboration tool
The tool's name was Jandi
It was very similar to the service to Slack
Have you heard about Slack?
It's one of the global team collaboration tools
Anyway, in the meantime,
when he tried to develop this service
COVID-19 came out
So many people were quarantined, of course
Then the use of the team collaboration tool
became very important
Because of the remote work during COVID-19
After that, what happened?
These businesses grew
dramatically with the government support
Jandi became Asia's leading collaboration tool
Anyway, the unexpected external event
can lead to great business opportunities
this is Jandi as a team collaboration tool
If we had a job at a big company,
probably you can use these types of services
these types of tools
Let's move on to another source of business opportunity
What about the new resources?
If new resources are developed, such as
shale gas in America,
it becomes a new opportunity for sure
Look at him
He is Yoo Young Seok
And he developed cryptocurrency exchange
And what about the cryptocurrency?
Recently, with the development of the cryptocurrency
people made transactions
And they need, of course, exchanges
This guy saw the trend very quickly
And he quickly created the exchange
for the first time in Korea
The exchange name was Kobi
Then later on, this exchange was very successful
And he sold it to one of the big gaming companies
in Korea for a huge amount of money
The new resources lead to the business opportunities
Let me summarize
There are several sources of the opportunity
First, new technology, of course
Do you remember Parker Systems
which is the atomic forces microscope?
He developed the technology
when he was a PhD student at Stanford University
What about change in the lifestyle or society?
so people changed their thought about their pet
So that's why the FitPet was created
FitPet was the health service for your pets
And what about changes in regulation?
If the government changed their regulations
there could be new opportunities,
new business opportunities
The example was investment-based crowdfunding businesses,
which is Wadiz
And what about unexpected events?
If there is an unexpected event
we can come up with new business ideas,
new business opportunities
So the example was Jandi as a collaboration tool
And Jandi was growing
significantly during the COVID-19
And what about new resources?
New resources lead to great business opportunities
In this session,
I gave you some cryptocurrency as new resources
One guy created some exchange
and he made tons of money
and he became the billionaire overnight
Let's move on to the other types of business resources
In the regular class, I categorized
the sources of the business opportunity
into kind of four different types
Before we go into these
four different types of business resources
I want to give you some of the interesting examples
Look at this example first
This guy was waiting for the bus at the Boston,
South Station in December 2006
Then he thought that
during the four hours ride from the Boston to Manhattan
I can do the job,
because he was a programmer at the time
He had a plan to work on programming
programming the project, during the four-hour ride
He found out that
he left his USB thumb drive at his apartment
Oh my God, his plan was collapsed
Probably he felt very upset
Then he come up with
a new idea related to his current mistake
His idea was, wait a minute
What if we can save our important file on the cloud?
Then we don't have to bring the USB thumb drive all the time
And we don't have to worry about these physical devices
Wow, it's a great idea
Let's develop online storage businesses
This business was what?
This business was the Dropbox
And the guy who feel
he suffered from his mistake was Drew Houston
After development of the Dropbox businesses
Drew Houston became the billionaire at his young age
I want to give you another example
After the graduation of the college
she spent several years working in the business consulting company
Think about, she became the consultant
in kind of McKinsey or AT Coney, something like that
Did you meet any consultant in your life?
Consultants wear the kind of business suit and formal suit
And consultants kind of export, in their field
And also, they are really busy to conduct some kind of research
and prepare for the solution for their client, something like that
Basically, she didn't have time to go shopping for her clothes
Although she should wear the formal suit every day
She need a kind of formal suit
But basically, she didn't have any time to go there
go to shopping for her suit
And she thought that, it is not only my problem
Probably, there are other people, other, working women
who share the similar problems
Wait a minute
I can come up with a new solution
She created an online company called LaFleur
Look at the news clip together
In the news, the founder
explained the concept of the new business ideas very well
Let's watch together
How about the businesses?
And how about the online storage businesses, which is Dropbox
This is fashion-related online company such as LaFleur
What do you think?
Where do these business opportunities come from?
Where?
Technology?
Or new resources?
Regulations?
Or what?
These ideas, these opportunities come from our own real life
In our real life, there are a lot of pain points
The founders focus on pain points
They are very observant
and they are very sensitive to their pain points
They try to come up with some solution related to their pain points
In this case, the pain points are the problems
Problems from the real life
Where do business opportunities come from?
The business opportunities come from your real life
How to find out our problems?
We need to focus on our real life first
You can do it
First thing to do,
you need to find out what's bugging you in your real life
Second one, and you need to choose one, only one
You need to choose one that you are passionate about solving
Because you have many problems
Many things bug you every day
But you need to choose only one
Because we have limited energies and limited capability
Then later, what are you going to do?
You need to try to come up with a solution related to the kind of pain point
I want to give you an example
You may lose many things
And losing your keys, losing your cell phone and losing your wallet
losing your items feels like losing your mind
I really hate losing my valuable items
This is my pain point
this is our pain point in our real life
What could be solutions?
How to solve this problem?
It's kind of a mental problem
You forgot everything
What do you think?
What could be the solution?
One of the startups came up with kind of a new solution
which is tracking devices
This company was Tile
Tile is a startup that offers small
and square tracking devices for just $20
You can put the Tile on each valuable item
You can attach this Tile to your cell phone
You can attach this Tile to your wallet, something like that
If you lose your keys or if you lose your cell phone
then you can simply track your devices throughout your cell phone
Thanks to the development of these new types of services
Tile successfully raised $25 million in funding recently
Which is very successful
And what about other problems in your life?
It's weight loss
Weight loss is a problem
I always fail to lose my weight
Think about it
I always have a plan to lose my weight, at least just 10% of them
but I always fail
the failure of the weight loss makes me frustrated
Oh, my God I fail again
My weight gain again
Something like that
How to solve this problem?
Don't eat too much, it is kind of mentally
It is education
No, it is not very helpful
One of the pharmaceutical companies developed a new idea
This is kind of a medicine
Have you heard about the Wigovy?
it's working very well
Recently, Elon Musk took this Wigovy treatment
and then he lost his weight
And many people asked him
What is the key secret to lose your weight?
Elon Musk said that exercise and Wigovy
This Wigovy
In order to get treatment from the Wigovy
you should pay
It is very expensive, though, very expensive
And also, you need to take this Wigovy
I think, at least one year
one year later, I think 10%
10% weight loss guarantees
Anyway, it is working perfect, but expensive, though
And also, there is a side effect
You should be very careful for the side effect
Anyway, this is kind of a solution from your real-life pinpoint
Again, it is a business opportunity from your real-life pinpoint
Other startups redefined this failure of the weight loss problem
as failure of monitoring weight problems
According to the startup
if the people regularly monitor their body size
then they were able to lose their weight very well
That's why the company came up with new types of devices
which is very related to the normal belt
But this belt is not just a normal belt
This is a smart belt
Let's watch the Kickstarter movie together
What do you think?
Isn't it interesting?
In the belt head
inside there is kind of electric devices connected to your cell phone
when you wear the belt
you can easily monitor your body size, wrist size
Every minute
It will be very helpful for you to lose your weight
And the founder of this company was a medical doctor
He had a great knowledge about health
This company successfully attracted people's attention
and also received the innovation award from Vegas
CES Vegas 2020
So far, so good, great
Where did the business opportunity come from?
Yes, of course
In our pain point from our real life
Let's stop here
We will continue the discussion about
the sources of opportunity again
in the next chapter