Welcome back
In this chapter, we are going to continue to talk about
the areas of business opportunities
Do you remember that I categorized
four different areas of the business opportunities?
One area was real-life problems
as we already discussed in the second chapter
Do you remember that?
If you find out any pain point out of your real life
then it could be the great business opportunities
In this chapter, we are going to talk about the three remaining areas
of the business opportunities
which they are the other business areas
and social problems and the future problems
Let's begin with other business areas
Let's look at the picture
One college student who majored in engineering at Seoul National University
at Seoul National University joined a venture company
because he should finish the alternative military service in Korea
while still in school
And then he started working at the venture capital company
He saw the machine learning programs, the machine learning
technology to defect in the factory
And then after graduation
he found a company called SUALAB
SUALAB is a kind of machine learning company
using AI technology that catches the defect in the assembly line
So anyway, he started with three friends
and this company was recognized for high technology
So he and his friends were able to have many big companies
as consumers
What happened?
Recently, the largest company in America
purchased SUALAB for $170 million
So the founders of SUALAB became the billionaire
This is a kind of story
So where did the business idea come from?
So the business opportunities
these business opportunities come from other business problems
What are they?
We want to catch the defect in the assembly line
This is a kind of problem of other manufacturing companies
So he came up with some solution for them
So that's why he can secure
many global companies, many big companies
as his consumers
Look at him
He was a soldier who worked in information security units in Israel
Have you heard about the Talpiot?
Talpiot is the best intelligence unit in Israel and globally
Anyway, after discharged from
a secret intelligence unit in the military
he wanted to start his own business
He started to create his own business website
to do his own business
At that time, he felt that
it was very difficult to create the website
And he thought that it is not just his business problem
Other businesses would be similar
So that's why he came up with a solution
to help create the business website or individual website very easy
So this company was Wix
Have you heard about the Wix?
So the Wix became the unicorn company
So again, where does the business opportunity come from?
Your business opportunity comes from other businesses' problems
So what should we do?
We need to find out other businesses' problems first
So the first thing to do, we need to understand
the fact that when we run the business, all kinds of problems occur
if we solve the problems in other businesses
then this kind of solution for other businesses'
problem is your business opportunity
Do you know the businesses?
Some of you have parents who run the businesses
So you are very familiar with the businesses
But others don't have any experience about the businesses
Let's look at what the businesses look like
How they look like
This is a business
They meet together in the conference room
Or they work together in certain places
Kind of they are team working
And what about in the factory?
There is an assembly line
A lot of employees work in the assembly line
And this could be the car factories, they use machines
If you go to the grocery store,
you can find out the cashiers and many other employees
And on the street, there are a lot of small
businesses such as cafeterias or restaurants or barbershops
Think about it
Regardless of the size of the businesses, regardless of the types of the businesses,
all businesses have very similar problems
So what are they?
Let's think about the major common problems faced
by the businesses regardless of their types
What are they? Think about it
What kind of major problems?
What kind of major problems they face every day?
Yes, of course, it's money
Money problem, I need money to run my factory
I need money to purchase my raw materials at the right time
That's why I need money
Yeah, money problem
And uncertainty, I hate uncertainty
All the businesses hate uncertainty
And what about the lack of ability?
AI technology, for example
Everybody talks about AI technology
But sadly, we don't have any ability to run the AI technology
So the AI technology right now, for me, it is useless
Wow, it is a problem
And what other problems? Marketing
The purpose of the marketing is to attract
the new consumers, attract the consumers
and disseminate our information to the consumers
Without marketing, nobody knows who I am
How to attract our new consumers?
This is my concern
This is a business concern
And what about securing consumer loyalty?
I want to make my current existing consumers
Keep using my service and product forever for a long time
I want to make my consumer love me too much, like an Apple fan
I'm really jealous of Apple
because Apple has a huge fan over there
How can I make my fan like an Apple fan?
What about efficiency?
Efficiency means I want to save money
I don't want to pay too much
But I want to make more
This is kind of efficiency
And what about regulation?
I hate regulation because it's so complicated
And these days, there are many regulations out there
I don't know how to comply with this newly generated regulation
Can you help me?
This is kind of the problem
And what else? Yes, staffing
Staffing is a big concern
Because I want to find out the right people
at the right time in the right places
This is kind of a recruiting issue
I don't know where can I find out the good people
This is staffing
There are a lot of major problems
faced by all the businesses
How to find out, how to come up with business opportunities?
Again, you need to find out some kind of
pain problem related to the other businesses
Look at the startups
Startups are also businesses
And what are the major concerns for the startups?
Yes, of course, startups don't know where to find out their investors
Why?
Because they need money
The first problem for the businesses was money
They need money in order to grow
But the problem was we don't know where to find out
the reliable investors
And what about the investors' problem?
If you are a venture capitalist or if you are angel investors
their problem is also finding the great startup
They don't know where to find out great startup
This is the solution
We created some kind of platform
that connects startup founders who want investment
and the investors who are looking for the good companies
You can meet together in our platform
This is the business that solves
the money concern, money problem
related to each side of the businesses
Okay, let's speaking of startups
Look at the picture
These two kids developed a new startup
that helped other startups
Their main idea was corporate credit card for the startup
Again, the company was made by these two kids from Brazil
I think we have a chance to
introduce this company in more detail later
But anyway, they went to Stanford University
and then they entered Y Combinator programs
And over there, they came up with
some kind of FinTech idea for the startup
And they thought basically the problems faced by the startup
was that they don't have a credit card
because the banks deny their application
Why?
Because the banks do not believe in startup
because there is no collateral
and there is no credit, no history
that's why banks deny
These two kids came up with some kind of unique solution
to this problem by using their own kind of method
and persuaded the bank to issue the corporate credit card
This company now became the Deca-Con company
Have you heard about the Deca-Con?
Deca-Con company is the company with
at least $10 billion value
Anyway, this company became the $10 billion, more than $10 billion value companies
Because of the solution to the current startups
I want to introduce another case
This company was founded by the student who I taught
He was actually a graduate student
and he was very interested in fresh food delivery
Because he had experience on this area
And then he found that the problem was we cannot
check out the temperature
or humidity changes every second during shipping
More important thing is
if there is some problems during the delivery
we don't know whose responsibility
He came up with some kind of a service that
digitalized and monitored the process of the delivery
The video helps you to understand
what business looks like
and how the device is working
Let's watch it together
So far, we've done in the problem related to the other businesses
If we find out some kind of problems related to other businesses
Then you can start a business
Because the other businesses' problem would be
critical sources of the business opportunity
Let's move on
Other types of sources of business opportunities
Look at this picture
One guy started the non-profit organization in Africa
although various medicines were donated by
the companies and relief supplies were secured
He or his team cannot
deliver those items to the other areas
Because there are many places where
there's no delivery system, there's no road
and there's no car in Africa
Think about it
No infrastructure, no hospital, and no pharmacy
This is the kind of problem in the society in Africa
It is not the business problem
It is not real-life problems
It is just the society problem in Africa or in other areas
He tackled this problem in the society
He tried to come up with some solutions
Regarding this no infrastructure problems
He found out the solution through Coca-Cola
Think about it, Coca-Cola
Even there is no road, no car
the people in Africa, drink Coca-Cola
How is this possible?
Because, Coca-Cola has a very strong delivery network system
Everywhere we can find our Coca-Cola
He used this Coca-Cola delivery network system
Look at this picture
Right picture
There's a Coca-Cola bottles and boxes
and you see the gap between the bottles inside
He used this gap
and then he put the relief supplies or medicine in the gap
between the bottles in the Coca-Cola boxes
He delivered this relief supplies to the remote villages in Africa
What do you think?
This is very unique and very clever
Let's move on
This is kind of a very unique source of the business opportunity
We say it is a social area
Social problem area
Your business opportunities can come from
the problems in the society
Social problems themselves can become the business opportunities
Secondly, it is necessary to make an effort
to solve surrounding social problems
from the business perspective
Business perspective
I want to give you several examples
Before we talk about the company,
I would like you guys to watch this short video clip
What do you think?
Yeah, this is a bakery shop, located in LA, maybe
Name of this company was Homeboy Bakery
Homeboy Bakery hired
the former gang members or former prisoners
This company does not hire normal people as employees
The company hired
these former gang members or prisoners on purpose
Why?
Because the company wants
want to educate the former gang members and prisoners
and try to make them, great citizens
The reason why the company started is not to make money
but to educate former gang members and prisoners
The purpose of the business is totally different
But where does this business idea come from?
Yes, this business idea comes from the social problem
Which is gang members, prisoners, murderers, kind of crimes
Thanks to these businesses,
probably the crime rate will be decreased
Our society becomes brighter
I want to introduce kind of the new business opportunities
This is a big issue
Have you heard about the big issue?
Big issue is kind of
very unique solution for the social problem
What kind of social problem?
Look at her
She was homeless people
The big issue
just help homeless people to be self-reliant
Instead of giving money directly to them
big issue want to give them opportunity for a job
The big issue publishes street magazine
The big issue gave the opportunity of the vendor
the opportunity for the selling the street magazine
for the homeless people exclusively
For these activities, homeless people can make money
This is a kind of big issue
Where the business opportunity of the big issue come from?
Yes, of course, it comes from social problem
What kind of?
Yes, the homeless problem
Can you see the UK Kings
on front page of the big issues?
Yes, that is a kind of donations
Let's look at another business related to the social problem
Let's look at the picture
Guess what it is
Yes, it is watches
But it is not just normal watches
It is kind of braille style watches for the blind people
I prepared the video for you
Let's watch the video together
Then later, we will continue to discuss
What about the dot?
Isn't it amazing?
Actually, the traditional braille style devices are
very heavy and expensive
They are not very smart
The blind people did not have access to the smart devices
This leads to the decline in education
and quality of the life for the blind people
It is a problem
But, what is the problem?
What problem is it?
Is it a real-life problem?
No
Is it another business problem? No
It is a social problem
The dot
took this social problem as a business opportunity
The dot developed smart watches for the blind people
The team of the dot
have developed the detailed technology for a long time
And ended up making the world's first
smart devices for the blind people
The company is located nearby Hanyang University
and the marketer comes to the school every semester
to give a special lecture for us
I am really proud of them
So far, we have discussed about
the social problem as a kind of business opportunity
There is only one area remaining
What is it?
That is a future problem
Let's move on to the future problem as a business opportunity
Let's look at the picture
It's a cartoon
He was a PhD student at KAIST University
And he majored in engineering
And he thought that
right now everybody uses a smartphone
What will happen to
the smartphone camera once the smartphone became mainstream?
What if a smartphone has a smart lens, a smart camera?
Maybe, probably, a smart camera should be smart
The camera should be smart
You know what I mean?
Currently, the camera is just a normal camera
But we need some kind of relevant software in it
We can make a normal camera like a smartphone camera
like a smart camera
He developed it
He developed this idea
And then he tried to make a normal camera for the smartphone
Very smart
And some kind of automatic focus or something like that
He supplied his smartphone camera idea, software
to the smartphone manufacturers
Such as Samsung Electronics
What happened?
The big companies recognized this technology
Then later, Intel
Intel purchased this company for, I remember
more than $30 million
He became a billionaire
Because of his unique idea from
a smart lens or a smart camera
Where did this business opportunity come from?
His business opportunity
was not from a daily life problem
was not from the other businesses' problem
was not from the society problem
It came from kind of expected future's problem
Expected future
Expected future means it's not happening yet
It's not happening yet, but it will happen later
We expect it to happen later
He just thought, what happens in the future?
The future does not have to be 10 years later or 20 years later
It can be done just within
two years later or three years later
Let's practice together
We need to identify the business opportunities
by anticipating kind of a near future
You must ask yourself
What would happen if this were to occur?
And you need to make assumptions
And based on your assumption, based on your expectation
You prepare the solution in advance
for these expected problems
in a near future
Look at the picture
Do you know who he is?
Yes, of course, because he's very famous
His name was Steve Jobs
and in 2007,
Steve Jobs introduced the touchscreen smartphone
Before the introduction of Apple phone
there's a smartphone exist already, but the only difference
the previous smartphone don't have a touchscreen technology
but Apple phone has a touchscreen technology for the first time
When Steve Jobs introduced this technology, this smartphone
and showed this smartphone to his friend
and his friend told him
I think it's cool, but my finger is very thick
What if I can make a mistake when I touch the smartphone?
So there's some kind of doubt
some kind of debate
And then Steve Jobs said that, don't worry about it
Everybody will get used to do it
Right now, it happened
We are getting use it
Everybody use the touchscreen smartphone right now
This was happened in 2007
Think about it
If you live at the moment in 2007, then you need to anticipate
Future problem related to the touchscreen smartphone
You must ask yourself
What will happen?
If the touchscreen smartphone becomes mainstream
Right now, touchscreen smartphone became mainstream
But in 2007, again, there is a debate
There is some doubt
You need to anticipate what happened
What happened if the smartphone
Touchscreen smartphone becomes the mainstream?
What kind of other services needed?
What kind of other product needed
related to the touchscreen smartphone?
Think about it
This is a kind of a good practice in anticipating future
this is a really good business opportunity sources
What are they? Yes
It is a smartphone keyboard
And the smartphone keyboard, we need to have a keyboard
Because I have big fingers
I'm not familiar with the touchscreen
The typing through the touchscreen is slow
So that's why in order to increase my productivity
I want to adopt
the keyboard attached to this touchscreen smartphone
And what else?
Yeah, screen protector
Because touchscreen smartphone has a wider screen
and wider screen can be broken easily
So that's why we need to protect wider screen
and also very expensive though
So that's why, we have a screen protector
And what about the cleaners?
The screen screen can be dirty quickly, easily
So that's why, we clean up every time
The screen, the cleaners
And what about the glove?
Especially in the wintertime, winter season
We wear the glove
But if we wear the glove, we cannot touch the screen
So this specialized glove
to make us to touch the screen while we are wearing the glove
Think about it
It is easy to expect the future
Future is not very serious, future will come eventually
one year later or two years later
But you need to assume that certain kind of product will be mainstream
certain kind of technology will be mainstream
then you need to ask yourself, what will happen?
If this certain kind of technology will be mainstream
if this product services will be mainstream
or if this lifestyle will be the mainstream, and what happened
then you are able to prepare for the future with your solution
And this kind of solution would be your great business ideas,
business opportunity
Again to some, I gave you
four different area of business opportunities
The one area is your daily life
Second area is other businesses problem
And third area is a society problem
And the last area would be the future problem
If you think about those four areas
then you are able to come up with a new solution much easier than before
this could be your great business opportunities
Thank you for listening