Welcome
Today, we are excited to welcome a CEO of a
rising star company in the robotics area in Korea
His name is CEO Choi Jae-won
CEO Choi Jae-won is the founder of Helper Robotics,
a company specializing in the development of service robotics
The company currently provides automated robotics solutions
for the food and beverage industry
The company is currently valued at $10 million
and has entered the Series A stage
Also, beyond the F&B market,
the company is expanding its automation solutions into logistics,
agriculture, and construction sites
We will now have an in-depth conversation with CEO Choi Jae-won
about value proposition and product market fit
Now, the discussion will be in Korean,
but English subtitles will be provided
Are you ready? Let's begin
Hello, CEO Choi. Thank you for joining us despite your busy schedule
Please briefly introduce yourself
Hello, I am CEO Choi Jae-won of Helper Robotics
What kind of company is Helper Robotics?
Helper Robotics is a robot solution company that automates F&B
Currently, we are developing a store automation control system
related to service robots and cooking robots
Are you developing everything at once? Or are you doing it in order?
We are a company that started with service robots
Based on service robots,
we have developed a control system
that can operate a cooking robot and a store
Then, who is the
main customer of Helper Robotics?
Currently, the market is dominated by those
who do outdoor business
and food court department stores
Additionally, we are developing automation robot solutions
related to agriculture, logistics, and construction
I can see that the robot automation system of the store
doesn't seem right to the viewers
We would like to see the video
Could you briefly explain what it is?
Restaurant business is similar to singing
In the case of singers,
they have to be good at singing, marketing,
design, and many other things
In fact, most of the people who do the restaurant business
for the first time are beginners
However, it is not easy for them
to master all these various skills at once
It would be easier to understand
if you think that we are a company that has developed robot solutions
that can set up each skill
Then, let's be more specific
We call it a value proposal
When we make a value proposition,
we usually do what the customers are doing now
Next, we solve the pain point
that the customers are currently experiencing
Third, it is good to have a new gain
Could you tell us what the main product of Help Robotics is offering?
Could you tell us about the job, pain, and gain?
Currently, 90% of the customers who use our robot are restaurant business
In the case of the restaurant business
they have to know how to set up staff,
how to serve customers, and how to manage the kitchen
In other words, it is a market
where the sales of the store depend on
the know-how and operating experience
Therefore, although everyone starts the restaurant business easily at first,
the actual success rate is only about 1% to 2%
This market is not easy
The robot solutions we have now,
even if the store owner does not have experience or know-how,
if he or she basically operates with our robot solution,
we have built a solution that can guarantee the labor cost of one store owner
So, the main products that are being sold now are
serving robots and cooking robots
Among the cooking robots,
there are also frying robots and automated roasting robots
There are many other companies related to serving robots
What is the difference?
Our target was to automatically operate a store for one store owner
Therefore, our robot has its own path
So, in order to be able to cover the peak time,
our robot has been miniaturized based on a logistics robot
Like a miniaturized logistics robot in a smart factory
One of the characteristics of our serving robot is
the maximum operating efficiency
However,
compared to the existing self-driving robot,
our serving robot covers about
50% to 60% of the operating efficiency
So, compared to other serving robots,
is the cost of using our product cheaper?
The cost is about one-third of the existing robot
Does that mean more benefits for the store owners?
Yes. In that case, the actual rental price of our robot
or the selling price of the robot is cheaper than the existing robot
So, compared to the labor cost, it's about one-tenth of the labor cost
So, it's about one-tenth of the labor cost?
Yes. That's how much we make with the robot
Do you feel any pressure or rejection
from the general customers?
Of course, at first
Because this robot solution is a
new solution for the customers,
we have to work on the interior as well
So, at first, we felt a little bit of rejection,
but we managed the store in a way to solve that rejection
Oh, you managed the store yourself?
Yes. So, we proved how effective this solution is
through the store we run ourselves,
and we presented it to them
So, by looking at our robot solution,
and introducing the robot to our store,
we found that this robot solution is more efficient
compared to other robots with the same labor cost
So, we are running it in about six stores now
So, instead of explaining that it will be helpful
if you use our product,
you should just set up a store yourself
and see how effective it is
and feel it
Then, do you invite potential customers and show them?
Yes, that's right
If you are interested,
you can come to our store and see for yourself
And the store we run
is used as a marketing or promotional video
So, if you contact us through the exposure,
you can call us and make a purchase
Then, the service is good,
and there is no problem with serving,
and the labor cost is high,
but it's a painful pain point, but you can get rid of it
Then, you can get more profit
Yes, that's right
Other than that,
is there any benefit for those who run the store?
Yes, first of all, we automated the hall
through the serving robot
And in addition, we made cooking robots
to automate the kitchen
Then, if you automate the hall first,
you can connect it and automate the kitchen
Yes, you can automate the kitchen
So, we made the structure to increase the pure profit
Then, you're reducing the labor cost by one-tenth now,
but the labor cost is only for serving the hall,
so if you automate the kitchen,
the cost will be reduced
Yes, the cost will be reduced
I see
But if we look at it,
reducing the cost is important,
but increasing the brand outside is also important
Yes
The restaurant
But if we use the helper robotics,
or the automated robot,
will it help to increase the brand?
Yes, we are actively using that part
as one of our goals for this year
So, it's not just a function of serving robots,
but when there is a commemoration or an event,
the robot can make comments
or do things that the existing customers can't experience
For example, if it's a birthday,
the robot can make a motion to celebrate the birthday,
and the voice of the robot,
and related services are made through the robot,
and that becomes a content,
so we are making it as a marketing point
that the existing customers can't access
Then, what about the general customers
who use the restaurant?
Do they like it?
Or are there more young customers?
In fact, we have a room pub for this event
In the room pub,
there are usually group customers
So, the robot of the group customer enters,
and in the case of the room,
the server of the general customer can't enter
So, in the room space,
they can experience their own new values
that they couldn't feel before
And in a way,
they don't get disturbed when they talk
or talk about important things,
so the satisfaction of the customer
for the room is higher,
which is represented by our robot
Then, you made the serving robot like that,
and when you automate the robot serving,
the general table in the restaurant
turns into a private room
Yes, that's right
And no one enters there,
and they can have a private conversation,
and it turns into a quiet space
I think this is a value that other companies
can't provide
In a way, it's impossible
In the first place,
there are a lot of robots
So, it's a robot company
specialized in multi-control algorithms
and multi-control control systems
So, compared to other robots,
it can be much cheaper
in terms of efficiency and price
And the robot in this room
is called dead space,
so it uses the dead space appropriately
So, other robots can't use the dead space,
but our robots can,
and that's our difference
So, how long has it been since you launched it,
and do you think the product market fit has been achieved?
We haven't officially launched it yet
We will officially launch it in October this year
So, is it a beta test so far?
Yes, it's a beta test,
but you can think of it as the middle stage
of commercialization
As you said,
it's an element of the product market fit
that we've proven
So, you launched the store to prove PMF,
and you're in the middle of the beta test
and the official launch
Yes, we have six stores there
So, you're running six stores as a beta test
In the meantime,
the value of the company is about 10 billion won
So, if it's officially launched,
will the value increase a lot?
Right now, it's 1.35 billion won,
and we're about to open the Series A round
So, in the Series A round,
the value is 2 billion won,
and the funding is about 5 billion won,
so it's about 2.5 billion won
So, it's October when we officially launch it,
and we're launching it with a large company
So, the reliability of the brand
that a startup can't have
is covered by the brand name of a large company
And the performance and closeness to customers
that only startups can have
is based on the strengths of a startup,
and we're trying to build a new market
that's differentiated and focused
Now that I've heard about it,
I think you have a very promising future
I think you have a bright future
Thank you
So, if you receive the value of 2.5 billion won
and officially launch it in October,
it will be sold in many stores in Korea
Do you have any plans to go abroad?
We actually have an export record
We're exporting to LA
Not only Korea,
but also the U.S., Singapore, Taiwan, and Hong Kong
have high demand for our robots
So, in the case of overseas markets,
we're going to start in the second half of next year
To do that,
we're opening the investment round this time
Then, in order to know
whether the product market fit has been achieved or not,
you usually collect and analyze
a lot of quantitative and emotional data, right?
Yes
Can you tell us how the company is doing now?
The characteristics of our robots
are a little different from the general products
that fit the existing B2C
So, since we are a solution product
between B2C and B2B,
rather than the existing marketing
and the number of views or CPR,
we have a lot more content that comes out through interviews
One of the shareholders of our company is CEO of T-Order
Through CEO of T-Order
we are always introduced to franchise representatives
So, we have an interview with franchise representatives,
and then they see our robots in our store,
and they tell us about the parts that can be customized
in the store that the franchise representatives have
As a result, the product market fit naturally fits
So, that's how we're doing PMF
So, even if you don't do a lot of marketing outside,
it's naturally going viral with word of mouth
Yes, people are coming
When did you feel that this was coming a lot?
We opened a hamburger store in 2022
Since then, after COVID-19,
from 2024, the demand for automated robots has increased tremendously
As a result, franchise representatives who have experienced COVID-19
have more needs for automated elements
than the existing labor-intensive human resources-based franchises
As a result, a lot of them naturally came to our robot company
So, in a way, the market has been learned through COVID-19
So, you came to us on purpose
Yes, that's right
But instead, there's T-Order in the middle,
and it's spread through T-Order
So, after that, the product market fit
suddenly popped up at some point
Yes, that's right
How long did it take?
So, it took about three years
Yes, that's right. It took about three years
So, if there wasn't such an event as COVID-19,
could it have lasted longer?
Actually, we developed this serving robot
and expected it to be mass-produced for about seven years
So, the mass-production was until the product market fit?
Yes, we verified the product market fit
and waited for seven years until our consumers could see the robot
Seven years
But with the COVID-19 event,
the seven years were shortened to two years,
I mean, five years
Oh, five years were shortened?
Yes, I think it was shortened to five years
So, to sum up,
you said you were going to launch it in October
Yes
So, it took about three years
to reach the product market fit after the launch
Yes
After that, you can launch it after about a year
Yes
If there wasn't COVID-19, it would have been a long time later
Yes
So, you were expecting a few more years
to reach the product market fit
Yes
One of the reasons is that
robots are products based on customer experience
Yes
For example,
Kiosk can be an example
It took about 20 years
for Kiosk to be developed
and applied to the market
Kiosk
Yes
And once Kiosk
created customer experience for the consumer,
and from the moment it became convenient,
I experienced Jacob
I saw our serving robot with him
So, once the customer experience
and the data are secured,
and the secured data becomes convenient,
the serving robot can create Jacob
That's what we saw
Then, if you had planned for 7 years,
what would have been the way
for the company to survive?
Yes
Since we are a robot company,
Korea has three main areas such as support business,
such as support business,
loan, and investment
These three areas
allow us to operate
without any sales
In order for these areas
to be operated in order,
Actually there is no 100%
There is always a variable
So, in order to eliminate that variable,
we did F&B ourselves
So, it's not just for demonstration,
but also for verification
You did it to cover our sales
Yes, that's right
So, you did it practically
Yes, practically
By necessity
Yes
Then actually in startups,
I think it's good
to go out and make money practically
Yes
Was it reflected in the investment?
Yes. Compared to other robot companies,
in a way, we have a short period of time
Yes
Since we established the company in 2021,
it was later than other robot companies,
but in terms of the market to prove it,
we had the same production as them,
so we were recognized
as a company with fast execution within the robot company
I think that recognition
led to a lot of investment
Oh, that's amazing
So, operating the store
in reality now,
in terms of cost, does it actually help?
Yes
In fact, since we do the store ourselves,
in order to revive the store,
we have upgraded the robots more
As we upgraded the robots more,
in terms of actual customers,
the need for robots increased,
and the sales increased,
so we were able to cover some of the sales
and profits that the robot company
that the robot company couldn't have in the beginning
Then, you can wait for a long time
Yes
Luckily,
you were able to expand your business
Yes, that's right
That's amazing
So, the serving robot is the main product
but you also said that you are preparing a cooking robot
Yes
What is the difference between a cooking robot and a serving robot?
In the case of a cooking robot,
it is one of the most difficult jobs
to hire people in the kitchen in Korea
Oh, really?
Yes,
because it is located in a very hot place
and the labor intensity is high
So, it is one of the jobs
that people don't prefer
because of the labor cost
So, the reason why we created a cooking robot
is because we wanted to collect the actual data
of the cooking robot, the serving robot,
and the restaurant by ourselves
Yes
So, in terms of labor cost and customers,
we were able to solve the difficulties in the kitchen
with our kitchen robot
In terms of our company,
we were able to get the actual data
of the restaurant from the kitchen to the hall
as a whole, so we expanded
the cooking robot as well
So, does the cooking robot actually make food?
For example, we have a frying robot
and a skewer automated robot
The frying robot is the part
where people get hurt the most
and shake the food
The robot shakes the food
and always overcooks the food at the end
so the food loses its flavor and becomes eddy
The robot automates that part
to put it simply
Also, the skewer robot is the part
where people have to cook in front of the fire
at 500 degrees or 500 degrees in the forest
It's the skewer robot
that can solve the problem
of having to cook in front of the fire
at 500 or 700 degrees
I think that's the skewer robot's role
If the food is not fried or skewered,
is it difficult to use it?
For the skewer robot,
we are developing a skewer robot
that can only be used if the module is changed to a grilling robot
Can all the menus be applied?
About 70% of the entire menu can be covered
70%?
Yes, it can be covered
Especially, if you have to cook in front of the fire
if you have to grill in front of the fire,
70% of the menus can be covered
Also, about 80% of the menus
can be fried through the skewer robot
Then, do you also install the skewer robot
in the store you are running and run it?
Yes, we have about 10 stores
10 stores?
Yes
Then, the serving and the skewer robot
will be released later, right?
Yes, they will be released later
Which one is more popular?
The serving robot is still a new experience for customers,
so it's going up in demand slowly
But, for the skewer robot,
there are so many people wanted in the kitchen
So, for the skewer robot,
it's going up in demand
But, from what I've heard,
we see a lot of serving robots,
but we haven't seen a lot of kitchen robots
Yes
So, the kitchen robot
is more competitive, isn't it?
Yes
Actually, for the kitchen robot,
it's usually inside the kitchen,
so it's a little less exposed,
so you might feel that way
But, instead,
the feature of the kitchen robot is that
it's a little cheaper
So, there are customers' views
on whether it should be seen
as a robot or a machine
But, the reason we emphasize
the cooking robot is that machines
don't collect data and operate in different ways
So, the algorithms that collect the data
and automate the operating methods
can only be used by robots
On the outside, it looks like it's a machine,
but the logic that goes into the movement
is clearly different between robots and machines
So, for the cooking robot,
there are more than 10,000 logics
10,000, huh?
Yes, over 10,000 logics
So, we made it possible to cover
all the manuals that F&B brands have with robots
Since regular customers can't see the kitchen robot,
I think it's better for the boss to accept it
Cause I'm the only one that have to accept that
When we actually run a restaurant with serving robots
and suppose that we met 10 restaurant owners
And when we say that 30% of them choose the serving robots
For cooking robot, the rate goes up to 70%
7 out of 10 need cooking robots
So the conversion rate is much higher
Yes, that's right
That's amazing. Is there anything else you're preparing?
We're automating F&B right now,
but the vision we're pursuing
is a robot solution that automates various industries
So robots in the F&B market are commercialized
Now, we're doing POC on agriculture, construction, and logistics
So, in the same way,
to find the right product market fit for various industries,
we're doing POC directly with big companies right now,
and we're showing one or two indicators of that right now
So, the serving robot will be officially released,
and the cooking robot will be released together
Then, two of the main products will be released at the same time in October,
and then we'll do POC between big companies,
and we'll do logistics and agriculture
When will that be released?
We're looking at the second half of next year
or the first half of next year
So everything's been released
Then, what do you think about the company you're planning?
In fact, everyone knows that NVIDIA
is recognized as a graphic card
But in the end, the core value of NVIDIA
is that it is the only independent company
that can operate AI as a whole
NVIDIA has repositioned itself
People see Helper Robotics
as a serving robot and a cooking robot,
but in fact, we aim to become a company
that can optimize and increase the operating rate
only if there is Helper Robotics in the middle
to introduce robots to any industry
You have such a big vision, right?
Yes, that's right
I think that's super possible
Thank you
Lastly, would you like to say something
to the overseas students who are watching this video
and say that it would be good to consider this
when starting a startup?
In my case, this robot startup is my second startup
So even if I started my first robot startup,
I was able to say that the development was perfect,
but there were many parts that did not fit
when I applied the developed product to the market
So, because I had such a failure experience,
when we do Helper Robotics now,
we tried to find PMF while opening the store
That's why all startups have to grow fast
with various attempts and results
But even when you try various things,
you have to focus on the market
And in the end, startups
have to make products that can be sold
with the market as the center of thought rather than their own thoughts,
in order to make them grow fast
Thank you for your insightful words
Thank you for your valuable words
about value proposition and product market fit
Thank you for coming, you must have been so busy
Thank you for inviting me to a good place
To everyone watching online,
we hope you find this session very valuable and insightful
Thank you for your time and attention