Steve Jobs, South Korea and the Search for Innovation (Fulbright Forum 2012 Lecture)
Steve Jobs, South Korea and the Search for Innovation
By Danny Crichton
Fulbright Junior Researcher
What do You Think?
Agenda
Innovation
Silicon Valley
South Korea
Agenda
Innovation
Silicon Valley
South Korea
What is Innovation?
Innovation = Value Added
What is Creativity?
Develop a Solution using Tools and within Constraints
Empowering
Stop Searching!
What is an Innovation Hub?
Economic Clusters
Innovation Hub = High-Tech, High Growth
Problem
Agenda
Innovation
Silicon Valley
South Korea
What is Silicon Valley?
Numbers
Population: 3 Million
Jobs: 1,330,846
Avg. Earnings: $86,540
Diverse
37% Foreign Born
Languages Spoken At home
Educated
43% have degrees
Bountiful Environment
Vibrant Economy
Thinking about Innovation Hubs
People
Spatial Geography
Environment
Economic/Corporate
Culture/Society
Which of these factors are necessary conditions?
Where did Silicon Valley come from?
Well.....
4 Theories + 1 Bad Idea
Was it Military Funding?
Solution: Lots of Money
Was it Organizational?
Solution: Break-up Large Firms
Was it Education?
Solution: Build World-Class Universities
Was it Culture?
Solution: Well, that’s tricky
One Bad Idea
Was it Red Roofs?
Solution: Just...no
So many theories...
One Good Idea: An Accident of History
One more thing...
What exactly is Silicon Valley?
A High-Growth Region
Agenda
Innovation
Silicon Valley
South Korea
Numbers
Population: 48,875,000
Employment: 25,210,000 employees
GDP: $1.01 trillion (2010)
Per Capita GDP: ~$21,000
One Interesting Statistic
“In 2011 [...] out of 300 teams that applied to the JFDI-Innov8 2012 bootcamp, none were from Korea.”
South Korea
Education (KAIST)
Ecosystem (Start-ups)
Future
Higher Education and KAIST
Big Picture: Quality
Ranking Data
Brain Drain
Centralized Control
Up-Close: Educating Students
Admissions: Searching for Talent
CSAT Suneung (수능)
Major Point: Arms Race
Applying to College
수시 Admissions
KAIST Admissions
Holistic
Problem: Three Groups
1: International Students
1
2: Korean Science HS
3: “Normal” Korean Students
Creating Thinkers: Freshman Design Program
Creating Thinkers: Major Choices
Major Choices
Top Student Concerns
Creating Thinkers: Extracurriculars
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 student)
Benefits
4 Projects, 2 Years
Mentorship
Free Laptop
Club Lounge
Salary: 100,000￦ per month
95% Selection for Full-time
South Korea
Education (KAIST)
Ecosystem (Start-ups)
Future
Startup Weekend
About 150 Participants 38 Start-up Ideas
Examples
Examples
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
However...
Ecosystem Problems
Difficult to Start Companies
First-mover Problem
No mentors
Exit Opportunities Unclear
Difficult Career Path
South Korea
Education (KAIST)
Ecosystem (Start-ups)
Future
Key Point: Start with What You Have
Tentative Conclusions
Chaebol are Crucial
Higher Education is a Mess
Korean Culture is Ready
Questions?
