Growing Korea's Innovation Garden (KAIST Lecture 2012)
Growing Korea's Innovation Garden
By Danny Crichton
Fulbright Fellow
Agenda
Fulbright Program
Research
“Growing Korea's Innovation Garden Toward Decentralization in Education and High-Tech Policy”
Travels around Korea
Fulbright Program
Some Facts
Started in 1946 to encourage mutual understanding
First English Teaching Program started in Korea in 1992
Today, the second largest program in the world behind Germany
Today, 8000 grants annually in 155 countries
Fulbright Student Grant
Three Components
Research
Language
Cultural Engagement
Fulbright Student Grant
Three Components
Research
Language
Cultural Engagement
Research
Research Synthesis Innovation Garden
Seeds: Start-Ups
Germination: Growth
Blooming: Success
Wilting: Missed
Tree: Super Success
Start Up Funnel
Rational Innovator Model
Ceteris Paribus...
People are more likely to start a company if:
Probability of Success is Higher
Discounted Cash Flow is Higher
Opportunity Cost is Lower
Innovation Garden Probability of Success
Soil: Policy and Talent
Soil: Policy and Talent
Policy Infrastructure
Intellectual Property
Justice/Court System
Finance System
Start-up-friendly taxes and regulations
Many more...
Finding Talent
Engineers
Business executives
Designers / Artists
Marketers
Managers
Technologists
Salespeople
Accountants
Lawyers
Negotiators
Writers
Translators
Supporters
Many more...
Pollination: Advisers
Silicon Valley Pollinators
Water: Money
Desert: Too Little Money
Flood: Too Much Money
Sunlight: Attention
Pollination: Advisers
Innovation Garden Summary
Seeds as Companies
Soil as Policy and Talent Environment
Bees as Pollinators (Advisers, etc.)
Water as Finance
Sunlight as Attention
Research Application South Korea
Research Observations
Innovation Garden Summary
Seeds as Companies
Soil as Policy and Talent Environment
Bees as Pollinators (Advisers, etc.)
Water as Finance
Sunlight as Attention
One Interesting Statistic
“In 2011 [...] out of 300 teams that applied to the JFDI-Innov8 2012 bootcamp, none were from Korea.”
Where do the seeds go?
Ranking Data
Brain Drain
CSAT Suneung (수능)
International Students
37% Foreign Born
Languages Spoken At home
Creating Thinkers: Freshman Design Program
Innovation Garden Summary
Seeds as Companies
Soil as Policy and Talent Environment
Bees as Pollinators (Advisers, etc.)
Water as Finance
Sunlight as Attention
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 students)
Benefits
4 Projects, 2 Years
Mentorship
Free Laptop
Club Lounge
Salary: 100,000￦ per month
95% Selection for Full-time
Innovation Garden Summary
Seeds as Companies
Soil as Policy and Talent Environment
Bees as Pollinators (Advisers, etc.)
Water as Finance
Sunlight as Attention
About 150 Participants 38 Start-up Ideas
Examples
Examples
Innovation Garden Summary
Seeds as Companies
Soil as Policy and Talent Environment
Bees as Pollinators (Advisers, etc.)
Water as Finance
Sunlight as Attention
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
Innovation Garden Summary
Seeds as Companies
Soil as Policy and Talent Environment
Bees as Pollinators (Advisers, etc.)
Water as Finance
Sunlight as Attention
Research Summary Innovation Garden
Rational Innovator Model
Approach to South Korea
Increase probability of success
Increase expected payout
Agenda
Fulbright Program
Research
“Growing Korea's Innovation Garden Toward Decentralization in Education and High-Tech Policy”
Travels around Korea