Support from infrastructure to mentoring
“Growing Together by Sharing Start-up Experience”
사진 확대
Dunamu, the operator of Korea’s No. 1 virtual asset exchange “Upbit,” will join hands with Seoul National University’s business school to support office space and work infrastructure for early startups. The plan is to secure time to verify products and services in the market by lowering the burden of fixed costs for early start-up teams, and to support commercialization through expert mentoring and exchanges between entrepreneurs.
According to a report by Mail Business on the 11th, Dunamu and Seoul National University’s business school opened a youth startup support space called “SNU x UPbit Startup Studio” near Gangnam Station. A total of 10 start-up teams, including the Seoul National University Venture Management Entrepreneur Center, are moving into the studio.
Occupant companies will be provided with dedicated offices, shared spaces, and work equipment free of charge for up to two years. It will also support a customized “Value UP” program to enhance corporate value. It is a method of helping the start-up team shape the business and build the capabilities necessary for growth through expert mentoring.
This project was promoted to implement ‘youth’ and ‘talent growth’, which are the key keywords of Dunamu’s ESG (environment, society, and governance), as start-up support. In response, Dunamu and Seoul National University’s business school provide a foundation for young entrepreneurs to test ideas and grow their businesses. It is a kind of industry-academic cooperation model that connects corporate space and infrastructure support in the process of entering the market by start-up teams discovered and fostered at universities.
Space support is important for early start-ups because cost reduction leads to time to verify the business. The start-up team must confirm the customer’s willingness to pay with the funds they hold and adjust the product and price until stable sales are made. Free support for offices and devices will reduce the burden of fixed costs, increasing the “runway,” a period during which the business can continue with the current funds. It is to expand opportunities to find actual demand and connect it to continuous sales by investing the saved money and time into product improvement and customer acquisition.
It is also expected that the cost of trial and error will be reduced by increasing exchanges between start-up teams. Yang Hong-seok, head of the Center for Venture Management Entrepreneurs at Seoul National University, said, “For early growth, not only mentoring experts but also many conversations between entrepreneurs are important. The space where entrepreneurs actively interact can function as a base for creating new business opportunities beyond supporting individual companies.”