Semanux has arrived in South Korea
Florian set off with the German Accelerator to South Korea, a market with enormous potential for Semanux due to its ageing population.
Today the "Discovery" program for the South Korean market has started, led by Marta Allina and Ji-hyun Park of the German Accelerator. Our founder Florian is on site in the capital Seoul to find out about the Korean market and local business culture and, of course, to make contacts with local players.
Ja-Young Lee of Yulchon LLC gave an introduction to Korean business law. The current Korean legal system was created about a century ago based on the German legal system in place at that time. Therefore, many legal procedures, such as appeal procedures or the separation between different legal forms, are well known to any German company.
A lecture on the Korean economy with Ja-Young Lee. Photo by Marta Allina.
Jeet Singh Dhindsa and Teo Son, both with many years of experience in the Korean economy and a track record of start-ups, gave the group insights into their recommended market entry strategies and discussed funding strategies when working with Asian VCs and strategic investors. They recommended moving things along faster than German companies are used to and prioritizing building trust much more - rather than drafting a 10-page NDA.
An exciting panel discussion with Teo and Heet. Photo by Ji-Hyung Park.
The German Anton Scholz has lived and worked in Korea for more than 30 years. During this time, South Korea has developed at such a rapid pace that - according to him - Korea today and 30 years ago are two different countries. He also gave tips on understanding Korean conversation patterns to avoid misunderstandings and promote success in business negotiations.
Florian enjoys a Korean dinner. Photo by Anton Scholz.
This first long but very successful day ended like a typical Korean business day: with dinner together at a local restaurant to foster personal relationships and build trust - the most important ingredient for success in the Korean market.
