Korean leaders of Wall Street and Silicon Valley support US startups

It happened in 1995 in Koreatown in Manhattan. Mike Ju, COO of Bank of America IB, met with Managing Director Sander Hur, who were the only new associates of Korean descent when they joined Goldman Sachs, to share experience over kimchi stew soup. As Koreans, a minority group on Wall Street, it was difficult to seek career advice back then.

Thirty years later, however, the situation has changed. “As we see more Korean Americans who are smarter, younger, and competent, our group has grown from two to thousands,” said Ju at the Korea Startup Forum New York held at the BOA Conference Center on Friday (local time).

“In our parents’ generation, competition was inevitable. But things need to change in our generation. Our collaboration should go beyond Wall Street and stretch to the tech industry in Silicon Valley,” said Ju. “We are in the beginning stage compared to the Jewish network on Wall Street. The forum is a precious opportunity to listen to stories of success and failure. We need to help each other to prosper together,” said Hur.

Hosted by the Korea Startup Promotion Agency of the Ministry of SMEs and Startups, the New York office of the Korea International Trade Association, healthcare company NOOM, venture capital Primer Sazze Partners, the Korea Startup Forum has established to expand the Korean start-up ecosystem encompassing Wall Street and Silicon Valley. The event was attended by around 500 participants, including guests from Korea. “I wanted to attend to learn know-how as we are preparing to launch a business in the U.S.,” said Manager Park Su-min with Air Bridge, a mobile marketing solutions provider.

The forum was created as a collaboration between U.S. financial/tech companies and the Korean government. CEO Lee Ki-ha of Primer Sazze Partners, Chairman Chung Se-jun of NOOM, known as the first generation of Korean companies launching start-ups overseas, and Commercial Officer Kwon Young-hee of the Korean Consulate of New York.

Around 50 Korean business founders, including Amogy, which manufactures ammonia-based hydrogen fuel cells, and the pet exchange service Momo Project, attended the event. “Some people have no issues describing their business in Korean but feel nervous when speaking in English. The only way is to keep working on it and preparing,” advised Chairman Jeong of NOOM, which has nearly become a decacorn (startup with a business value exceeding 10 billion dollars). “Investors can sense desperation simply by reading your e-mail,” the chairman said. “Avoid attracting investment when you are desperate. It’s better to share your growth journey every month to build up trust.”


Hyoun-Soo Kim kimhs@donga.com