"Now Is the Best Time to Start a Business with Support Pouring In" (Comprehensive)

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[Asia Economy Reporter Kim Bong-su] "The notion that a failed startup leads to homelessness is a thing of the past. Now, with the government and investors running numerous startup support programs, this is the best time to start a business."

This is the statement of Yeon Chang-hak (27, Department of Technology Management, photo), CEO of Block Odyssey, who is receiving his degree on the 19th after completing the KAIST (Korea Advanced Institute of Science and Technology) Master of Entrepreneurship Convergence program, ‘K-School.’ After graduating from POSTEC (Pohang University of Science and Technology) with a degree in Industrial Management Engineering in 2016 and working for a while, Yeon enrolled as a third cohort student in the K-School program in 2017.

K-School, established by KAIST with specialized education content and support programs for talents eager to start businesses, was a perfect fit for him, who had nurtured his entrepreneurial dreams since his school days. After enrollment, Yeon has been like "a fish in water," unfolding his dreams. Together with his K-School classmates, he founded the blockchain-based startup Block Odyssey, continuing the KAIST venture startup DNA.

Notably, although he enrolled in the fall semester, he set a record as the first student to successfully secure investment since K-School was established. Surpassing seniors from the first and second cohorts, he secured 200 million KRW in investment from well-known domestic accelerators, financial institutions, and large corporations. Starting with just 1 million KRW, the cumulative investment exceeded 3 billion KRW as of February this year. He focused on the fact that over 200,000 people in China die annually from counterfeit drugs, and in the cosmetics industry, the damage caused by counterfeit products to a single specific brand?not the entire market?reaches around 400 billion KRW annually.

He launched a market strategy based on blockchain technology to track logistics processes and prevent forgery and tampering with an ‘electronic signature embedded QR code’ (authenticity verification solution). Yeon developed technology that allows consumers to instantly verify the authenticity of products simply by scanning the QR code. Within one year of founding the startup, he formed business partnerships with global companies such as Amorepacific, LG Electronics, and Guerbet. Additionally, he secured and is currently building a national distribution blockchain project promoted by the Ministry of Trade, Industry and Energy to prevent counterfeit goods at the national level.

Yeon said, "Gathering good people is the real starting point of a startup, and through the specialized master’s program, I was able to meet colleagues who possess both top-notch technical development skills and entrepreneurial spirit, making contact with investors relatively easier. The brand value of KAIST and the trust built by startups founded by KAIST alumni also helped."

Meanwhile, KAIST will hold its 2021 degree conferment ceremony mainly online at 2 p.m. on the 19th. Degrees will be awarded to a total of 2,712 graduates, including 668 doctoral, 1,331 master’s, and 713 bachelor’s degree recipients. Since its establishment in 1971, KAIST will have produced a total of 69,388 talents over 50 years, including 14,418 doctoral, 35,531 master’s, and 19,457 bachelor’s degree holders.

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