The Korean-American Scientists and Engineers Association (KSEA) Silicon Valley Chapter, led by Chapter President Dr. Gwansuk Kang, successfully held the 2024 IT Startup Seminar on September 27 at Stanford University.
Moderated by Dr. Goonho Park, the seminar featured Sungwon Lee, CEO of Runbear, who shared his entrepreneurial journey and insights into the Silicon Valley startup ecosystem. His lecture, titled “Lessons Learned from Three Startups and Two Exits: A Message from a Silicon Valley Entrepreneur,” drew significant attention from attendees. The seminar began with a promotional video introducing KSEA, followed by a brief overview of the Silicon Valley Chapter by Dr. Gwansuk Kang. He encouraged audience members to join the organization, emphasizing the benefits of a strong network among startup professionals and scientific experts, stating, “KSEA offers excellent networking opportunities for both entrepreneurs and scientists. Membership unlocks even more valuable benefits.”
Mr. Sungwon Lee shared candid stories from his three startup ventures and two successful exits. His first startup, Ultracaption, was sold to Kakao in 2015. He highlighted the importance of goal alignment among team members, explaining that the lack of shared vision contributed to difficulties in that endeavor. His second company, 42 Company, gained over 8 million users in the Indian market but faced challenges due to a slowdown in the advertising industry, eventually leading to its acquisition by Buzzvil. At Buzzvil, he served as Head of Product and successfully tripled revenue by aligning goals and executing quickly.
Reflecting on his time in India, Lee admitted he regretted not spending more time engaging directly with the local market and customers. He emphasized that founders must go beyond the office and into the field to truly understand their users, stating, “Success comes from firsthand experience, not just planning at your desk.”
Currently, as the CEO of his third startup Runbear, Lee continues to prioritize goal alignment and rapid execution. In just one year, Runbear secured 100 paying enterprise clients, including Boston Consulting Group (BCG). He concluded his talk with the insight, “Entrepreneurship is a process of constant trial and learning.” The seminar provided valuable advice and inspiration to many entrepreneurs and aspiring founders in the startup community. In his closing remarks, Lee stressed, “We must keep learning from our mistakes and never stop challenging ourselves.”
The event concluded with a vibrant networking session, where entrepreneurs, researchers, and students freely exchanged ideas about startups and technological innovation. Attendees shared experiences and explored future collaborations. Dr. Gwansuk Kang expressed his satisfaction, stating, “Today’s seminar strengthened bonds among participants and helped bridge the startup communities of Silicon Valley and Korea. We will continue to host beneficial seminars for our members.”
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