Start-up is a South Korean Drama series about a group of youngsters who have the dream to build their own business. The story revolves around tech start-up scene and Venture Capitals. It also displays dynamics between the firm and the investors, as well as how businesses grow from the start. Here are the takeaways:
1. Product - Market Fit
No matter how high tech or sophisticated your product is, if there's no one wants to buy it, you don't have a working business.
In the drama, Samsan Tech built an international award- winning AI, the following days, potential investors flocked Samsan Tech's office. But their questions were the same: How do you generate revenue?
We often want an amazing business, but forgets to do a research on the market.
2. Read Your Contract Through
In the drama, Samsan Tech received 3 billion investment offer from a Silicon Valley firm, 2STO. This astronomical offer made the team happy and did not think thoroughly.
Only after their mentor knew, it was an 'acquihire' attempt, or an acquisition with the talent as the main aim. They tried to cancel it, but it is irreversible.
Always read you contract through.
3. Place the Right People at the Right Place
Not all tech people could be CEO, not all non-tech people could be CTO or CFO. That is what happened in the drama, as well as real life business.
It can be forced, of course, but it will only hinder your business's growth.
Place the right people at the right place.
4. Listen to Others
In the drama, Han Ji-pyeong, the investor and Samsan Tech's mentor always get the cold shoulder and had his advices disregarded due to his brutally honest remarks.
As harsh as it could be, always listen to what others have to say about your business or product, especially your mentors or investors.
They usually know what works and not based on their experience.
All images are credited to Netflix and TvN.