Hi everyone. This is Yoon Yong Jin from KAIST. This is the fourth session for the fifth week of the Stanford Design Thinking and ASEAN Startup. Up to now, we look into the startup ecosystem in Singapore and ASEAN area. In this session, I'm going to introduce about the Silicon Valley. Before I moved to the Singapore in 2010, I studied in the nearby Silicon Valley in Stanford University, and during my PhD study, I also involved actively in some tech-based startup. I want to share my experience at that time, but that's too long time ago. I also want to introduce about a recent my activity to some AI application, some activity in the Silicon Valley too. I want to share this one-liner like, some let the wind of freedom blows. This one is a very famous, but only very few people knows what's the let the window freedom blows. The reason I've bring this image is that I want to let you guys think your businesses are global level because the global startup is our keywords, not only focus on this Korean market, but also focus on this global market. This let the wind of freedom blows has appeared in Stanford logo here, emblem, so here. This is actually the Stanford University's some name is Leland Stanford Junior University. There is some German language there [inaudible] , I'm not sure. Anyway, those are German words. If you translate into the English is let the wind of freedom blows. Like this, the Stanford, there seem their speech is about freedom. Many of my friends during my PhD or the master studies, and they even kicked their study and they're fine. They just do their startup to follow their freedom, to follow their dreams. All this freedom-like atmosphere is very overwhelmed in the campus. I think that's the vice versa, they're affected around Silicon Valley. Also, the Stanford speech is freedom speech, also affect to the Silicon Valley I think, vice versa. The let the wind of freedom blows remind me my young days, like I think about how to do the global business, global startups during my studies. If you look at this Silicon Valley, there is hundreds big companies there. This is mecca of the technological based companies such as Google and Facebook and Apple and Samsung, and every company is there. How this kind of thing happens? You can think Silicon Valley as we can think for the Korean people, Samsung and LG and Hyundai is like a dream company. You can see in the small area, Samsung is there. It means totally the atmosphere is very different. If you are top engineers, you can easily move to other company with a very higher value. It's one of the best place for the top engineer people and also weather is so nice and salary is very high and also everything is so good. But definitely there is a bad, some like not the bright side of the Silicon Valley. However, for the engineering people, maybe Silicon Valley would be the one of the best place to pursuing their dreams in their life. How Silicon Valley become like this? Maybe there is a lot of companies in here, the Silicon Valley. A lot of companies start from the startup. We just talked about startup. They do startup, comes out from their dreams. So let me talk about dreams. Everybody has their dreams. During my PhD and my master, I dream about making global startup. At the time, we call it a venture company. Not only myself but also many of my friends, especially in Stanford University, many people dream about making their company and become like Elon Musk or the many famous people. But actually, very few people can become like that, but not a small number of people. Some people or my friend who just sitting next to me and just disappear, and six months later, they appeared in a newspaper like that, so it's a different experience totally. So if you have that kind of experience, you also think about, "Oh, my dream may come true," like that. In Silicon Valley, you can really think about your dream become reality. How is this possible? In Korea, I know it's very difficult to dream our future, that kind of stuff, including me, it is not easy, but Silicon Valley, maybe I can say it's some startup virus. The virus is there. Even recently, I visit Stanford or the Silicon Valley, I can feel they got the startup virus. I hope if you guys really feel that environment, atmosphere, then I strongly recommend you definitely go to the Silicon Valley. There is five reasons I summarize why we can dream our startup in the Silicon Valley. Number 5 is very simple, you can dream your idea. Even many of case, we cannot dream our idea because there is too much reality we need to overcome. You need to make money, we need to survive, so we cannot quit our job and just put our whole effort to do the startup or our other dreams. However, in Silicon Valley, it is all about possibility because the reason I cannot abandon my current job and you also cannot abandon your current job and try to pursue your dream is that the possibility is very low. However, in Silicon Valley, you can find very good manpower and very good technology and also a lot of venture capitals. Everything is there, so there is a high possibility to realize your dream. In here, dreams maybe you can think startup. Number 4 is there is second and third chance. Even if you fail into your first trial, you'll have another chance if you shows your professional attitude with your community. In Korea or other place, once you fail, then already you are loser. It's very difficult to survive again. Even you may change your name, that kind of stuff happen, there may be no second chance. However, in Silicon Valley, I see many case, even you fail, if you show your sincerity and professional attitude, then you may have another chance, even better. Number 3, you are not the only one who dreams, which means that the many people dream together, and you can see that your friend become the somebody, and your friend's team make a lot of money like that, or they're doing a lot of fantastic work, so whole Stanford campus is overwhelmed by the full of these startup flavors. This is various I just mentioned, so this one is very unique, some features. Also, there is different, many kinds of success. Not the big success, maybe they'll just success from the M&A. This is about whether this M&A market is very activate or not. In Korea, there is not much case, and we can set our startup to the big company. However, you can see the many newspaper, many big companies such as Google and Facebook or Apple, they buy the small company with a lot of money, those kind of just successful case is there. Number 1 is, the most important point is that venture startup is not the way for you to ruin your life career, even you fail. In Korea, if you're young, if you're just graduate the undergraduate school, and a lot of risk is there if you ruin your first job and then maybe you think about, cannot go to the big company like Samsung or LG, like that, but however, in Silicon Valley, they're working in the startup and ventures. It's a very big career path. Even you fail your startup, you can go to the Apple or those kind of big company. So other big companies also count on your venture experience when they hire you. So that's the big difference. So you can even dare to enter those kind of startup like a adventure. So this is the very important, some five things. In the Silicon Valley, we can think about our dream. In Korea, if there is those kind of environment, I think many young people or some retired people, or many people dare to get into the startup like some market or activity. One day, I hope to contribute to make this kind of environment. So now I just talk about very bright side of the Silicon Valley, however, there is a dark side too. This is right. However, in the real case, because my English was not that good, now still not that good, but comprehend with the native speaker, English is not the major concern, but when I give a presentation in front of investor in IR, their face become like this because my English is so bad. My preparation is not that good because my business model is not that disruptive like that. Also, my face become like that because I think my business idea, my team, my startup is very good, but why do those people blame me a lot? This is my ideal experience, some venture capitalists say my startup is bullshit, like that. Then really, they angry at me like that. So this kind of thing happen. So the reason I talk about the bring-out is if they experience that, a certain area is more favorable to the Korean people because even you are not that good at English, is okay. Also, there is a Korean wave, and everybody loves Korean, so as a Korean people, if you think about the global business, I think more realistic way instead go to the Asian market first, and in the Asian market, during 3-5 years, you can expand your business there with the English-based, and also, there is a lot of accessibility to the global market. Then you can go to the Silicon Valley or to Europe or Australia or some other market. So that will be, I think, a better choice for the many of the case. But if your company has a very big technology and very good opportunities, I also recommend you directly go to the Silicon Valley or those kind of place. But I personally recommend that it's better to start the global business from the Asian market, especially start from Singapore or Vietnam, like that. So this is my learning from my journey, 10 years more journey for the startup. Actually, not only this but also the cost is very high in the Silicon Valley, San Francisco or Silicon Valley, cost is very high. So many startup now they are leaving the San Francisco and Silicon Valley. So this video clip shows the why many startup are leaving from the Silicon Valley. As you see the many startups now they're leaving Silicon Valley to find a better place. Here you can see the Singapore, and Bali, and Thailand, those are now the new places to start a global startup business. So I didn't make it, this is some big media company make it, and I also somewhat agree about these changes these days. Especially if you are Korean, even you're not Korean, you can think about your startup business in the Asian market first, I strongly recommend that. Now, it's almost end of this session, and this is Steve Jobs. When I hear his speech in Stanford, at the time I attend this speech as a master student. He gave a speech during my commencement in the master commencement. He talk about the many decipher speech, many things I remember, and especially like, "Stay hungry, Stay Foolish", very many people like it. I also tried to follow the speech. Other things I remember is that if you follow your accumulate any experience, it will be connected in the end. Dots are connected in the end and become your unique features in the future. So I hope you guys maintain your hungry speech and stay foolish. Try to learn more, try to experience more, and then from that experience, you'll be something unique people in the future. So please, have the courage to follow your heart and intuition, not the other people's heart, not other people's intuition. They somehow already know what you truly want to be. So really just look into yourself, your heart. These days, many people just try to follow the other peoples like some suggestion, like some whatever. But if you have a dream as a startup innovator, then just follow your heart and intuition. Even like many case is fail, it will be your life and it will be your some power and your life. Thank you for the attention, and then next week are the wrap-up with the introducing about how to prepare the IR, which is Investor Relations, and then we'll wrap-up this Stanford Design Thinking, and I'll see you in the start of class. Thank you very much.
