“ What is Startup? ”
What comes to your mind when you hear “startup”? To start, you probably started thinking about Google, Facebook, Kakao, Toss, Riiid, Market Kurly, etc.
We wonder about how their success and know-how, and we even conduct studies and analysis about their services and products.
But our organizing committee wanted to asked more fundamental questions:
‘What type of people become startup entrepreneurs?’
‘What moves them to establish a business?’
and so on.
And we decided exactly one year ago,
To inquire about “startup mentality” and “story,” and create an event that gives a glimpse into their footsteps.
Through this, we hope to circulate entrepreneurship and ‘startup’ culture to our local communities.
“ WHY GRAFFITI Startup Festival? ”
GRAFFITI Startup Festival is unique in that it deals with ‘startup mentality’, but the primary purpose is to shape the ‘societal atmosphere’.
Our society today has tendencies to emphasize and prioritize ‘safe’ choices.
At GRAFFITI Startup Festival, we believe that we can challenge ourselves beyond this perception.
We want to stimulate a culture that encourages more challenging choices, and promote attention to the ‘WANT to do’ rather than ‘HAVE to do.
Startup teams that participated were those that are in early-stage and/or just started preparing their launch. Our selection of 12 startup teams were made based on the answers to the organizing committee’s questions.
The teams selected were Pickle(피클), Seuk-Sak(슥삭), ReDWit(레드윗), Youtube Planet(유튜브 플래닛), Select Stars(셀렉트스타), Haedal Programming(해달 프로그래밍), Moving(무빙), NewPage(뉴페이지), Grouping(그루핑), Pavilion and Fitcare.
Investment Game involved students participating in startup teams’ pitching sessions and investing their “Graffiti Point” virtual assets.
The main event was carried out in form of survival rounds and each startup teams’ representatives carried out presentations accordingly, and participants made their investments based on the presentations.
Final winner was selected based on the investments made by the participants.
There was also a surprise event during the Investment Game!
There was time set aside for photoshoot with the GRAFFITI event sponsors as well as survival quiz, etc.
First place winner was awarded cash prize of 1,500,000 Won (~$1,500), second place 1,000,000 Won (~$1,000), and third place 500,000 Won (~$500).
There were prizes given to participants who made the best investments, first prize 150,000 Won (~$150), second prize 100,000 Won (~$100), third prize 50,000 Won (~$50).
For the winning startup team, up to 10 match-making opportunities are given during the second half of the event.
This year’s GRAFFITI Startup Festival Investment Game Winners were Pickle(1st Place), Seuk-Sak(2nd Place), Youtube Planet(3rd Place).
Thanks to all the startup teams that participated in the GRAFFITI Startup Festival, and hope this experience is a good foundation for all future endeavors and success.
This year’s talk concert consisted of ‘STARTUP X GRAFFITI’ and ‘VC X GRAFFITI’.
Kim Tae-Yong of content startup EO led the Talk Concert as MC.
‘STARTUP X GRAFFITI’ session was led by Joo-Eun Seo, CEO Buzzville, and Lim Soo-Yeol, CEO of Frip. They talked about the opportunities and difficulties of starting a business, including collaboration between developers and management.
‘VC X GRAFFITI’ session was led by Yong-Kwan Lee, CEO of Blue Point Partners, and Jung-Min Lim, CEO of 500 Startup Korea. As representatives of VCs, they gave advice on what a successful startup looks like and shared the story of “Failure Gravity Field”.
After dinner, there was a one-on-one, GRAFFITI-exclusive “Match Making’ session at a cafe in Doonsan-dong.
Match making involved startup teams and “investors” who met over Kakaotalk messaging during the Investment Game.
On the basis of the resumes provided by the participants, the sponsors were given 10 chances for sponsorship, and the start-up team was given a chance to apply for the round.
Participants could also meet with the startup team representatives or sponsors by requesting meetings with the startup teams or sponsors who were interested in the investment game.
Through this, we wanted to provide a great motivation to the startup team and sponsors for the future journey, and to provide general participants with the opportunity to dive into the startup ecosystem.