"Financial capital, of course, and "human capital" are also important. Receiving investment and growing can end in an instant. When an entrepreneur fails, respecting the failed asset and being able to receive investment again depends on relationship capital."
Representatives from venture capital (VC) and accelerator (AC) emphasized this at the investor strategy session of the "C Forum 2025" held by CNT Tech and ChosunBiz on the 3rd.
Phone Seong, the representative of CNT Tech, mentioned the investment evaluation criteria during the investment recovery period. He said, "Just because it is a recovery period does not mean that the evaluation criteria are relaxed," adding, "The criteria that were evaluated more conservatively during the downturn still apply." He noted, "Metrics such as customer conversion rate, repeat purchase rate, and return on investment are important in determining whether a startup is delivering actual results."
The former representative also emphasized the product-market fit (PMF) of startups' services and their risk management capabilities. He stated, "We are not just looking for potential before market entry, but evaluating outcomes after market entry and technology verification (POC). At the same time, we track key performance indicators (KPI) from the beginning and provide consulting to resolve issues when risks occur."
Jeong Jin-ho, chairman of The Wells Investment, emphasized the essence of venture spirit. He noted, "The nature of ventures is high risk, high return," adding, "Looking at recent investment trends, people are trying to invest in a way that guarantees principal safely and can return investments." This indicates that investment is losing its venture attributes.
Chairman Jeong also stated, "It is crucial to see the timing well," saying, "Investment is often referred to as "the art of timing." He expressed uncertainty about whether this is a recovery period or still a downturn, but emphasized that investments need to align with the current market. He continued, "In the short term, startups that are greedy and focused on maximizing profits may grow, but in the long term, startups that have value-centered entrepreneurship will thrive."
Bae Sang-seung, representative of New Paradigm Investment, stressed the importance of team composition in startups. He noted, "A team consisting of engineers with accuracy and humanities experts with creativity has a greater potential for growth," and said, "Startups equipped with both technical and sales capabilities can win customers' hearts and open markets." Representative Bae also mentioned, "Timing and luck are important," stating, "No matter how excellent the technology and sales capabilities are, if they do not receive investment at the right time and lack luck, they cannot grow."
Noh Tae-jun, acting partner at Primer, said, "A great entrepreneur has the power to push their thoughts without compromise." He used Carrot Market as an example, saying, "While other startups expanded their product transaction range to increase customers, Carrot Market was able to grow by focusing more on facilitating transactions with local residents as its core value of "hyper-local."" He also stated, "Entrepreneurs do not seek one shot at life, but rather grow steadily and repeatedly based on their philosophy."