“Don’t be frustrated by failing once or twice. It simply means your chances of succeeding are better than before. In Silicon Valley, the average number of failures for start-ups is three times, and I was no exception for I also failed three times,” said Kim Do-hoon, a Senior in the Department of Electronic Engineering at Hanyang University(HYU) and a CEO of Cringe.
He founded ‘Cringe’, an advertisement company, in April 2015, which is an open market platform for advertisements. Once advertisers post campaign guidelines on Cringe, users can upload pictures or short videos accordingly. The user then posts photos or videos in the format of reviews and Product Placement Advertisement(PPL). This is normally done on Social Network Service(SNS). The campaign ends once they reach a certain number of likes or when the allocated time for the campaign is up.
Financial issues need to be dealt with beforehand and knowledge about the area of business is crucial to succeed. “If you can explain your startup item and persuade people to support you, money will not be an issue. There are many contests at HYU Business Incubator Center that help students prepare for startups. I also received help from the Center,” said Kim to Hanyangians who might be giving up their start-up plans because of monetary difficulties.
Kim faced other problems after launching his startup. He overcame these obstacles with the help of his mentor, Lee Gwan-woo, a CEO of Buzzvil. His advice was to look at the situation from the customer’s perspective. A major problem Kim faced was that people did not like advertisements. Advertisements aren’t sources of entertainment and are filled with content that they do not enjoy.
As a solution, he came up with an alternative where Facebook Stars make advertisements in a way that people could enjoy. Having experience running a famous Facebook page, Ut-dong (funny in Korean video), Kim was able to grasp what content would grab the public’s attention. Famous Facebook page managers, known as Facebook stars, are able to attract followers on their own. Using them as the advertisement developers would prove helpful seeing as they know what people look for content-wise. “Facebook stars know best when it comes to getting more likes onlines. Going forward, Cringe will broaden the platform so thatsmall businesses and ordinary people,” said Kim.