[Startup Lecture Series] Dong-Wook Suh, Vice President at NEW
“Flexibility in Business Strategy”
On June 5
th
, KUBS Startup Institute held its last lecture on ‘Startup Lecture on Demand’ series at 6:30 pm. The guest lecturer was Dong-Wook Suh, vice president at NEW (Next Entertainment World) ‘From Cell No.7 to Busan’. Established in 2008, NEW is a film investment and distribution company which now grew to a contents distribution company specialized in drama and film production, drama soundtracks, and sports brand licensing.
Mr. Suh used an analogy of starting own business with fighting in a war. Every moment of running own business asks you to make decisions, so you need to be committed and brave. “It is not a charity; You have to make profits. That is what business is all about. So I recommend it is very important to work through your ideas and plans hypothetically before you actually proceed with them.”
Mr. Suh also highlighted the importance of flexibility in business strategy. He cited the movie title, ‘
Right Now, Wrong Then’
. He explained, “The rule of thumbs: we don’t stick to a rule; each time we come up with a new rule. That is how we believe we achieve the best outcome possible.” Mr. Suh gave an example of how he invested in the production of TV series ‘
Descendants of the Sun
’. “I have never done TV shows (drama) so I did my research, and I proceeded with the investment.” “And the investment brought me data on export planning and publication rights, which are fundamental to the business’s further projects.”
Vice president Dong-Wook Suh concluded his lecture by stressing the importance of human resources. He continued, “Machines cannot replace human. The employees you work with can make the difference in your business. So it is important you make sure you and your employees are on the same page.” “I strongly suggest you create effective communication in the workplace because it will increase the efficiency of business operation at the end.”
Mr. Dong-Wook Suh then had a Q&A session at the end of his lecture, where he was asked how he thinks of the web series market (web drama). He replied, “You know how tvN’s ‘
New Journey to the West’
was first released on the Internet and then aired on TV. You want to be fully prepared. You need a thorough plan and research of the market.”
Each semester, KUBS Startup Institute holds a practice-based lecture series ‘Lecture on Demand’, focusing on startups and business venture. Anyone interested in the KUBS startup business teams and any KUBS students are welcome to participate in the lectures. For further inquiries, please contact KUBS Startup Institute at 02-3290-2551.
