Korean Business Leaders Urge Firms to Find Growth in Overlooked Problems
Speakers at a Seoul business forum argued that companies can create new markets by solving everyday inconveniences, differentiating products and adopting recurring-revenue models.
Korean executives and academics urged businesses to seek growth in overlooked problems, arguing at a Seoul forum that ordinary inconveniences and gaps ignored by larger competitors can become the foundation for new products and markets.
The message was delivered during the second official session of the Global Business Forum, a weekly gathering organized by The Korea Herald and Herald Business under the theme “See the Unseen.” The session brought together business figures, an academic and Thailand’s outgoing ambassador to South Korea.
Sunyang Soju Chairman Cho Wung-rae said entrepreneurs should repeatedly challenge conventional assumptions to identify openings that established companies have missed. Cho, a former Samsung employee, founded a telephone information service in 1992 before acquiring the regional liquor company Sunyang in late 2004 despite having no manufacturing experience.
Facing a market dominated by larger producers, Cho said his strategy was to develop offerings that competitors could not quickly copy. Sunyang’s products have included oxygen-infused soju, oak-aged spirits and a canned blend of soju and beer. The ready-mixed canned drink was designed for single-person households and outdoor consumers who wanted convenience, and it sold 1 million units within 40 days of its June launch, according to Cho.
Cho also described using his own public profile instead of relying on celebrity endorsements. His social media channels across Instagram, YouTube, TikTok and Facebook recorded about 250 million impressions last year, he said. He encouraged business owners to focus less on credentials and more on developing a distinctive asset or capability of their own.
Kim Dae-jong, a professor of business administration at Sejong University, told small companies that viable startup ideas often begin with frustrations in daily life. As an example, he pointed to the origins of Korean fintech platform Toss, describing it as a response to the inconvenience and cost associated with currency exchange.
Kim also highlighted subscription models as a way for established businesses to build predictable monthly revenue while offering customers lower prices. His remarks framed pricing itself, rather than only the product, as an area in which companies can uncover new opportunities.
Thai Ambassador Tanee Sangrat, concluding a three-year posting in Seoul, praised South Korea’s technological strengths and encouraged Korean companies to pursue partnerships with Thailand, particularly in connection with the country’s agricultural sector. His comments added a cross-border dimension to the forum’s broader emphasis on finding commercial possibilities that are easy to overlook.