- “AI technology is not a leading technology in itself, but rather a tool for industrial innovation, similar to the past computerization era.”
- As an investor with a CEO background, I specialize in providing management/financial support that startups lack.
- “Focus on essential indicators in the early stages of a startup when quantitative data is lacking”
On the 15th, we met with Chang-Joo Ahn, CEO of Ensul Partners (Executive Network for Startup leaders), via Zoom for a video interview to hear about the latest AI trend, the overall Korean startup ecosystem, and Ensul Partners' differentiating factors. Before founding Ensul Partners, CEO Chang-Joo Ahn served as the president of TG Sambo Computer until 2010. After retirement, he started his second career at Ensul Cooperative, founded Ensul Partners in 2016, and was selected as a TIPS operator in 2021, contributing to the revitalization of venture investment and the ecosystem in Korea.
Ensul Partners CEO Ahn Chang-joo explains Ensul Partners' unique strengths, which are made up of former CEOs.
Ensel Partners, a member of the CEO family , specializes in supporting startup management
Ensul Partners is an AC comprised of former executives from large corporations, and they are applying their management know-how to startup support. CEO Ahn Chang-ju emphasized that Ensul Partners’ differentiating factor is that it effectively transplants the management experience and resource utilization ability of former CEOs into the startup ecosystem.
CEO Ahn Chang-ju emphasized, “What startups need is to discover content that customers want and grow it,” and explained, “The second important factor is management ability.” However, he pointed out that most startups are specialized in the first factor, while they often show deficiencies in management ability. In particular, Ensul Partners has a structure that complements these deficiencies in management ability and helps founders achieve sustainable results. Investment Division 1 focuses on discovering new investments, while Investment Division 2 is dedicated to supporting scale-up and follow-up investments for existing investment companies. This dualized system helps founders achieve sustainable and stable results.
Focus on essential metrics in the early stages of a startup when quantitative data is lacking
CEO Ahn Chang-ju says that when evaluating the success of a startup, fundamental indicators are more important than mere external performances such as sales. “Sales are just a result, and it is more important to understand the fundamental indicators that made those sales possible. For example, the rate of repeat visits to a restaurant can be a better criterion for judging customer trust than the sales of the restaurant,” he explained.
In the early stages of a startup, quantitative data is lacking, so it is essential to evaluate the potential of the company through essential indicators. CEO Ahn defined this as “finding indicators that can measure the essence and managing them consistently,” and emphasized that this approach is the path to success.
AI is just a tool, securing original content and data is key
Lastly, we asked for opinions on AI, a hot topic these days.
AI technology should be used as a tool to lead industrial innovation rather than playing a leading role. This is similar to the past era of computerization. CEO Ahn Chang-joo explained his approach to AI by citing the early cases of the introduction of computer technology as an example. He said, “When computer technology first appeared, many people expected that computer technology itself would be the main character, but in reality, there were many cases where each industry successfully introduced computerization and achieved innovation.”
In order to successfully operate an AI-based business, unique content and a specialized database (DB) are essential. “The competitiveness of AI businesses starts with securing differentiated data. General data is limited in value because anyone can access it. However, if it includes exclusive and specialized data, it can gain a great competitive advantage in the market,” explained CEO Ahn.
He also emphasized, “Rather than trying to compete directly with large companies like Google or Naver, we need a strategy to create original content and services in very small markets.” He said that the key to success is to understand the needs of customers in a specific industry and build a business model that meets them. He said, “AI has become a technology that all industries rely on, but it is difficult to attract attention on its own. You can only succeed by reading the market trends, producing original content that customers need, and building a business model based on this.”
He then cited the web novel translation company 'Riveta' as a recent investment case, saying, "Riveta has AI technology that translates and provides web novels to the global market. It is important to go beyond simply having excellent translation technology and supplement what is lacking in the global content market." He added, "Like the case of Riveta's web novel entering the global market, we need to discover customer needs and expand the market by incorporating AI technology. Simply targeting a large market is unlikely to be successful. Rather, it is important to focus on unique content and needs to create differentiation."
As AI technology has become a megatrend, he emphasized that it is an essential strategy for AI companies to go beyond simply possessing AI technology and build differentiated content and data-based business models. CEO Ahn Chang-joo’s advice provides a clear direction for companies that dream of success in the Korean AI industry.
CEO Ahn Chang-ju left two key pieces of advice for prospective entrepreneurs. First, don’t be afraid of failure and take on challenges based on passion. Second, continuously reflect customer needs and develop your business model.
“Customer needs are constantly changing. The ability to validate your direction through essential indicators and pivot flexibly when necessary is the key to startup success,” he emphasized.
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