Korean startups and Shakr MediaUpdated: 2014-08-25 22:06:31 (KST)
Making memories last, is what Shakr Media does.
With its instant video creating platform, Shakr makes dragging-and-dropping simple and creating professional-quality videos easier.
"I think of video as the most powerful storytelling medium. When you and I are here face-to-face talking, that's a powerful telling medium. So I thought that it would be necessary and desirable for many people, everyone, not just the people with the big production budgets and the fancy expensive cameras to be able to do video, but for everyone to do great video."
It also helps small businesses advertise, in a way helping the Park Geun-hye administration's "creative economy" drive in search for fresh, innovative ideas for growth engines.
"Video ads have three times the click-through rates of mobile advertisements. They are effective. But small businesses just couldn't participate because they couldn't afford to spend 20-, 30-, 40-, 50-thousand dollars on producing a beautiful video advertisement."
Born three years ago Shakr now serves customers all throughout Asia and the Americas having raised about 3 million U.S. dollars as of May this year.
"I know it's tough for venture capitals to get investment. Where did the investment for Shakr come from?"
"There is a lot of venture capital available here in Korea today. Angel investors are very active. We've also raised money Facebook executives, we've also raised money from Korea's largest Internet company, NHN Investment, and Korea's largest steel company, Posco Investment."
But that's not the reality for the majority of start-ups in Korea.
Having to break ground on the back of financial guarantees or loans can turn off a lot of young entrepreneurs especially in a business environment where investing through M&As is not as prevalent as it is, in say the United States.
But Lee says Korea is still a good market to try out new ideas as long as young entrepreneurs utilize the strong IT infrastructure and low-entry barrier for start-ups in the country.
"There is a vibrant local market here in Korea, an incredible test bed to test your ideas with a very local market that's ready to try new things."
Connie Kim, Arirang News.
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