Yesterday we published part 1 of this story here. Below is part 2.
We learned about the basics of what Easiaid wants to achieve. Now let's take a look at the team behind the vision. In Easiaid we see a team that has the experience and ability to execute, and that's exciting!
The team of four, a father, his son and two friends were determined to squash the Korean hierarchy normally found in companies. In an increasingly common trend everyone in the company is called by an English nickname, instead of by their position in the company. While this may seem like a very small step, it helps dramatically to level the playing field upon which everyone in the company works.
The idea for creating Easiaid came from Co-Founder, CT Kim's research in the field of video indexing. Initially, his father wanted it to be used in language education but David Kim told his father that he had a better idea.
David, in charge of management , started his first start-up in 2009, it crashed in a year but he learned invaluable lessons from this experience. This is where he gain the ability to manage teams and understand the flow of business.
Easiaid has a strong team but also a strong set of mentors. The team believes that the best advice these mentors have given them is not go to the USA yet but to focus on getting a foothold in the Korean market first. Following this guidance, they are building their base in the Koran market where they have no direct competition. "Everyone at this stage is a potential partner not a competitor," said Kim
Advice to Start-ups from David Kim
Learn your business. You should know about investment, marketing and conducting research. That way you know when to invest and how to market your product. Too many young entrepreneurs' only business model is to "be the best" That is an unacceptable business model.
Before starting Easiaid, the team did IP research and market analysis for one year. From that we were able to change the UI/UX and business model quickly and efficiently. "Stop trying to make something cool and make a business," explained Kim. "The Korean start-up community is small and getting from that community to Series A funding is hard."
Be smart about who you choose to take money from. Some money is 'Toxic Money'. (David told a story about a VC who puts CEO's in jail and then took over their company.) Know the background of every VC you plan to do business with. Know their previous investments and their reputation.
Easiaid is looking for investors to get to the next stage in it's business cycle. With the next series of financing , Easiaid is looking to Beta test it's product next year. It has a strong team and an abundance of experience behind it.