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Smilegate Investment's New CEO: 'We're Betting on 'Pain Killers' for 10 Years Later, Not 3-Year IPOs'
🇰🇷 South Korea /Economy & Trade

Smilegate Investment's New CEO: 'We're Betting on 'Pain Killers' for 10 Years Later, Not 3-Year IPOs'

From Chosun Ilbo · (15m ago) Korean

Translated from Korean, summarized and contextualized by DistantNews.

TLDR

  • - Baek In-soo, the new CEO of Smilegate Investment, criticizes the venture capital industry's focus on short-term exits.
  • He argues that this short-term perspective discourages investment in truly world-changing technologies.
  • Baek emphasizes a long-term vision, focusing on technologies that will remain relevant in 10 years, rather than quick returns within 2-3 years.

Chosun Ilbo's Money Move section highlights a significant shift in strategy from Smilegate Investment under its new CEO, Baek In-soo. The article captures Baek's strong stance against the prevailing short-term profit-driven culture within the venture capital (VC) sector. He directly challenges the notion that VCs should prioritize quick exits within two to three years, arguing that such a mindset stifles innovation and prevents investment in genuinely disruptive technologies. Baek's vision, as presented in the article, is to foster a 10-year outlook, focusing on foundational technologies that promise long-term impact and sustainability. This perspective is particularly noteworthy in South Korea's dynamic tech landscape, where rapid growth and market shifts are common. Baek's approach suggests a move towards more patient capital, aiming to build companies with enduring value rather than chasing immediate financial gains. This long-term bet on 'pain killers' – technologies that solve fundamental problems – could redefine success metrics in the Korean VC industry, potentially attracting different types of innovation and fostering deeper technological advancements.

If you only consider the possibility of exiting in 2-3 years, money won't go to technologies that will change the world.

— Baek In-sooNew CEO of Smilegate Investment, Baek In-soo, criticizes the short-term focus in venture capital.
DistantNews Editorial

Originally published by Chosun Ilbo in Korean. Translated, summarized, and contextualized by our editorial team with added local perspective. Read our editorial standards.

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