The Overly Competent Junior Employee

“I can see why you found it difficult.”

That evening, despite the end of working hours, Dokyung and Han Dahyun were sitting in a corner of the office, engaged in conversation.

Dokyung placed the documents he had received from Han Dahyun on the table and continued speaking as he sat down.

“One has only dreams, another is making money by wedging into the existing market, and the third has both dreams and is making money, but its company value has already skyrocketed.”

At Dokyung’s words, Han Dahyun’s face fell once again.

“But even under these challenging conditions, you’ve managed to find such companies.”

Dokyung pointed at the documents as he continued.

“Honestly, I’m impressed. I knew you were knowledgeable about startups, but I didn’t expect you to know these companies so well.”

“I’ve been attending Coffee Club recently.”

When Han Dahyun mentioned Coffee Club, Dokyung chuckled. Coffee Club was a weekly startup gathering in Teheran Valley.

“I thought so. You’ve been late occasionally on Monday mornings when Coffee Club meets.”

“That’s right. I feel a bit guilty towards our team members, but since my work is related to startups, I felt I needed to check industry trends weekly.”

“Is that where you learned about these companies?”

“Yes. I’ve become acquainted with startup insiders there. When I ask them about the hottest companies in the industry these days, they mention these three. I met people who graduated from the same university as me.”

“Stanford?”

Han Dahyun nodded at Dokyung’s question.

Han Dahyun had graduated from a famous American private university, and her alma mater was the cornerstone of Silicon Valley, which leads America’s new industries.

Stanford was practically the university that created today’s Silicon Valley in the United States.

When talents graduating from Stanford University in western California started heading east to New York in search of jobs, Stanford created a research park on the land surrounding the university.

Young talents dreaming of startups settled there, and now that area has become a region leading not just the United States, but the entire world.

“Yes. There are many alumni trying to create startups in Korea.”

“That’s great. If you used your connections, they probably wouldn’t have recommended any sketchy companies.”

Saying this, Dokyung opened the documents he had received from Han Dahyun.

“Here’s what I think.”

He then looked at Han Dahyun and spoke.

“The pros and cons of the three companies are well summarized, so why don’t we leave the choice to the client?”

“Do you think that’s okay?”

“I think I know what you’re worried about. You’re concerned about the client’s reaction because we couldn’t meet all the conditions they wanted, right?”

Han Dahyun nodded at Dokyung’s words.

“But what can we do? There are no companies that perfectly match the client’s conditions, and you’ve selected the best companies with your information and insight. When I saw this report, I was truly impressed.”

“……”

“I’m serious. Not just in this center, but even those investing in startups probably don’t properly understand the value of these companies. But looking at your report, I think you’ve done quite a good job of valuing the companies.”

Dokyung was not one to mince words, at least when it came to investments.

Han Dahyun knew this aspect of Dokyung’s character well, which is why she couldn’t help but be surprised.

“It’ll be fine, right?”

“Yes, it’s fine. You’ve pulled out the best even in the worst situation, and I think the client will be satisfied.”

At Dokyung’s words, the concern on Han Dahyun’s face disappeared, and she nodded.

“Thank you.”

“It’s nothing. If you need more help…”

“Then would you like to come along?”

“Pardon?”

“If the client chooses one of these companies, I mean. Would you like to join me for the due diligence?”

After pondering for a moment at Han Dahyun’s question, Dokyung nodded.

“Sure. It’ll be a good experience for me too.”

As Dokyung agreed, Han Dahyun looked at him with a smile.

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“This is Kang Sung-ho.”

Meanwhile, Kang Sung-ho of KFSG was meeting someone at an office somewhere in Gangnam.

“Hello, Sunbae. I’m Heo Jun-soo, CEO of Tribe.”

“Have we met before?”

Kang Sung-ho asked with a puzzled expression as the other person addressed him as “Sunbae.”

“I’m also from HMIC.”

As Heo Jun-soo mentioned HMIC, Kang Sung-ho’s face brightened.

“Ah, is that so? Which year?”

“I’m from the 33rd year.”

“Did you graduate from Korea University?”

“No, I graduated from Seoyeon University. I did my MBA at Korea University’s Graduate School of Business.”

Kang Sung-ho nodded with a smile at the other’s words.

Although HMIC was a club affiliated with Korea University’s Business School, not only undergraduate students but also graduate students could join.

“I didn’t expect to meet a junior from the club here.”

At those words, Heo Jun-soo’s expression also relaxed considerably. He could probably sense that Kang Sung-ho’s expression and tone had become more genial.

“It’s an honor. I spent my club days listening to success stories of renowned seniors like you. It’s truly a novel feeling to meet such a senior as a business partner.”

Kang Sung-ho nodded, seemingly pleased with Heo Jun-soo’s words.

“As you said, we’ve met as business partners, so shall we talk business?”

“Pardon?”

However, as if to say that was the end of it, Kang Sung-ho’s expression suddenly reverted to how it was when he first entered the office, and Heo Jun-soo asked again, seemingly bewildered by the sudden change.

“We may have a personal connection, but we met to do business. Let’s sit down.”

As Kang Sung-ho and the KFSG staff took their seats, Heo Jun-soo, who had been wearing a confused expression, gathered himself and began to speak.

“Then I’ll start by briefing you on our company. If you have any questions during the presentation, please feel free to ask, and I’ll answer them.”

Saying this, Heo Jun-soo stepped forward and stood in front of the screen hanging on the wall.

A moment later, as the lights dimmed and the screen lit up, Heo Jun-soo looked at Kang Sung-ho.

“Our company, Tribe, is a solo broadcasting platform established in 2017.”

As the formal introduction of Tribe began, Kang Sung-ho and his staff started listening intently.

“After launching the platform in 2017, we significantly lowered the exchange fee for T-coins, our in-platform currency, to encourage BJs to move from other platforms. As of 2022, about 1,600 professional BJs are broadcasting on our platform.”

The domestic internet broadcasting platform market was divided between one domestic platform that had established itself early and a giant overseas platform.

However, Tribe had managed to wedge itself into this red ocean dominated by two giant companies and carved out a place for itself in the internet broadcasting platform market in just six years since its founding.

“The reason we were able to succeed in a market where other large corporations had entered is that we prioritized the convenience of BJs above all else.”

Many large corporations had entered the internet broadcasting platform market.

But they all failed to establish themselves compared to the companies already in place, and either closed their businesses early or sold off their divisions.

“The most important thing in internet broadcasting is the ability of the creators. We provide various conveniences so that BJs don’t have to think about anything other than broadcasting, such as handling their tax filings.”

Other companies that had failed focused only on user convenience, leading to significant friction with creators.

But Tribe, seemingly well-versed in the business, understood that the power of their business came from solo broadcasters, and made them come to Tribe on their own by offering the best BJ support in the industry.

“Above all, what BJs are most satisfied with about Tribe is our relatively low exchange fee. One T-coin is equivalent to 100 won in cash. While other platforms deduct up to 30% in fees when a viewer sends 100 won, leaving only 70 won for the BJ, we deduct 11% in fees and pay 89 won.”

Platforms were charging what was known as a “toll fee.” It was understandable if thought of as a fee for using the platform, but sometimes creators were dissatisfied with the excessive fees.

“With lower fees, we had to find new business opportunities.”

The revenue of internet broadcasting platforms was almost entirely from the exchange fees of these virtual currencies.

However, Tribe, with its low fees, had to generate additional revenue from new businesses to make up for the lower fees.

“We introduced a system where advertisements appear in the middle of videos. Initially, both users and BJs were resistant, but by sharing a portion of the ad revenue with BJs, even those with low T-coin earnings came to welcome it.”

Kang Sung-ho nodded at Heo Jun-soo’s presentation.

“And recently, we’ve been creating and selling NFTs centered around famous BJs, generating new revenue.”

NFT (Non-fungible token) was a virtual token or coin using blockchain technology.

In other words, it was a certificate proving the originality of digital products by containing addresses of photos, videos, or other related digital goods within the token.

Thus, Tribe was creating NFTs of BJs’ videos, photos, or related products and selling them to fans.

“We released a limited edition of 100 NFTs featuring videos and photos of our representative BJs, Sleeping Turtle and Fluffpuff, which sold out in just 30 seconds, showing quite a positive response from fans.”

“Let’s put aside the talk about new businesses for now.”

Kang Sung-ho, who had been listening intently to the presentation, spoke with a stern expression as he looked at Heo Jun-soo.

“Let’s discuss the most important matter first. To be direct, how much revenue is generated from T-coin exchange fees?”

Heo Jun-soo seemed taken aback by Kang Sung-ho’s question.

“I think it’s right to take a conservative view of new businesses as they might need to be scrapped at any time, and I want to know the sales of your main product.”

Kang Sung-ho looked at Heo Jun-soo as if demanding an answer.

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“So they ended up choosing this one?”

A week later, Dokyung and Han Dahyun were in a car heading somewhere.

Dokyung asked Han Dahyun, who was sitting in the passenger seat.

“Yes, you know Tribe, right?”

“To be honest, I only learned about it from your report.”

“That’s understandable. This field is…”

“Dominated by two giant companies. And it’s a different direction.”

Han Dahyun nodded at Dokyung’s words.

“The client wanted to see returns in the near future if they couldn’t enter early.”

“That’s a good decision.”

“Yes. Tribe is about to exit soon.”

“Are they saying that themselves?”

Han Dahyun shook her head at Dokyung’s question.

“Not exactly. They’re seeking late-stage investment after removing earlier investments. This structure usually aims for an IPO or clears shares before a merger and acquisition.”

Dokyung nodded.

The fact that the redemption deadline for earlier investments was approaching meant they needed to find capital to replace those investments.

“So the money from Dahyun-ssi’s client that’s being invested now is…”

“Yes, it’s late-stage investment. That’s why we’re expecting about double the return.”

When making an investment, people usually predict how much return they’ll get. In the case of early-stage startup investments, because the probability of failure is high, the expected return is also set high, around 10 times the investment.

Early investments could secure a large share with a small amount of money, and if the company survives until the investment is recovered, the company value would naturally have increased.

High risk comes with high returns.

“If you’re aiming for double the return even with a late entry, that’s not bad.”

Dokyung’s car glided into a building’s parking lot, and the two got out of the car and went up to the building.

As they entered the meeting place, someone was waiting for them and approached Dokyung and Han Dahyun.

“Are you from Yuseong Investment Securities?”

“Ah, yes. Hello. I’m Han Dahyun from Yuseong Investment Securities Leaders Center, who contacted you by phone. This is Yoon Dokyung-ssi.”

“I’m Yoon Dokyung.”

As Dokyung and Han Dahyun greeted him, the other person’s face brightened.

“Hello. I’m Heo Jun-soo, CEO of Tribe.”

After greeting Han Dahyun, Heo Jun-soo extended his hand to Dokyung as well, and Dokyung shook his hand.

Bzzt-

At the same moment, Dokyung’s smartwatch began to vibrate.