Press

Underdogs CEO Cho Sang-rae\n\nUnderdog refers to the phenomenon where sympathy flows to those who fall behind in competition. It's cheering for the weak. There's no need to discuss etymology. In an era of Big Brother surrounded by big tech companies that transcend small national scales and mega-platforms that cross borders, could there be a more wonderful term for startups?\n\nUnderdogs, established in 2015, seized upon this magnificent term. It positions itself as Asia's leading practical startup platform that connects the will and efforts of innovative entrepreneurs with the world. To date, Underdogs has partnered with 150 organizations including corporations, local governments, and public institutions, using 40 cities as a foundation to nurture approximately 10,000 entrepreneurs into innovative entrepreneurs through self-developed startup content. The startup education programs conducted so far number 137, with approximately 10,000 graduates and 82 selected venture teams plus 11 investment-attracted teams produced.\n\nUnderdogs has also made efforts to foster entrepreneurs not only domestically but internationally. It has established partnerships with 55 organizations in 25 cities across 19 countries and maintains about 20 global partner coaches. It works closely with its parent company, NewBlack. NewBlack, as a company builder, supports startup teams that complete the Underdogs program to grow through investment and become innovative entrepreneurs.\n\n◇ New Partner Building Program "Dreaming of Regional Change" = Recently, Underdogs launched the Underdogs Partner Building Program (UDPB). Why did they launch it? CEO Cho Sang-rae says, "It's to create new changes in regions by utilizing Underdogs content."\n\n"Since its establishment, Underdogs has educated and supported individuals and teams dreaming of startups not only in the Seoul metropolitan area but throughout the country. As years have passed, various feedback has accumulated, with the most frequently mentioned being a desire to learn more about Underdogs' educational program operations and coaching methodologies."\n\nCEO Cho says that such feedback was frequently discussed not only for startup teams but also for strengthening the capabilities and expertise of core support entities that comprise the ecosystem.\n\nActually, Underdogs receives requests and proposals from various regions throughout the country, not just the Seoul metropolitan area. However, due to insufficient regional understanding and networks, the company regrettably could not accept the flood of proposals.\n\n"That's why Underdogs decided to launch UDPB—to share the know-how accumulated so far regarding education and coaching program operations with individuals and teams based in regions, so that more entrepreneurs can use Underdogs content to create new changes in their areas."\n\nFor these reasons, what Underdogs aims to achieve through UDPB is clear. Until now, education and infrastructure for social innovation startups have been concentrated in the Seoul metropolitan area. CEO Cho believes that "more startup teams need to emerge throughout the country."\n\n"Through this partner selection process, we want to expand the impact of social innovation startup education to broader regions." For this purpose, Underdogs is seeking Underdogs crew (ud.crew) members to work with them. CEO Cho anticipates that if 1,000 social innovation startups nationwide join forces, greater impact could be achieved.\n\nUnderdogs' focus on regions is partly due to the fact that there are many entrepreneurs in areas outside the Seoul metropolitan area who need their content. In fact, according to the Ministry of SMEs and Startups' 2020 regional startup status report, of the approximately 1.5 million startups last year, 29% are concentrated in Gyeonggi Province and 21% in Seoul, but the remaining 50% are in regions. Over 700,000 startups are taking root in regional areas.\n\nOf course, in an era of non-face-to-face contact where content floods YouTube and online platforms, CEO Cho notes that entrepreneurs' satisfaction with lectures and coaching conducted by coaches in person is high.\n\nThere's another reason. It's the ability to directly witness the changes created by innovative entrepreneurs in regions outside the Seoul metropolitan area. "For example, when a small photo studio for local residents opens, the small changes that accumulate eventually lead to significant transformation—that thrill, you know." Unlike the Seoul metropolitan area, when a single empty space is filled, the visible change becomes like sparkling soda water for those with the mission of discovering and nurturing innovative entrepreneurs.\n\n◇ Nurturing Regional Startup Vanguard 'Underdogs Crew' = The Underdogs crew, which will serve as the vanguard of regional startups, is divided into two categories: Pro and Coach. Pros oversee the planning, operation, and comprehensive management of startup incubation projects through the planning and operation of Underdogs' social innovation startup projects. Coaches plan startup lectures, workshops, and coaching based on Underdogs' social innovation startup methodology.\n\nWhat conditions apply to selecting Underdogs crew members? CEO Cho says he's looking for people with startup experience or understanding. "People with understanding of startup incubation programs are good, and current entrepreneurs are also welcome. Current entrepreneurs who want to nurture and collaborate with fellow entrepreneurs in their regions are most welcome."\n\nPros and Coaches have different roles in actual startup education or projects. To perform their roles, they complete training with different content, including core competencies and necessary skills. Pros receive practice-oriented training in project planning, management, and operation, and subsequently hold regular networking meetings to provide related field information. Coaches, in contrast, spend time understanding the basic roles and characteristics of Underdogs coaches, core competencies, and related technical content. Afterward, they learn Underdogs' startup methodology and personally conduct lecture demonstrations to receive feedback from internal coaches. Of course, coaches also hold regular meetings to understand trends in the startup field and continuously manage coaching competencies.\n\nNaturally, transitions from Pro to Coach or cross-roles are possible. If a crew member possesses both Pro and Coach competencies, the crew can independently plan new projects with Underdogs based on understanding Underdogs' innovative startup content in their region and nurture regional entrepreneurs through coaching.\n\nUpon completing the Underdogs Crew program, participants join as crew members for one year. Crews who complete the program gain opportunities to participate in the co-production and planning of Underdogs original content, nationwide educational operation partner and coach participation, and receive provision and support of Underdogs original content and educational materials. The extent of participation in specific projects remains to be determined.