Press

Startups, education, and business. At first glance, these seem like words that don't go together. Why is that? Let's start by pairing startups with education. University lectures come to mind first. Government-supported programs are also associated with it. When combining education and business, the startup keyword seems to stand alone. While startup education has become more common compared to the past, there's still a question mark when people say they do business through startup education. This can be summarized into three main questions. ①Can startups be taught through education? ②Can you make money from startup education? ③Can you grow a business through startup education? There are people who answer 'Yes' to these questions. Underdogs, a startup education specialist company, says startup education can nurture entrepreneurs and create revenue structures. They've even revealed plans to expand their business into the corporate training market. They are on the verge of going public. In summary, they have completed verification of questions ① and ② and are now at the stage of tackling question ③. What's the basis for this? In reality, Underdogs has produced about 12,000 entrepreneurs over 9 years. Chuncheon Gamja-bap, famous for potato bread, Gunsan Seomkim, which branded local specialty seaweed, and O'Du-je, which sells basalt-shaped muddle crayons and muddle books containing Jeju's value, have all experienced Underdogs' startup education. Total accumulated sales amount to approximately 50 billion won. It's undoubtedly a rare number in the startup education field. Since 2021, sales have been growing significantly. Of course, there's still some puzzlement. Why would a startup education specialist company venture into corporate training? The latter, which targets employees, and the former, which nurtures entrepreneurs, have completely different directions. The growth of the startup education business won't necessarily guarantee success in the corporate training market, so how can they be connected as a business? The clue lies in how Underdogs 1) continuously nurtures entrepreneurs, 2) generates revenue while doing so, and 3) secures business scalability. Let's revisit the fact that startup education seems like an odd combination. The startup education market was simply not a large field. Underdogs began building their business there about 10 years ago and persevered. Gradually, the graph moved upward. A market where hundreds of millions of won could be earned was formed. In this growth process, the company sees what others cannot. They are given a golden opportunity to prepare for the future half a step ahead. Underdogs says that entrepreneurs are not limited to 'startups.' Looking ahead and observing the field, the company's position is that demand for entrepreneurial competencies is increasing. After all, startup education could grow because 'entrepreneurial talent' became necessary. That's why they threw their hat into the corporate training market. Can their challenge become a leap? This article analyzes Underdogs' process of expanding their startup education business and addresses subsequent growth possibilities and challenges. [Article Outline] 1. Have 'entrepreneurial competencies' really become important? 2. Opportunities for business expansion discovered in startup education 3. Will entrepreneurial talent settle into corporate training? 1. Have 'entrepreneurial competencies' really become important? 'Demand for entrepreneurial competencies is increasing.' To assess Underdogs' business, this sentence must be interpreted. For that, above all, 'entrepreneurial competencies' must be defined. Fortunately, there's a relevant concept to reference: 'entrepreneurship.' By following how discourse surrounding entrepreneurship looks today, one can get a sense of entrepreneurial competencies. Originally, the term entrepreneurship didn't exist. Even the word entrepreneur appeared in early 17th century Europe. At that time, an entrepreneur referred to 'a person who does business for a living.' The word entrepreneur itself is derived from the French word "entreprendre," which means to undertake, to begin, or to assume. At that time, 'people who started their own businesses and earned income without a fixed salary' were called entrepreneurs. "To translate entrepreneur into English, adventurer is appropriate." Said 18th-century French political economist Jean-Baptiste Say. An adventurer is similar to an entrepreneur in that they gather colleagues and resources to embark on an adventure, lead a team, and seek new opportunities. In that sense, early entrepreneurs were read as 'people who mobilize capital, take responsibility, assume risk, and challenge opportunities for profit creation.' However, from the 20th century onward, the definition of entrepreneur changed. Research emphasizing entrepreneurial 'spirit' or competencies resulting from it was conducted. As a simple example, entrepreneurship is not limited to creating new businesses. A discourse was formed calling it "entrepreneurial" when new production methods, new supply sources development, new market exploration, process redesign and reorganization, and growth of existing businesses through new methods occur. In other words, the definition of entrepreneur expanded beyond livelihood purposes or motivation to attempting something new and new ways. According to these changes, ultimately two competencies emerged as entrepreneurial competencies: learning and value creation. Researchers analyzed that entrepreneurs are those who grasp dynamics through interaction with their external environment and create new value. The history of entrepreneurship established the proposition of 'entrepreneurial talent.' Entrepreneurship expanded to include not only entrepreneurs but also organizational talent possessing entrepreneurial competencies. Meanwhile, self-realization, impact, and new business were redefined as entrepreneurial domains. As the concept of entrepreneur broadened to entrepreneurship, entrepreneurial talent could emerge anew. 'Demand for entrepreneurial competencies is increasing.' If entrepreneurship has changed up to now, what about the future? Underdogs focused on the increasing uncertainty in society. For example, the Oxford Dictionary's Word of the Year in 2022 was 'permacrisis.' This is a compound of 'permanent,' meaning 'permanence,' and 'crisis,' meaning 'crisis.' It's an academic term referring to 'prolonged instability lasting over a long period.' This increase in uncertainty is not limited to macroscopic conditions such as climate crisis, international situation (Ukraine war), and economic crisis from high inflation. Individual