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Underdogs (CEO Jo Sang-rae) announced that it is restarting its expansion into the global startup education market to lead innovation and development of Asia's entrepreneurial ecosystem. Over the past eight years, Underdogs has nurtured 12,000 entrepreneurs and successfully launched 2,611 startup teams. The company is actively involved in coaching development for professional startup education, with 119 startup education expert partner coaches domestically and 26 overseas. Additionally, it is conducting various projects such as workshops, hackathons, consulting, and mentoring in partnership with 119 private companies and public institutions, discovering and expanding new collaborative business opportunities. Starting this year, Underdogs also launched 'Hustle,' a startup-type talent development project necessary for entrepreneurs, expanding full-cycle support for founders. Having established NewBlack in 2019, Underdogs is supporting the growth of early-stage entrepreneurs through the country's first holding company-type company builder model in the impact sector. Furthermore, through NewKids Investment, an accelerator that inherits the experience and capabilities of Underdogs and NewBlack, the company provides investment, networks, and other support to small business owners, regional entrepreneurs, and very early-stage founders. As a result, Underdogs has established an integrated life-cycle support service system that comprehensively supports entrepreneurs' growth through education and discovery, professional startup coach development, talent cultivation, and investment. Underdogs plans to expand its business as a global startup education institution supporting the development of Asia's entrepreneurial ecosystem based on experience, know-how, and data accumulated domestically. The company had previously conducted global startup education during its early founding stage. Through the '3-Country Social Enterprise Exchange Program with Korea, UK, and Indonesia,' it created global networking opportunities and provided opportunities to mutually review business models. In 2018, Underdogs invited social innovation practitioners from four Asian countries to host the 'ASIA TOMORROW NETWORK' exchange program. This established a foundation for understanding startup culture and entrepreneurship ecosystems in social innovation between Korea and Asia, and for promoting partnership projects. The company also carried out the KOICA INNOPORT INNO-LAB global project with the Korean International Cooperation Agency (KOICA), sharing a common mission to solve international social problems. CEO Jo Sang-rae of Underdogs stated, "We plan to restart the global business that had been slowed by COVID-19," adding "Based on solid startup education content and know-how in building integrated life-cycle support services for entrepreneurs, we aim to become Asia's No.1 startup education institution, not just domestically but across the continent." Meanwhile, according to the Q1 2023 operating performance, the contract value increased by 250% compared to the same period last year. As a result, Underdogs exceeded the annual contract value from last year in just three months, and it is expected to achieve an all-time high annual contract value of 20 billion won this year. Underdogs CEO Jo Sang-rae Everyone is talking about crisis. Predictions about the global economy entering a recession are not uncommon, and with inflation and high interest rates, overall market conditions remain uncertain. Reports of startups unable to avoid negative growth continue due to the venture investment ice age that has persisted since last year. It is not easy to decide to start a business when an economic downturn is expected, due to concerns that weakened consumer sentiment and investment environment will be unfavorable for business growth. On the other hand, data shows somewhat contrasting results. According to the 'Startup Business Trends' released by the Ministry of Small and Medium Enterprises and Startups at the end of last year, as of the second half of 2022, actual startup increased by 1.9% compared to 2020. An 'Entrepreneurship Reality Survey' released at the same time showed that entrepreneurship levels of startups in early growth stages rose noticeably compared to before. Early-stage startup investments under three years are increasing What does this data mean? As someone who is always close to early-stage entrepreneurs, I find the answer in the common attributes of entrepreneurs. Entrepreneurs are fundamentally those who compete under low probability. For them, uncertainty is a constant in solving the equation of challenge. When a crisis strikes and gaps appear in the existing order and the industry landscape changes, it is the entrepreneur who captures new opportunities. Then, specifically, what opportunities does an economic downturn create? Through research, Professor Sarah Moreira of Northwestern Kellogg School of Management revealed that companies founded during downturns have higher productivity than those founded during booms. When times are difficult, investors and consumers crave innovation, and many companies resort to layoffs, making it easier to find talented personnel. Moreover, companies that were founded during downturns and managed to survive have the advantage of being able to benefit first from investment-raising opportunities as they go through turnarounds during economic recovery periods. In that sense, the 2022 venture investment trends recently released by the Ministry of Small and Medium Enterprises and Startups can be seen as reflecting the market situation in the startup sector where crisis and opportunity coexist. While total venture investment for the year declined 11.9% compared to the previous year, investment in early-stage companies with a business history of three years or less was the only one to increase by 7.8%, exceeding 2 trillion won for the first time. This is interpreted as the relative attractiveness of early-stage companies increasing, as they have greater room for price negotiation and can expect higher long-term returns. This trend is encouraging for Underdogs, which has focused on discovering and nurturing entrepreneurs at the preparatory and early stages. The company's eight-year momentum in developing entrepreneurs stems from its belief in the potential of early-stage entrepreneurs who find answers in things that don't yet exist and explore problems by filling gaps in existing markets. Startups as agents of innovation to overcome recession Underdogs has been present at the scene where diverse groups—youth, seniors, women, and artists—solve problems from their own perspectives and realize their unique potential through entrepreneurship. And at the beginning of this year, by establishing an investment pipeline with 'NewKids Investment,' a subsidiary that recently formed an investment consortium, Underdogs has now stably supported early-stage entrepreneurs whose potential has begun to germinate through startup education until they bear fruit. The investment consortium is characterized by its specialization in very early-stage startup investment, and by its structure in which senior entrepreneurs who have grown through Underdogs education participate as limited partners (LPs) in the fund, enabling support for nurturing junior entrepreneurs. Through this, Underdogs has education-