“It feels like becoming the protagonist of a miracle, exporting to three countries, including the United States, within just a year from the prototype stage when the product hadn't even been commercialized."
CJ Group's entrepreneurship and small to medium-sized enterprise (SME) development initiative, known as the 'Product 101 Challenge,' draws parallels with the business rendition of the well-known Produce 101* . Jung Hee-yong, CEO of Blue Communication and one of the final 11 selected firms, conveyed his reflections during the awards ceremony held on the 19th at Conrad Hotel in Yeouido, Seoul. *Produce 101 is a reality television talent competition franchise created by CJ E&M.
Last year, Blue Communication initiated its business by developing a software coding education program incorporating artificial intelligence (AI) technology. Following participation in the Product 101 Challenge, the company achieved success in exporting to three countries: the United States, Indonesia, and Vietnam, seizing the opportunity to showcase their products at the KCON, a K-pop concert held in LA. They entered into contracts with buyers, marking successful exports to these three countries. Currently, negotiations for exports are underway with three other countries, including Singapore. CEO Jung remarked, "When we initially applied for the Product 101 Challenge, we only had two prototypes. With comprehensive support and belief in our potential from the organizers, we achieved remarkable success beyond our imagination." He added, "Collaborations for online content production through CJ also significantly elevated our global recognition."
Additionally, the development and presence of 'Bareun,' a powdered mouth wash product, in Olive Young outlets played a pivotal role in driving its growth. Kim Han-soo, CEO of Bareun, highlighted, "A buyer from Hong Kong visited Olive Young, spotted our products on the shelves, and subsequently entered into a contract that facilitated our export to Hong Kong. This translated into a fivefold growth in sales compared to the previous year." Kim continued, "We are currently working towards securing entry into an Asian distribution channel comprising 6,400 stores. With the added backing from CJ, our optimism for heightened global recognition is well-founded."
The previous year's Product 101 Challenge, led by various affiliates of CJ Group, was tailored to nurture and support 101 promising SMEs by offering targeted assistance, market expansion, and international forays. Among the final 11 chosen companies, the average revenue surged by 105% compared to the preceding year. The cumulative value of overseas exports amounted to 1.5 billion KRW, with investments totaling 3.7 billion KRW. This year, the strategies of CJ ENM's O Shopping for offline store entry are expected to diversify market support, significantly increasing the roster of supported enterprises.
Lee Jae-hoon, the Head of CJ Corporation's Win-Win Innovation Team, accentuated, "CJ Group has successfully established an open innovation model that unites the ingenious concepts of small enterprises with the synergies of CJ's combined online and offline distribution networks and media commerce capabilities. The objective is to establish a mutually beneficial relationship between mega corporations and SMEs."
Source: Munhwa Ilbo
http://www.munhwa.com/news/view.html?no=2019022001072021086001
CJ Group's entrepreneurship and small to medium-sized enterprise (SME) development initiative, known as the 'Product 101 Challenge,' draws parallels with the business rendition of the well-known Produce 101* . Jung Hee-yong, CEO of Blue Communication and one of the final 11 selected firms, conveyed his reflections during the awards ceremony held on the 19th at Conrad Hotel in Yeouido, Seoul. *Produce 101 is a reality television talent competition franchise created by CJ E&M.
Last year, Blue Communication initiated its business by developing a software coding education program incorporating artificial intelligence (AI) technology. Following participation in the Product 101 Challenge, the company achieved success in exporting to three countries: the United States, Indonesia, and Vietnam, seizing the opportunity to showcase their products at the KCON, a K-pop concert held in LA. They entered into contracts with buyers, marking successful exports to these three countries. Currently, negotiations for exports are underway with three other countries, including Singapore. CEO Jung remarked, "When we initially applied for the Product 101 Challenge, we only had two prototypes. With comprehensive support and belief in our potential from the organizers, we achieved remarkable success beyond our imagination." He added, "Collaborations for online content production through CJ also significantly elevated our global recognition."
Additionally, the development and presence of 'Bareun,' a powdered mouth wash product, in Olive Young outlets played a pivotal role in driving its growth. Kim Han-soo, CEO of Bareun, highlighted, "A buyer from Hong Kong visited Olive Young, spotted our products on the shelves, and subsequently entered into a contract that facilitated our export to Hong Kong. This translated into a fivefold growth in sales compared to the previous year." Kim continued, "We are currently working towards securing entry into an Asian distribution channel comprising 6,400 stores. With the added backing from CJ, our optimism for heightened global recognition is well-founded."
The previous year's Product 101 Challenge, led by various affiliates of CJ Group, was tailored to nurture and support 101 promising SMEs by offering targeted assistance, market expansion, and international forays. Among the final 11 chosen companies, the average revenue surged by 105% compared to the preceding year. The cumulative value of overseas exports amounted to 1.5 billion KRW, with investments totaling 3.7 billion KRW. This year, the strategies of CJ ENM's O Shopping for offline store entry are expected to diversify market support, significantly increasing the roster of supported enterprises.
Lee Jae-hoon, the Head of CJ Corporation's Win-Win Innovation Team, accentuated, "CJ Group has successfully established an open innovation model that unites the ingenious concepts of small enterprises with the synergies of CJ's combined online and offline distribution networks and media commerce capabilities. The objective is to establish a mutually beneficial relationship between mega corporations and SMEs."
Source: Munhwa Ilbo
http://www.munhwa.com/news/view.html?no=2019022001072021086001