Hanjin founder invests in education
Hajin Group founder Cho Choong-hoon holds a baby of a graduate of Hanjin Industrial University during a graduation ceremony of the college established within the company. He invested in education, believing it is one of the most important things that a company can contribute to the society. / Courtesy of Hanjin Group
By Kim Jae-won
Hanjin Group founder Cho Choong-hoon invested in education, believing that nothing is more important than raising good talent, according to a biography written by journalist Lee Im-gwang.
The late entrepreneur transformed debt-ridden colleges into prestigious schools by supporting finances as well as treating students as his own children. In 1968, he acquired the Inha Institute of Technology, aiming to make it the “MIT of Asia.”
The school, which was renamed Inha University, now stands out as a leading university in the country, strong in engineering. It also has a medical school and hospital offering high-quality services to residents of Incheon.
“Cho’s goal of turning Inha University into the MIT of Asia and the accompanying dedication and investment in the school allowed the university to make fast progress,” wrote Lee in the book “Business as an Art.”
In the early stages of the school, Cho created a fund of 10 billion won to promote research by professors and the exchange of teaching staff with overseas institutions. He also invested 4.5 billion won in testing and laboratory materials for the college of engineering.
Cho was also interested in educating Hanjin’s employees who had no chance of going to college. He established a college called Korean Air Industrial University within the company, providing education programs for its employees. Korea Air is the flagship airline affiliate of Hanjin.
The school gained popularity among employees with no college degrees because the company treated its graduates at the same level as those who graduated from a four-year university.
“Starting from today, our company will provide the same compensation to you as we do to graduates of any four-year university,” Cho was quoted as saying during the school’s first graduation ceremony in 1991.
Many graduates shared their tearful stories.
“I asked my daughter how to solve a calculus problem,” said a graduate of the school, according to the book. “If she could not help, I asked a college student in the neighborhood. Sometimes I thought of giving up, but I could keep going because my entire family supported me to study.”
Another educational product stemming from Cho’s passion for learning was Korea Aerospace University (KAU). In 1978, he acquired the state-run college, and was asked by then President Park Chung-hee who thought Cho was the right person to make it work.
The Hanjin founder’s commitment to KAU was extraordinary. Whenever he visited the school, he would explore every corner of the campus. Once, while he was strolling along the runway on the campus, he suddenly stopped and crouched down.
Those accompanying him also stopped in their tracks and peered down in curiosity. Cho knocked on the runway surface with his knuckles. He was checking the solidity of the airstrip.
Cho also enjoyed talking with professors of the school and encouraged them to teach students passionately.
“Cho took part in lively discussions with professors,” recalled a KAU professor in the book. “When presenting certificates of appointment to professors, Cho shook hands with each person and asked him to try his best to develop aerospace education.”