Korean incubator helps aspiring entrepreneurs start their own company

Participants in the "Fast Campus" program offered by Fast Track Asia attend a lecture about how to develop programs for improved startups as a part of its curriculum in this file photo, Thursday. / Courtesy of Fast Track Asia

By Bahk Eun-ji

Launching startups has become common among young aspiring entrepreneurs, but many of them build their businesses through trial and error. While this approach can help them learn from their mistakes, it can also lead to the failure of their businesses and, ultimately, their careers.

Fast Track Asia is a startup incubator that provides guidance and support for entrepreneurs. The company was formed by Park Ji-woong, a partner at venture capital firm Stonebridge Capital; Daniel Shin, the CEO and co-founder of daily deals website Ticket Monster; and Chester Rho, the CSO and founder of 5Rocks.

Park serves as the company's CEO, while Roh, Shin and Dan Francis from venture capital firm Insight Venture Partners serve as investors and advisers. The four met while working on a Ticket Monster deal, during which they realized that they worked well together and decided to create Fast Track Asia.

Park said the company is different from other incubators ― it is a company builder.

"Fast Track Asia sets up startups. Sometimes we co-found startups with talented entrepreneurs and launch corporations with existing startups," Park said.

He noted that unlike in other incubators, Fast Track Asia's full-time staff maintains the talent pool and sets up the public relations, human resources, finances and development teams of the startups.

The company also offers Fast Campus, a three-month educational program for people who want to start their own businesses. Through the program, Park shares his knowhow and experiences to beginning entrepreneurs to help increase their chances of success. Since Fast Campus launched in October 2013, more than 120 aspiring entrepreneurs and current startup executives have completed the program, with the majority moving on to co-found companies or launch new services.

Park said that he came up with the idea of an education program because he wanted to create an environment where young people can learn about opening their own business and reducing their risks, which many fledgling entrepreneurs who have not received guidance and support face. He said it doesn't mean that they invest in startups, but rather are more like an assistants who help companies succeed.

"Most people who want to start up their own business believe that their idea or product is the most important part of the business. However, the most important thing is actually coming up with an idea or product that customers need the most," Park said.

The CEO noted that while some might think such programs are an unnecessary expense, especially when a business hasn't even started, he believes the programs help entrepreneurs more effectively and efficiently use time and capital.

"In addition, the program provides entrepreneurs networks through which they can meet other people and eventually create their own network," he said.

The program invites alumni and startup executives to share their experiences and ideas with the aspiring entrepreneurs.

The CEO said that he wants to encourage young people to start their own business, because contrary to popular belief, they actually face a lower risk of failure than older entrepreneurs.

"You will become a true leader of your own life. You will come to know what you really want to be in your life by deciding to start your own business," Park said.

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