[SMEs News] The term “Unicorn” stands for a US$1B-worth start-up with less than 10 years of operation. The term first came into use because it was nearly impossible for a start-up to have more than a billion-dollar value even before it was listed – just like the imaginary creature, unicorn. Hoonhee Park, founder and CEO of Unicorn Factory, is now creating a new platform that creates new “Unicorns” by facilitating cross-border collaboration for Korean start-ups.

Recently, I visited Hoonhee at his office in Gangnam area for the interview. He said with great confidence. “Unicorn Factory helps companies who draw on blockchain technology through cross-border/-sector collaboration.” Although Unicorn Factory is a new social enterprise that hasn’t been around for long, but its founder already has abundant experience in organizing global, social projects.

Before Hoonhee founded Unicorn Factory this year, he founded “Korea-China Young Leaders Association” which was a nonprofit that focuses on building a collaborative network between young leaders from Korea and China. It was officially authorized by the South Korean Government and organized a variety of cultural and economic exchanges driven by public interest.

“2018 Korea-China Young Leaders Forum” that Korea-China Young Leaders Association organized in March, is the prime example that opened up a new opportunity to improve bilateral relations through the next-generation leaders from Korea and China, particularly at the time when the aftermath of the Terminal High Altitude Area Defense (THAAD) deployment still prevailed. This forum offered a platform for a practical exchange among future leaders from Korea and China, including future heirs of business giants, successful start-up entrepreneurs, and families of top-ranked Chinese government officials.

Hoonhee emphasized that “The platform I aspire to build can be characterized by the following keywords: future, youth, and cross-border collaboration. Korea-China Young Leaders Forum conveys a differentiating quality in that the main speakers of this forum are next generation leaders who are the future leaders of both countries.

At the Korea-China Young Leaders Association, Hoonhee has been promoting Sino-Korea collaboraion through ‘Sino-Korea International Forum’, ‘Government Collaboration for Public Good’ and ‘Consulting Business for Private Enterprise’.

Starting from the “Korea-China Young Entrepreneurs Forum” in Shanghai that was also supported by governments of both countries, Hoonhee led public-private projects in a global setting, including a forum on “Attracting Chinese tourists and Promoting Local Economy” with the Government of Gwangju at the National Assembly, “Asian Leadership Conference: China Session”.

Furthermore, he concluded an agreement to bring 50,000 Chinese tourists with Gyeonggi Province, Gyeonggi Tourism Organization, and Happiness No.9, which is a major Chinese retail company for seniors based in Shanghai. It also concluded an agreement to attract 20,000 Chinese tourists with the Gwangju Metropolitan Government, the National Assembly of Korea, and seven Chinese companies in travel industry. The projects had faced some obstacles as the rise of the THAAD issue, but as the bilateral relations started to recover, he is now working to deliver this commitment again.

Hoonhee Park explained that “Korea-China Young Leaders Association, as a nonprofit organization, has been working to build a sustainable Sino-Korea relationship by engaging future leaders of both countries to work for public interest-driven businesses. Unicorn Factory would play a complementary role with the Association in the blockchain industry. Drawing on the global resources built from the Association, it would offer another venue for cross-border collaboration among the next generation leaders of both countries.”

Recently, Unicorn Factory is functioning as the center of developing blockchain business when many companies are constrained by blindly prohibitive government regulations. ‘Global Blockchain Council Korea’, officially launched in September, is a public-private legislative council for the blockchain industry. Hoonhee is the founder of that organization.

He explained “We are working together with the National Assembly of Korea through cross-partisan collaboration. Including Kwan-young Kim (the Floor Leader of Bareunmirae Party), Seong-ho Jeong (the Chairman of Budget and Finance Committee), and Sung-dong Kwon (the Chairman of Legislation and Judiciary Committee), the 11 members of the Congress and global professionals from business and academia are closely working together to make policies and laws that help build a globally competitive industry environment for Korea.”

The primary goal of the Council is to establish fair laws and build effective policies that govern the industry, such as the “Blockchain Industry Promotion Act”, through the cross-sector collaboration spanning the government, the National Assembly, and the private businesses. In particular, New Margin Capital and Huobi have been one of the key Chinese partners for Unicorn Factory. New Margin Capital is a top Chinese venture capital whose founder, Feng Tao, was named one of the Top 3 Venture Capitalists by Forbes China in 2017. Huobi is one of the largest digital asset managers in the world.

Hoonhee Park said “along with building a globally competitive environment for blockchain industry in Korea, Unicorn factory plans to leverage its global resources at Global Blockchain Council Korea to further facilitate cross-border/-sector collaboration.”

Hoonhee studied in the United States during elementary school graduated from high school in Beijing, China and majored in Finance & Banking at Guanghua School of Management, Peking University. Moreover, he was the first and only international student who earned a double degree (international relations) in his business school known for its rigorous curriculum. He came back to Korea after he graduated and worked in Goldman Sachs Investment Banking Division and J. P. Morgan Investment Banking team.

While he was working there, he realized the power of corporate giants who operate funds globally. Having developed a particular interest in the potential of cross-border opportunities, he is continuously pursuing social benefit as a young social entrepreneur.

WRITER Lee Kwon Jin 
PHOTOGRAPHER Oh Myung Joo