As South Korea cements its position as a global hub for technology and innovation, it offers abundant opportunities for startups, even for foreign entrepreneurs. However, navigating the uncertainties and addressing certain governmental challenges pose unique obstacles, particularly for foreigners and international students venturing into entrepreneurship in a foreign land.
Andrua Haque, a 24-year-old student from Bangladesh currently studying at Seoul National University, is embracing the entrepreneurial journey with his startup, MFM Korea, established in May. The startup aims to create job opportunities for women through resource recycling, specifically focusing on upcycling byproducts of tiger shrimp to produce premium pet food. The venture, currently in its pre-production phase, is actively engaged with investors and refining operations through various startup incubation programs.
In an interview with the Korea JoongAng Daily, Haque shared insights into Korea’s startup culture and infrastructure.
Q. Can you introduce yourself and your startup to our readers?
A. I am Andrua Haque, a 24-year-old majoring in political science and international relations, in my final semester as an undergraduate. I was born and raised in Korea, though originally from Bangladesh. Our startup, MFM Korea, focuses on upcycling Black Tiger shrimp (shells and waste) byproducts to produce premium pet food, contributing to reducing water pollution caused by illegal dumping.
Do you have a particular reason for choosing the pet food-tech and upcycling industry?
Our initial goal was to address a social issue in Bangladesh related to the shrimp sector. Upon research, we discovered significant challenges, such as the exploitation of women in the shrimp sector and environmental issues arising from illegal dumping. To tackle these issues, we explored the growing pet food market and leveraged the nutrient-rich tiger shrimp byproducts to create premium pet food.
Does Korea provide a good environment to launch a startup?
Yes, Korea offers a significant advantage due to its high-quality upcycling technology and substantial investment funds, particularly in food tech and upcycling businesses. Despite being a pre-stage startup, we have access to substantial funds available in Korea.
How is Korea’s upcycling industry more competitive?
Korea’s advanced technology sector and its commitment to addressing environmental issues have positioned it at the forefront of the upcycling industry. The rapid growth of the upcycling sector, doubling in market size from 2014 to 2020, reflects Korea’s capacity for research and development in this field. The upcycling industry in Korea is more competitive compared to other countries, especially in Asia.
How did your entrepreneurial journey start in Korea?
My friend and I, both interested in startups and social issues, participated in a global non-profit organization program by SK Happiness Foundation. This experience laid the foundation for our startup, MFM Korea. Subsequently, we joined various incubation and acceleration programs, winning prizes and gaining support.
Have you used other support available for startups in Korea, such as governmental programs or university-linked programs?
We participated in programs by SK Happiness Foundation, H-On-Dream (Hyundai Motor Chung Mong-Koo Foundation), Koica’s CTS Seed 0 program, and Korea Social Enterprise Promotion Agency’s Social Venture Competition. These programs provided the necessary funds and investments for our startup.
Are there enough funding and investment opportunities for entrepreneurs in Korea?
In Korea, there are ample opportunities for funding and investment, especially for tech-based startups. However, social ventures without a tech aspect may face challenges in securing investments due to complex incorporation and funding laws.
How would you describe the networking opportunities available for foreign entrepreneurs in Korea?
Networking can be challenging for foreign entrepreneurs, but various platforms exist. As full-time students, my co-founder and I primarily engage in networking through student startup programs. While there are many platforms, time constraints make it challenging to attend events regularly.
Have you encountered any cultural or business-related challenges during your journey? If so, how did you overcome them?
As a student on a D-2 visa, I cannot generate income as the startup founder. After graduation, I plan to obtain a D-8-4 startup visa, and while there are point systems for this, many foreign entrepreneurs find it relatively easy to acquire.
In which market will you be selling your products once manufacturing and distribution are sorted?
Our target markets are Korea and Bangladesh. Conducting minimum viable product tests, we are analyzing market dynamics and consumer response. Our flexibility as a pre-stage startup allows us to make informed decisions about the future of our company.
How do you think Korea can support its startups better?
I believe there should be more accessible classes or programs at the university level, introducing students to the startup field. These programs, particularly for tech-based startups, could create awareness among students about the vast opportunities available in this booming sector. Simultaneously, understanding the associated risks is crucial.
This interview has first published by Student Reporter Lee Che-Eun [[email protected]]
