Chapter 57: The Super Intern’s Hard Carry (1)
Where do venture capitalists (VCs) scout startups to invest in?
The methods varied.
Some made contacts at demo days or networking events, while others relied on referrals from industry connections.
It’s no wonder people often said networking was crucial in this field.
Let’s assume a startup managed to catch a VC’s attention after countless struggles.
Even then, securing investment wasn’t guaranteed.
Typically, a VC reviewed over 100 potential deals before signing with just one.
In other words, only about 1% of all startups received funding.
At Buksan Ventures, the investment process resembled sifting through sand to find gold dust.
Each team rigorously evaluated potential investment opportunities, narrowing them down through several rounds of selection.
The final decision was made during a general meeting where the CEO and all investment analysts participated.
Today’s Buksan Ventures meeting, however, kicked off with an unusually tense atmosphere.
Buksan Ventures Conference Room
A long oval table was surrounded by grim-faced participants.
At its center sat CEO Lee Jong-hoon and three senior analysts.
Around them, about ten senior associates exchanged opinions.
At the far end, my fellow interns and I sat awkwardly, like extras who didn’t quite belong.
“As outlined in the report, the ‘Trademark Ttuk-Ttak’ service has shown steady growth. Furthermore, CEO Kim Sung-joon brings exceptional expertise as a former patent attorney. While the current revenue is minimal, I believe the service has significant potential.”
CEO Lee Jong-hoon, who had been stroking his chin in thought, turned to one of the senior analysts seated nearby.
“Thank you for your presentation. Please discuss your opinions within your teams, and in five minutes, each senior analyst should submit their final scores.”
The scoring system used was a 3-2-1-point system, where a total score exceeding 10 from the three senior analysts and the CEO would result in an investment decision.
As passionate discussions broke out among the team members, the atmosphere in the conference room heated up.
Watching the scene unfold, Rose and Alfredo let out murmurs of admiration.
“Wow… It’s impressive. This is exactly what I envisioned a VC to be like. By the way, Alfredo-ssi, have you heard anything about full-time conversion?”
At Rose’s question, Alfredo scratched his head.
“Uh… I can’t really say.”
His response was strange.
It wasn’t a simple ‘no’, but rather that he ‘couldn’t say’.
“When I asked a senior, they told me there were cohorts where everyone got converted to full-time and others where no one did. So, there’s no way to know for sure.”
At Alfredo’s explanation, Rose swallowed nervously.
“So, it’s a strict evaluation system… If you don’t meet the criteria, they’ll drop you all without hesitation. Ugh, that’s terrifying.”
Seeing the two of them tremble with anxiety, I felt an odd urge to reassure them.
“Both of you will be fine. From what I’ve overheard, everyone’s been praising your work.”
Their faces lit up with faint relief at my words.
It wasn’t just empty flattery.
Thanks to my eavesdropping-level antenna, I often caught snippets of conversations about us on the rooftop or in the break room.
As for me?
Well, I was practically invisible, just trailing behind Matthew all day, so there wasn’t much talk about me.
But there was plenty of buzz about Rose and Alfredo—especially Alfredo, who was quite the surprise.
Despite his occasional difficulty understanding instructions, Alfredo excelled in tasks like writing reports and proposals.
Not only that, but his work speed was so impressive that, according to rumors, even his senior colleagues sought him out when they were in a bind.
“He’s built like a bear… Truly an unpredictable character.”
Rose also had a surprising side.
Despite her cool and aloof image, she would voluntarily tidy up the office when she returned from fieldwork or display unexpected charm by sticking close to her seniors.
From a senior’s perspective, when a junior approaches them with such friendliness, how could they not find it endearing?
Since my reasons for joining this company were different from theirs, I took a purely supportive stance.
After all, isn’t this what camaraderie is all about?
[Kkae-tok ♬]
As the workday drew to a close, CEO Lee Jong-hoon would often send me messages like clockwork.
[Boss: If you’re free after work, how about grabbing a drink?]
Both CEO Lee Jong-hoon and Chairman Lee Seung-hwan seemed unusually eager to have drinks with me.
It puzzled me.
All I did during these gatherings was agree with their points or share my thoughts on whatever topics they brought up.
[Song Dae-woon: Sure! I’m starving, Boss-nim. But only if it’s somewhere with delicious food…]
[Boss: I thought you might say that, so I reserved an amazing tuna spot. Meet me there when you’re done.]
Look at this guy.
What if I had plans?
He went ahead and made the reservation without even asking.
Still, I often ended up sharing drinks with CEO Lee Jong-hoon after work.
Always discreetly, so no one would suspect anything.
“If anyone sees us, they might think we’re secretly dating.”
I said this jokingly, but truthfully, I looked forward to these drinking sessions with him.
Our conversations were always insightful and, above all, enjoyable.
Though he was my boss at work, the moment we stepped outside the company, those formalities seemed to vanish.
It felt more like a casual gathering between senior and junior acquaintances from the same neighborhood.
More than anything, the restaurants he took me to were incredible.
He claimed to have a deep passion for delicious food, and as a result, my palate was reaping the benefits.
“Let’s start with Team 1. Please share your scores if you’ve finished your discussion.”
Lee Jong-hoon announced, his face stern and composed.
While he looked all business right now, that same man became surprisingly endearing after a few drinks.
He was the ultimate doting father, always eager to show off old photos of his daughter stored on his phone once he’d had a bit to drink.
At this point, I was almost sick of seeing them, though I had to admit she was undeniably adorable.
Something about her seemed oddly familiar, though I couldn’t quite place it.
The sharp voice of Oliver from Investment Team 1 broke me out of my thoughts.
“Our team gives 3 points.”
Since it was their startup on the line, it was only natural for them to award the maximum score.
The real question was how Teams 2 and 3 would score.
Matthew’s gentle, composed voice rang through the room via the microphone.
“Our team gives 1 point. While we agree with the strengths of the company presented by Team 1, we have doubts about the scalability of the business. Their primary target audience appears to be older entrepreneurs struggling with trademark registration, but how large is that demographic, realistically? Today’s younger entrepreneurs handle everything themselves, down to the interior design of their offices. From that perspective, this business seems burdened with many hurdles.”
Is that a skill in itself?
Matthew had a way of calmly explaining the reasoning behind his scores in a way that didn’t offend anyone.
Even Team 1 seemed to accept his rationale without showing any outward signs of irritation.
Finally, when Team 3 also gave only 1 point, the investment proposal was effectively scrapped.
“It’s moving so fast. Should I call it efficient or just… cold?”
“Right? We’re talking about decisions involving billions, even hundreds of billions of won.”
The whispered exchange between my fellow interns lingered in my ears.
Indeed, the pace of the meeting was incredibly quick.
The process continued relentlessly, following the same pattern over and over.
“Feels like we’ve gone through about 20 teams, and only one has passed.”
“Even those 20 must have been the ones filtered and unfiltered. Getting investment really isn’t easy.”
Rose shook her head in disbelief.
“Investment isn’t free money. Investors need to make returns, no matter what. For venture capitalists, being cautious—extremely cautious—is unavoidable. Even with this kind of rigorous selection, only a handful of startups actually succeed. It really drives home how our work is like finding a needle in a haystack.”
By now, more than three hours had passed, and fatigue was starting to show on the faces of those seated in the room.
“Is this the last one? Team 2, please proceed.”
Matthew picked up the table microphone in front of him.
“The final company we’re presenting for deliberation is Studio SH.”
“Studio SH?”
“That name sounds familiar.”
Murmurs rippled through the room at Matthew’s words.
‘It’s finally here.’
I couldn’t count the number of times I’d agonized over getting Studio SH onto Matthew’s radar.
I still remembered the nerve-wracking tension in the car when the topic of Hunting Pig came up for the first time.
When I initially brought up Hunting Pig, Matthew’s reaction was just as I’d expected.
“Hunting Pig… Could it be the one from the B-CAMP demo day?”
Fortunately, Matthew had an exceptional memory, recalling even the most trivial details.
“That’s right. Their office happens to be nearby. How about we drop by and take a look?”
“Hmm… That place.”
Matthew frowned at the suggestion, clearly hesitant.
Of course, he would be.
From a VC’s perspective, their impression of Studio SH would likely be one of the worst.
But after witnessing the golden light in Song Si-ho, I had to convince Matthew no matter what.
“Actually, as part of my learning process, I analyzed some of the startups we saw at the demo day. Their presentation was odd, but the game itself has potential. I even tried playing it.”
Ordinarily, an intern making such a bold suggestion might provoke a sharp reprimand—something along the lines of, ‘How dare you overstep?’
But Matthew, my angelic mentor, was a remarkably open-minded person.
“Hmm… This could indeed be a good learning experience. However, it would be inappropriate to just show up without notice…”
“Oh! Anticipating that, I messaged Song Si-ho through his social media to ask if we could visit, and he said we could drop by anytime today.”
Given the fantastic teamwork we had already displayed with Hunting Pig, contacting them ahead of time was no issue.
Matthew and I visited the Studio SH office shortly after, where we had a brief meeting.
My role was crucial during this visit, as I guided the conversation to highlight the key aspects Matthew typically prioritized when evaluating startups.
Surprisingly, the meeting went smoothly.
After it concluded, I gave Song Si-ho a playful wink of encouragement before leaving the building with Matthew.
“What’s your impression, Matthew-nim?”
At my question Matthew glanced up at the building, his eyes reflecting a mix of thoughts.
“It’s clear… we need to keep a closer watch.”
Over the following two weeks, Matthew frequently dropped by the Studio SH office, trying to understand what kind of game Hunting Pig truly was and what kind of people Song Si-ho and his team members were.
And finally…
“Studio SH seems like it could be worth presenting for investment review.”
I almost couldn’t hold back a tear.
Even in my dreams, Matthew had whipped me into shape, insisting that this was the one area where I absolutely couldn’t fail.
So, I was curious.
What had made him change his mind?
“Those people are crazy… but in a good way.”
The blunt, raw comment caught me off guard.
It was true that they had an unusual mindset, but hearing such words from the usually composed Matthew was unexpected.
A soft smile formed on Matthew’s lips.
“Of course, I mean that in a positive sense. I’ve never seen people so truly passionate about a game. Usually, people who are obsessed with one thing can sometimes pull off impossible miracles. And the game itself is better than I expected. No, it’s fun. It’s definitely worth trying.”
After that, Matthew and I began strategizing how to leverage Studio SH’s strengths during our regular visits, almost like we were heading to work.
“That’s all for the explanation of Studio SH.”
The evaluators, who had initially been skeptical of the investment review report, now looked somewhat more at ease.
This report was the result of countless hours of painstaking effort and immense stress from both Matthew and me.
It wasn’t just a copied IR document sent by the company; it was filled with insights we had gathered ourselves after careful evaluation.
CEO Lee Jong-hoon turned to Matthew and asked,
“It’s very impressive. For you to consider investing in a game company, Matthew-ssi—what’s the story behind this?”
“To be honest, at first, I wasn’t interested. The presentation at the demo day didn’t leave any impact on me. But then, Dylan-ssi, who’s sitting over there, told me firmly that Studio SH’s game is still undervalued. Dylan-ssi, an intern, saw something I missed—something I, with my 15 years in this industry, couldn’t even recognize.”
In an instant, every eye in the conference room turned toward me.
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