Donations for victims of savings banks have also been joined by the business world and the entertainment industry.
With the addition of public donations, a total of 54.3 billion won has been raised. While it’s a significant amount for a short fundraising period, it still doesn’t even reach one-twentieth of the money lost.
I’m not sure how much this will help, but I hope it brings some comfort to the victims.
“Vice Chairman Han Chan-young left today.”
I nodded at my senior, Sang-yeop’s words.
“I heard it from Chairman Lim Jin-yong.”
He is scheduled to visit automobile manufacturers in Japan and Germany sequentially.
“They plan to establish partnerships with these manufacturers and disclose the patents held by Eunsung Motors.”
Even though Eunsung Motors’ quality has improved, it still can’t be compared to German or Japanese cars. However, in terms of hydrogen vehicles, it stands out among competitors.
It is the only company in the world with a mass production system and has secured multiple patents. In particular, its fuel cell stack technology, which is the core of hydrogen vehicles, is at a unique level.
“Are they planning to focus on expanding the market size rather than monopolizing it?”
“It’s similar to what Nikola did.”
The reason for this approach is that the government’s support for hydrogen vehicles is likely to not proceed as planned.
To attract automobile manufacturers that are weighing electric versus hydrogen vehicles, it will be necessary to offer sufficient incentives.
Both Eunsung Motors and other automobile manufacturers are actively moving to develop future vehicles.
“Perhaps the future is closer than we think.”
I wonder who will arrive there first?
***
While the political world was busy dealing with the aftermath of the savings bank crisis, spring had quietly emerged. In Busan and Jinhae, cherry blossoms were already in full bloom, and the cherry blossom front was moving north toward Seoul.
Perhaps it was the warming weather, but after lunch, I felt drowsy as I tried to work.
Recently, we hadn’t had much work, so our company extended lunch breaks to two hours and encouraged taking naps. After lunch, employees either took snoozes in the sleeping room or went outside for coffee.
Various training programs were held within the company.
Even during working hours, if there was no work, employees could exercise or attend lectures on foreign languages or business without hesitation.
Employee satisfaction was very high.
Our company really is a great place to work.
As I considered lying down on the sofa for a bit, Ellie walked into the CEO’s office.
“Hey, Jin-hoo. What are you doing?”
I pretended to work hard for no reason.
“Did you come?”
“I brought coffee and some snacks.”
“Is it okay for you to be here instead of working?”
“Today, the legal team doesn’t have much work. Officially, I’m out for business. OTK Company is an important client of Golden Gate.”
Being able to slack off during working hours was quite nice. Golden Gate really is a great company.
Few people know that we are dating. To others, it probably seems like we’re just meeting for work.
I sat on the sofa, and Ellie naturally sat beside me instead of across from me. We’ve become close enough to sit side by side now.
“I noticed there were a lot of flowers blooming in front of the company as I came in.”
“Spring has arrived.”
“Jessica should also go outside and get some fresh air instead of being cooped up in the office.”
Ellie clapped her hands and said, “How about we all go cherry blossom viewing together?”
I nodded my head.
“That’s a good idea.”
When I thought of Hyunju, one thing came to mind. I had been debating whether to bring it up or not, but it seemed better to ask.
I cautiously started the conversation.
“I think Henry might have someone he likes these days…”
Ellie smiled brightly.
“Did you just figure that out? He’s completely smitten with Jessica.”
I was taken aback by that.
“Oh! You knew?”
“Of course. If he likes her that much, it’s more surprising if you didn’t notice.”
“Well… that’s true.”
I had noticed too; it was just my misunderstanding.
“Does Hyunju know about this?”
“Jessica probably doesn’t. She’s not interested in anything outside of work.”
“Ah, I see.”
Henry’s path is going to be rough.
Ellie looked at me and smiled sweetly.
“It’s nice being here together.”
“I feel the same.”
She usually looks pretty, but today she looks even more stunning. The way she’s sipping her coffee is strangely alluring. Her lips seem particularly shiny.
I shook my head internally.
I can’t do this at work!
…But then I thought, this is my company. So maybe it’s okay?
I tried to gently take Ellie’s hand when suddenly, the intercom rang.
Why at this timing?
I picked up the intercom first. It was Senior Sang-yeop.
“What’s going on?”
[We’re currently meeting with founders for startup investments in the meeting room. I thought it would be good for you to meet them in person.]
We had achieved significant success through startup investments. Therefore, K Company continuously seeks out and invests in new startups.
Usually, decisions are made by Senior Sang-yeop, the representative of K Company, so it seemed like a pretty decent company if he’s suggesting a personal meeting.
“I’ll head down right away.”
Ellie asked, “What’s going on?”
After I explained, Ellie nodded.
“It reminds me of the time we met in the hotel meeting room and made an investment.”
Thinking back, that was when I first met Ellie.
“Can I go with you?”
“Of course.”
***
In the meeting room, there were three young men in their early twenties sitting with Senior Sang-yeop. As I entered, they all jumped up from their seats.
They probably recognized my face; they might have seen me on TV at least once. When Ellie followed in, their eyes widened in surprise.
I greeted them first.
“Nice to meet you. I’m Kang Jin-hoo.”
The young men introduced themselves.
I had met many startup founders during this time, and while many were in their twenties, none were younger than me.
However, the representative, Yang Do-seok, was the same age as me, while Kim Hyun-kyu and Cho Baek-hyun were younger.
Sang-yeop pointed to Yang Do-seok and said,
“All three of you are current students at Korea University. This friend is in the Mathematics department, and your student ID number is the same as yours.”
“I see you have a junior in the department.”
“I’ve brought him to the club room a few times before, so you might remember him.”
“Oh! I remember now.”
Kim Hyun-kyu is in the Computer Engineering department, while Cho Baek-hyeon is studying Visual Design. They got to know each other in the school’s startup club, and now they are gathered in Yang Do-seok’s bachelor pad, spending time together, not exactly a retreat.
Cho Baek-hyeon said, somewhat overwhelmed,
“I often hear stories about you seniors at school. It’s an honor to meet you like this.”
After the introductions, Yang Do-seok began to speak in earnest.
“I’m currently developing an app called Fly Riding, and we’re in the testing phase.”
“What kind of app is it?”
“It’s an on-demand ride-sharing service. You can think of it as being similar to Uber.”
Uber is known as the largest and most famous ride-sharing service provider in the world, valued at $80 billion despite being a private company.
The platform connects passengers with drivers who have registered their vehicles, allowing consumers to use it as easily as a taxi service. Essentially, if a person has a car, they can operate as a taxi driver.
However…
“It’s illegal to transport passengers for profit using a private vehicle in South Korea.”
It’s fine to give someone a ride, but charging for it makes it illegal.
Not only is profit transport prohibited, but even brokerages are banned. Because of this, Uber faced legal controversies and subsequently exited the Korean market.
In contrast, it operates successfully in most countries, including the US and Europe.
Yang Do-seok nodded, as if he understood the implications.
“There is one exception, though. That is carpooling during commuting hours.”
To reduce traffic congestion and fuel consumption during rush hours, the government made an exception for paid transport during commutes.
“However, the interpretation of ‘commuting times’ can vary.”
When the law was created, companies generally had a set commuting schedule. However, with the introduction of flexible working hours and industry-specific conditions, some people now start work in the evening or finish during lunch.
If we broadly define ‘commuting times,’ it becomes possible to provide ride-sharing services under the name of carpooling.
After hearing the explanation, I nodded.
“That’s a good idea. Who came up with it?”
Kim Hyun-kyu and Cho Baek-hyun looked at Yang Do-seok, but he wore an awkward expression.
“Actually, I wasn’t the one who initially thought of the service.”
“Oh, really?”
“Seosung Cars developed it first and even conducted a beta service.”
The concept of sharing economy gained traction after the financial crisis. The value of a product comes from its use rather than ownership. Cars are meant to drive on roads, not just to occupy parking spaces. Yet, in reality, cars are driven for less than an hour in a 24-hour day.
The sharing economy involves the idea of multiple people consuming a single product together.
While it has various advantages, such as reducing waste and promoting rational consumption, it’s not entirely favorable for manufacturers.
In the past, manufacturers sold multiple cars to many people, but now, a single car is shared among several individuals through a sharing economy system.
As vehicle-sharing services have developed, car sales have gradually slowed. The immediate decrease in sales is concerning, but the greater issue is the potential for this trend to persist.
Consequently, automakers are exploring various methods to find a breakthrough. Entering the sharing service market using their own vehicles is one approach. Hence, Seosung Cars has been actively investing in rental and car-sharing companies.
“But why hasn’t it been launched yet?”
“The taxi industry has protested.”
The advancement of new industries inevitably causes conflicts with existing ones.
Cars have replaced horse-drawn carriages, digital cameras have overtaken film cameras, and smartphones have pushed out feature phones.
The recent emergence of the sharing economy follows this pattern as well.
Airbnb, which shares vacant homes, clashes with traditional accommodations like hotels, while ridesharing services like Uber conflict with the taxi industry. When Uber entered the domestic market, the taxi industry strongly objected.
Politicians, mindful of public sentiment, accepted the taxi industry’s concerns and actively enforced regulations, leading to Uber’s withdrawal from the Korean market—effectively a forced exit.
Eunseongcha holds over 70% market share in the domestic market, with its taxi share nearing 80%. The taxi industry was resistant to new competition in an already saturated market. They threatened to boycott if carpool services continued, exerting pressure that forced Eunseongcha to suspend its service just before launch. The potential profits from the service couldn’t outweigh the losses from taxi industry backlash.
However, ridesharing is a global trend. In the U.S., besides Uber, there’s Lyft; in China, there’s Didi Chuxing; and in Southeast Asia, Grab has dominated the market. Foreign countries also face similar taxi industry backlash and turmoil.
Is there really not a law in other countries prohibiting passenger transport for profit? Despite various controversies, services remain unimpeded due to the substantial benefits returned to consumers.
In contrast, Korea has deemed ridesharing illegal and fully banned it. Yet, the taxi industry hasn’t innovated to adapt to changing times. They continue operating as they have always done.
While the streets are filled with taxis, there’s a ‘war’ every weekend evening in Gangnam to hail one. Practices like refusing long-distance passengers persist.
Consumers likely wish for Uber’s allowance to increase their options, yet the government remains attentive to the taxi industry’s demands. Large corporations hesitated to act due to ties to established industries, whereas we enjoy greater freedom due to less connection to these traditional sectors.
I’ve pondered this: transporting passengers for money in one’s own car is illegal, yet renting a car is legal. What happens when autonomous driving technology advances to make driverless cars a reality?
Autonomous driving will reshape not only automakers but also taxis, rental cars, and transportation network services, altering the landscape of all automotive-related industries.
Certainly, some may resist these changes, but the flow of progress is unstoppable. I looked at senior Sang-yeob.
“Investing would be a good idea.”
Sang-yeob senior smiled, as if he expected that.
“I told you it would be fine.”
At my words, the expressions of the young entrepreneurs brightened.
“Thank you. We will do our best.”
I said to Sang-yeob senior, “You decide after discussing the details.”
“Got it.”
“I’ll take my leave first.”
I left the meeting room with Ellie and stepped into the elevator.
Seeing my expression, Ellie asked, “What’s wrong?”
“I just think it’s amazing.”
Back when I was in school, I could only think about getting a job. Now, students from the same school are starting their own businesses and dreaming of success.
It makes me really feel how much times have changed.
You mentioned you all gather in a small place, right?
In the U.S., it’s common to start businesses in garages. Companies like Apple and Google, which are now global giants, began in small garages.
But in our country, since most residences are apartments, there are no garages. Is that why you’re working together in cramped studios?
Suddenly, as the elevator reached the top floor, a good idea popped into my mind.
