00:06:52 · S1, S2
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00:07:52 · S2, S3, Eric Kim, S5
Ad[00:07:52] S2: This episode is brought to you by Indeed. You're ready to level up your business, but the pressure to find the right person to make that happen is intense. Indeed sponsored jobs can help carry the load. It boosts your job post to help it reach quality talent fast. Cut through the chaos with Indeed sponsored jobs. Get a $75 sponsored job credit at indeed.com/podcast. Terms and conditions apply. Hiring now? Then this is a job for Indeed sponsored jobs. Ad[00:08:22] S3: The secret society of semi homemade? Listen up. Sam's Club has premade dishes for a Thanksgiving feast that's ready in two hours, all while tasting suspiciously homemade. Ad[00:08:33] S4: Come join us. Sam's Club. Ad[00:08:35] S5: Individual oven times may vary.
00:08:37 · Eric Kim
[00:08:37] S4: Time there for two years as a business analyst and consultant. I learned a lot. I did a lot of global projects. I spent over six months in China. I spent time in Southeast Asia as well as spent time all over Europe. And so that really helped provide a global perspective, which is something you see in Goodwater today as well. Then went to Stanford University in two thousand five, and that's where I met my cofounder, Chihuahuan, who was class of 2006, so we overlapped for a year. So in 2007, I had the opportunity to join Maverick Capital. They were starting to build out their private investing practice. And so myself and a gentleman named David Singer, we we work very closely together from 2007 to 2014. And during that time, we invested all over the world. And, from early stage to late stage, we were part of the YC, Y Combinator, venture capital syndicate. So we invested in every single Y Combinator company to really late stage companies as well pre IPO companies too. And that really gave me a sense of the art and science of investing and and really to adopt an investor mindset. Actually, our first deal in Korea was Coupang. It was March 2011, and then soon after that, we invested in Kakao in their series a. Yeah. When we first invested in Coupang, they were the twenty eighth social commerce company to launch in just South Korea itself. We launched a survey in South Korea, and we asked dozens of people asking them to compare Ticketmaster, WeMake Price, Coupang, others, your retail experience as well. And over and over again, for specifically women in their twenties, thirties, they loved coupon because of their customer service. Why was that so important? Was because it then created loyalty. That if you had really, really strong customer service, consumers would come back to you because they knew that they would be treated well. And that was a strong philosophy that Coupang had from the first day was how do you wow your ends... Your end customer? If you are doing something that the market generally agrees with, that is a really hard way to make a profitable investment because the the rest of the market's already there. You have to have some kind of contrarian or differentiated insight, and usually that's through some kind of primary research that you've done that no one else has done itself.
00:10:46 · Eric Kim
And that was a key to making that investment back in 2011. Kakao is a really interesting story. I'm I'm very thankful to Han Kim, who's a very close mentor and friend of mine that helped introduce me to the company. Prior to that, we had a overall thesis about mobile, the the power of smartphones, and this whole transition away from desktop to mobile computing and how there are opportunities for gaming, for commerce, for communications to happen on mobile, and we were looking for that killer app. What prompted me to really become interested in Kakao and and to seek out the company was a really close friend of mine actually was visiting from South Korea at the time. That person had a Samsung smartphone. And I asked her, why did you buy this Samsung smartphone? And she said, so I could use Kakao. It actually saved her money. At the time, every time you sent a text message, you are charged per text, and Kakao made that free. Buying a smartphone, which was very expensive, that upfront cost was an investment to save money over time because it provided this core utility to everyone to be able to communicate for free. And that was an insight that it really struck me is that people were willing to buy 300, 400, $500 smartphones so they could just use Kakao because they were saving money on the other end of that. That love, that customer love was something we saw tremendous potential in. So I remember approaching the CEO, the founder, the management team at Kakao once I got introduced. I remember flying to South Korea and practicing the night before, presenting in Korean, and the next day... Actually, when I I visit the the Kakao headquarters, and there's only, like, 20 people. I remember pitching in Korean to the to the the team there. They weren't pitching me. I made this whole presentation about our thesis and the research we had done, all of the consumers we had talked to. It was in Korean, so I'm sure it was terrible, and it was, with a lot of stuttering. They maybe were impressed.
00:12:38 · S0, S1
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00:13:03 · S1, S2
Ad[00:13:03] S1: Who said you can't have things your way? Spin your way on DraftKings Casino, the exclusive iGaming provider of Foxwoods. Flex spins let you pick the slots exclusively on DraftKings. New casino players play $5 and get 1,000 total flex spins, including 100 lightning link spins. Unlock 50 spins a day at varying values for your first twenty days, then use your spins your way across more than a 100 top slots. Download the DraftKings Casino app now. Sign up with promo code floor and spin your way. The crown is yours. In partnership with DraftKings Casino. Help is available for problem gambling. Call (888) 789-7777 or visit ccpg.org. Must be 21 or older. Physically present in Connecticut. Eligibility restrictions apply. Spins issued as 50 spins per day for twenty days valid for select games only and expire each day after twenty four hours. Spins values vary. See terms at casino.draftkings.com/promos. Ends 11/22/2026 at 11:59PM eastern time. Ad[00:14:03] S2: This episode is brought to you by Indeed. You're ready to level up your business, but the pressure to find the right person to make that happen is intense. Indeed sponsored jobs can help carry the load. It boosts your job post to help it reach quality talent fast. Cut through the chaos with Indeed sponsored jobs. Get a $75 sponsored job credit at indeed.com/podcast. Terms and conditions apply. Hiring now? Then this is a job for Indeed sponsored jobs.