Primer

Primer is a social venture accelerator dedicated to nurturing and scaling enterprises that tackle significant social challenges. Founded with the mission of catalyzing positive change, Primer supports startups that aim to create sustainable and scalable solutions to pressing societal issues.

Its mission statement goes, “To empower early-stage social ventures by providing them with the resources, mentorship, and network they need to succeed and make a meaningful impact.”

The company’s vision is more interesting. “To build a vibrant ecosystem of innovative social enterprises that can drive systemic change and address global challenges effectively.” Ecosystem of social innovation! Yes, that’s what this social venture accelerator is dedicated to.

Simply, the idea behind Primer is to act like a “small university” where entrepreneurs receive the guidance and resources they need to grow and make a difference. The story of Primer began in 2010, and it has since become a pivotal force in nurturing early-stage social ventures.

The founder, Dokyun Kim started his career as an CS engineer in early 90’s. In 1997, he started his own business providing security solution and e-payment services. He was a pioneer and expert in that area. More importantly, he was an entrepreneur. He sold his companies in about 10 years later for more than 300 million dollars.

Time to retire and start checking out your bucket list items? Nope. He didn’t do that. He was a true entrepreneur. Problems once again motivated him. Only this time, he saw social problems. Remember the economic crisis in 1998 we talked about? That was about time he embarked his entrepreneurial journey. Of course, he went through very difficult time but somehow he turned the crisis into opportunities.

His new business model is incubating start-ups. In an interview with a newspaper , he said, “We provide initial minimum-scale investments along with mentorship and various management support to help turn ideas into viable businesses. This model is common in Silicon Valley. After spending two years there, I felt that we should create a similar culture in Korea. I started this initiative in Korea in 2010. We invest between 20 million to 100 million won and provide mentoring. We help establish the initial business model and offer managerial support to commercialize it.”

He thought he could best assist other entrepreneurs by becoming a mentor. Thus, in January 2010, he gathered a few startup founders and began Primer, which has been operating until today, very effectively.

How Primer Operates

Basically here’s how Primer operates.

• Selection Process: Criteria: Primer selects ventures based on their potential for social impact, innovation, and scalability. The focus is on early-stage ventures with solutions that can address key social issues effectively. Application: Startups apply through a competitive process where they are evaluated on their business model, social impact, and growth potential.
• Program Structure: Mentorship: Ventures receive guidance from experienced mentors who provide strategic advice, industry insights, and operational support. Resources: Primer offers access to resources such as funding, office space, and technological tools to help ventures scale their operations. Networking: The accelerator facilitates connections with potential investors, partners, and other stakeholders who can support the ventures’ growth.
• Support Services: Training: Ventures undergo rigorous training programs designed to refine their business strategies, improve their impact measurement, and enhance their operational efficiency. Workshops and Seminars: Regular workshops and seminars provide valuable knowledge on various aspects of running a successful social enterprise, from fundraising to marketing and beyond.

Achievements

Results?

Over a decade of so, Primer has connected with around 180 startups. Companies like StyleShare, Telling, Bbanggajangter, Startrip, Bailey Hotel, and Monquest (now known as Blank) are among those it has invested in. These companies, despite initially having no revenue or even products, have grown into companies valued in the hundreds of billions of won within just five to eight years. Bungae Jangter, a mobile second-hand marketplace app, was a good example. It was acquired by Naver for over 10 billion won only a few years after launching its services. The design software company Wit Studio was acquired by Line Plus.

StyleShare is a leading fashion social network in Korea, As of 2021, it is recognized as the top fashion social network service for teenagers and young adults, with a company valuation of around 500 billion won and approximately 7 million users.

In 2018, a new report broke out. People thought, “Oh, StyleShare is finnaly sold. A major fashion retailer bought it and now that can create synergy. That’s great”…In fact, StyleShare was not bought, but it bought that major fashion retailer. That was quite a shocking news at the time. Then, the value of the company was around 200 billion won. Of course, after the merge, the company once again took off.

Primer CEO first met Yoon Ja-young, the founder of StyleShare, in 2011 when she was in her early twenties and in her final year of university. She brought her business plan to a class he taught at a University. After listening to her pitch for about 20 to 30 minutes, he decided to invest and help establish the company. Now, about ten years later, Yoon Ja-young is in her early thirties and has already surpassed a company valuation of 500 billion won. She has grown into a successful entrepreneur with substantial assets.

Why didn’t CEO of Styleshare, Ja-young Yoon, just sell and move on like everyone else? Primer CEO said she still has way to go. There are things or issues she wanted to address. Maybe that why she began her journey in the first place. What’s secret behind Primer’s success. Let me change the word. Success might not be the right word for what I am trying to tell you. I should say Impact. Here what Primer CEO said in a conference.

When we started Primer, we made a commitment to focus on two things: finding good founders and helping the teams we’ve invested in succeed. I learned from my previous experience that advising entrepreneurs who are already established is often not very effective. Instead, I believed that investing in blank-slate college students or early-career individuals and helping them build a solid foundation could lead to long-term success. So, Primer decided to focus solely on the very early stages of startups.

We redefine success not by how much money you make or how famous you become but by creating a unique and sustainable impact. We teach our startup founders that true success lies in building something unique and sustainable. Ironically, when you focus on the essence of what you want to achieve, money, scale, and fame often follow.

When asked what criteria I use for investment; I often say that people are the most important factor. But what does it mean to focus on people? It’s not about their looks or superficial qualities. It’s about understanding their mindset, beliefs, and whether they have a strong core. Founders must be committed to pursuing the essence of their business to achieve real success.

I often ask new entrepreneurs why they chose their particular business idea. Many respond that they want to make money to help others or to do something valuable. While this is better than just wanting personal gain, I believe that the ultimate goal should be to solve specific problems and address real needs. If a business is seen merely as a tool for a larger purpose, it’s less likely to succeed.

After investing, we have regular meetings every two weeks to review the business status. Unfortunately, many reports end up being just assignments rather than insightful updates. I believe that understanding the true meaning of one’s work and avoiding superficial pursuits is crucial for success.

Ultimately, I see Primer as a small school that focuses on teaching and supporting startups. We accept only a small number of teams each year, providing basic funding and education. Though not every startup succeeds, those that do can bring substantial financial returns, and we are doing well financially.

I hope more small universities, like Primer, continue to emerge and work alongside traditional institutions to create synergies.