1. Kakao Ventures and Director Jang Dong-wook
- Director Jang Dong-wook joined Kakao Ventures in 2014 and has since led early-stage investments in consumer and service startups.
- His investment philosophy is rooted in the principle that "capital flows to those who solve good problems."
- His investment criteria are clear:
- The definition and scale of the problem the founder wants to solve
- Customer-centric thinking
- A sense of mission that sustains long-term execution
- He prioritizes long-term partnership built on trust with founders over short-term returns.
"At Kakao Ventures, I lead early-stage investments in consumer and service startups. My role is to discover and support teams focused on user experience and problem-solving." 😊
2. Why He Chose the Path of a Venture Investor
- Previously, he worked as an internet/gaming sector analyst at Hana Financial Investment, where he developed a strong interest in the IT industry.
- After learning about VC (venture capital) as a profession, he was drawn to the idea of supporting early-stage startups as they begin solving problems and witnessing their growth firsthand.
- At the time, Kakao Ventures was the only early-stage VC specifically focused on internet and gaming, which made him feel a sense of mission in joining.
"The role of a VC — funding early-stage startups so they can begin solving problems, and watching that growth up close — felt incredibly compelling to me."
3. What Makes a Good Investor?
- A good founder solves good problems, and
- A good investor is someone who makes those founders seek them out.
- He aspires to be the investor founders turn to first when they have a problem.
- Trust is the foundation. Founders must be able to share their concerns openly for there to be any opportunity to help.
"You're welcome to come even when you just need somewhere to vent or lean on emotionally. What matters is building enough trust that founders can share their concerns honestly with their investors."
4. What He Looks for in Early-Stage Startup Investments
- He focuses on three core elements:
- Clear problem definition and the scale of the problem
- He digs deep into why the founder started the company and what problem they want to solve.
- Customer-centric thinking
- Is it a genuine customer problem?
- Is there a process for incorporating customer feedback into the product?
- Obsession and capability to build the best possible team
- Did the founders start the company with people they already trust?
- Or did they hire based purely on convenience?
- Clear problem definition and the scale of the problem
"I also pay close attention to whether they have a process for reflecting customer feedback in the product even after launch."
5. A Standout Investment: Karrot (Daangn Market)
- Karrot (Daangn Market) is a flagship success story, delivering a 179x multiple through a partial exit in 2024.
- The key success factors were:
- The founders' consistent long-term vision
- A healthy organizational culture
- A "good structure": the co-founders gifted some of their own shares to employees, reinforcing the equation that "company success = employee success"
"Daangn Market is the highest-returning company in my investment portfolio. I believe the core of that performance lies in the founders' consistent long-term vision and the healthy organizational culture that supports it."
6. The Ideal Relationship Between a VC and a Founder
- He works hard to ensure founders don't feel the pressure that they must always appear at their best in front of their investor.
- He aims to convey the sense that he "supports without judgment."
- He shares his own concerns so founders feel comfortable opening up about their weaknesses first.
- He mobilizes his network and resources to provide tangible, practical help.
"My goal is to make founders feel confident that 'if I ask Kakao Ventures, something will come through.'" 🤝
7. Rewards and Challenges
- Most rewarding moments:
- When founders he has invested in spontaneously recommend Kakao Ventures to other founders
- When he sees the services of his portfolio companies woven into the fabric of people's everyday lives
- Most difficult moment:
- When he has to advise a founder to shut down their business
"Knowing the dreams and effort they've put in makes it always hard to say those words."
8. Key Elements of a Successful Startup and Advice for Founders
- His definition of success:
- Solving the problems of many people and creating meaningful impact
- Core elements:
- Are you solving a sufficiently large problem?
- Is it a problem you can dedicate at least 5–10 years to?
- Examples:
- Daangn Market: 10 years since founding
- Life Lab (Cleaning Lab): now at its 9th shareholder meeting
- There is still so much left to solve
- Advice:
- Don't try to win in 3–4 years
- Choose a problem that is meaningful even if you fail
"I'd encourage you to choose a problem you desperately want to solve — one that would feel meaningful even if you failed."
9. Advice for Founders and Cautions When Raising Investment
- Common mistakes:
- Starting a business from a plausible-sounding idea rather than a real problem or genuine user need
- What matters:
- Prioritizing validation of whether the problem exists, how large the pain point is, and whether real users need it
- Investment is a means, not an end
- Experimenting to solve the problem comes before investor meetings
"Investment is a means, not an end. Please don't forget that before meeting investors, the first thing to do is 'experiment to solve the problem.'"
10. Industries and Technologies to Watch in 2025
- It will be a landmark year where AI transforms the consumer and B2B landscape
- As AI makes development easier, anyone with a problem can build a service around it
- AI-first applications will drive diverse waves of innovation
"You'll see AI replacing tasks at ever-lower costs, allowing problems that couldn't be solved before to finally get solved."
11. Future Plans and Goals
- He aims to remain a partner who stands alongside founders as they solve problems and accelerate the future — backing their strengths and letting Kakao Ventures fill in the rest
- He will continue to innovate so that founders turn to Kakao Ventures first when they need help
"Going forward, I won't stop innovating so that Kakao Ventures remains the VC founders reach out to first."
12. Personal Goals and Contribution to the Venture Ecosystem
- He wants to support founders throughout their journeys over a long VC career
- He wants to make only choices he can be proud of in front of his family, and to remain a person who keeps growing into his 50s and 60s
- He is proud that Kakao Ventures is helping set standards for the industry
"I believe that if we keep at it, the venture ecosystem will grow healthier, and I want to keep trying new things."
13. A Final Message
- Building a better venture ecosystem through collaboration over competition
- A commitment to always keeping an open mind and creating the future together with founders
"I think we can build a better ecosystem when we all become good partners, helping and growing together. I hope you'll choose collaboration over competition, so that better companies can emerge from Korea's venture ecosystem."
Key Themes
- Early-stage investment
- Founder-centric approach
- Problem definition
- Customer-centric thinking
- Team capability
- Trust-based partnership
- Long-term vision
- Organizational culture
- AI innovation
- Collaboration and ecosystem
This has been a chronological summary of Director Jang Dong-wook's investment philosophy, Kakao Ventures' founder-first approach, and his vision for the future of the venture ecosystem. It was an interview full of practical insights and warm encouragement for both founders and investors alike! 🚀