Grew Creative Lab corporation is a VR/AR company which specializes in reducing VR/AR dizziness quantitatively and testing content performance. The company was founded in 2014 and after three years of research and development, we finally launched GREW MOSKIT, a dizziness reduction software, to analyze dizziness from VR content, to do numerical analysis and reporting on the basis of 5W1H, and to help various VR/AR content developers. My name is Lee Sang-ho and I am the CEO of the company and now I am working hard to advance our technology and research and development as a lead researcher.
What made you start this business?
In 2015, we had a VR headset called Oculus DK1, and we thought, “This is the future”, after we did the rendering of the self-driving simulation software we were originally doing with DK1. However, unlike the first impression, I have learned from my own experience that I am too dizzy as I keep playing various contents. And in the process of reducing dizziness, we found that the “awareness” and “intuitive” of most dizziness were subjective. So I’ve always been thinking about how I can reduce in an objective way starting to ask why at first, and we’ve been working on this topic for three years.
How many employees do you have?
There are seven employees. They are three developers, two researchers, and two marketing people.
How did you secure the funds?
We were fortunate to receive various support from the Graduate School of Global Convergence Engineering Department at Yonsei University and one of them is an office. One of the most representative of which is the office for the spotty. We have minimized operating expenses by lending resources from startup support programs or graduate schools when fund in kind needed. -Also, since we had the technology, we secured seed money by conducting outsourcing development projects that require high-tech application in a short period of time.
What’s your business model?
The current business model is 100% B2B and the target is either VR/AR content production company or developer.
Can you share your profit status briefly?
I can’t tell you specifically what the profits are but this year will be more than 100 million won, as of now under the contract when considering product-related sales only (S/W license).
Is there a reason why you decided to locate your office here?
The hotspot of VR/AR content developing companies is one of the places where we should be. Actually we didn’t have a choice because there isn’t any other better place where VR/AR content developing companies are concentrated besides Bundang/Pangyo. It was the only place. -Also, we were doing research in cooperation with Yonsei University, so it was necessary a Business trip to Sondo.
Do you want to expand your business? If so, what is the thing you are pursuing for the most to do so?
I’ve always wanted to expand my business. However, it is really important to me having the right people around. So, even though we have the desire to expand, “Let’s do it when we find people that wants to do it with us”. This is our thoughts.
What is the biggest challenge you have had in your position?
Let me tell you what I felt when I was the former CEO because I’m currently not the CEO anymore. My company needed to pioneer the market directly since there wasn’t any competition. On the other hand, I was partially in charge of raising the awareness of the market. “Can I do all these things as someone who has the biggest responsibility in the company?” and that is when I realized that is actually not easy make me feel overwhelmed. When I was the CEO, I had to push ahead with confidence and certainty about my business, but it wasn’t 100 percent every day. Sometimes it’s hard to hear people say “software can’t prevent dizziness.”
What are the three things you think the most required to be a successful entrepreneur?
Patience, macroscopic vision, relationships.
What failures have you experienced in life? What did you learn from it?
Launching MOSKIT to the market too quickly – We had no customer because there is no demand. What I’ve learned is that you should always figure out what the market’s current situation is like before releasing a product. Developers don’t usually like this kind of work, but I realized it is very important.
How long do you usually work?
I usually work from 9AM to 9PM on average. Of course, one day of the weekend is included.
What motivates you the most?
I often play VR/AR games. And I always get motivated when I feel dizzy.
What is the definition of Success you think?
If there is no content to reduce as most VR/AR contents are reduced, I think we have achieved our business goals. It’s a success.
Who do you get the biggest inspiration from in your life?
Recently, I get the biggest inspiration from my college advisor. – He is a few who spare no scruples, and if you tell him why, he is not wrong – You’re old enough to have eye skills, but you’ve still got a lot of inspiration.
When was the happiest moment in your business?
When our client told us that he succeeded in reducing dizziness using GREW MOSKIT. Also our customer’s product is way beyond the performance of the competitive products.
Are there any projects you are currently joining or working on?
We – GREW Creative labs – are working hard to apply machine running – Which is now all the rage, to the analysis of dizziness – The upcoming update that will be released soon will include analysis techniques with machine running.