The Growth of Starlink Map
Managing Director Park Jihong greeted the couple with a congratulatory smile, holding a suitcase in one hand. Taesik laughed and waved him off. "First, go get something to eat. You can report the investment results later."
Park, looking visibly excited, replied, "I will provide the details in my report later. To give you the gist, we achieved a return of approximately 3.3 times our investment, earning 7.26 billion dollars including the principal."
Miso’s jaw dropped as she calculated the scale of the profit, while Taesik, having known all along that Bitcoin would inevitably soar, remained perfectly composed. "You’ve worked hard, Director Park. It looks like you just arrived from the States, so please go have a meal, shake off the jet lag, and we’ll meet again later."
After Miso summoned a secretary from the Miso Group to ensure Director Park was well-fed, she leaned in and whispered to Taesik, "Taesik, isn't this wedding gift a bit too much? I invested 200 million, and it turned into 660 million dollars. I could buy one of the Miso Group’s subsidiaries right now."
"Miso, just say the word whenever you're ready. If you need a Miso Group subsidiary, I’ll buy it for you," Taesik replied.
The two spent the rest of the event moving from table to table, greeting relatives from both sides. Taesik’s relatives looked on with fascination as the daughter of a major conglomerate personally approached them to offer her respects. From the Miso Group side, Managing Director Lee Yongjae led the group in offering wedding congratulations, though Miso’s older sisters watched the couple with wary eyes, calculating what impact Taesik’s marriage might have on the future of the Miso Group.
Outside, reporters were already flooding the wires with news of the marriage between the third daughter of the Miso Group and the CEO of Starlink, speculating on the future direction of the conglomerate and fueling the public's curiosity.
After bidding farewell to their parents, the couple retreated to their hotel suite. Once they had changed, they summoned Director Park to the room. Looking much sharper after what was presumably a hotel sauna session, Park pulled out the prepared documents to report the final figures.
"The total profit from the U.S. investment is 7.26 billion dollars. Since it was a short-term investment, we are subject to capital gains tax, which is about 12%. After taxes, we have cleared a net profit of 6.39 billion dollars."
Miso carefully reviewed the results. "If we pull off a few more investments like this, I might actually catch up to your wealth, honey."
Taesik was equally satisfied, having secured the funds necessary to build the launch vehicle testing site for Starlink Aerospace. Director Park, looking relaxed, asked for Taesik's guidance.
"I have only managed Director Lee Miso’s assets until now. How would you like me to proceed from here? If there is another staff member you have in mind for your own assets, I will hand over all the proceeds."
Knowing that Director Park was firmly in Miso’s camp, Taesik answered comfortably. "Would you mind managing my assets as well from now on? I’d like to be under my wife’s care, too. Would an incentive of around 5 billion won be acceptable?"
As Taesik officially recognized him as 'his person,' Director Park let out a sigh of relief. "I’ve never had my heart race like this while managing an investment. I will serve you to the best of my abilities."
After bowing, Park immediately asked, "Sir, do you have any specific instructions for the investment proceeds?"
Taesik pondered for a moment before looking at Miso. "Miso, would you like to invest together?"
"We became a married couple today. Of course, we should invest together," she replied with a playful grin. Taesik laughed and gave Park his additional instructions.
"This time, we’re going for long-term investments. Focus on buying stocks in pharmaceutical companies in both the U.S. and Korea. Also, if there are any mask manufacturers in Korea struggling with their management, please look into acquiring them. Oh, and for the U.S. market, leave the stock purchases to Luke, formerly of WP Morgan. I’ll give you his contact information separately."
As Park scribbled in his notebook, he looked puzzled. "The pharmaceutical acquisition makes sense, but I don't quite understand the mask manufacturer part."
Taesik wanted to acquire the companies to supply masks to Starlink employees, knowing that COVID-19 would break out in two years, but he couldn't reveal the truth to Park. "It’s just a welfare measure to provide free masks to Starlink employees. Also, check with CEO Jo Yoon-je of Starlink Aerospace and transfer the budget needed for the launch site construction from these investment funds. If you tell him to increase my stake through a paid-in capital increase, he’ll handle the rest."
Once the use of the investment proceeds was decided, Director Park left the room. Taesik and Miso immediately grabbed their luggage and headed to the airport for their honeymoon. Chairman Lee Hyundo had specially provided them with an aircraft owned by the Miso Group, and the two departed for Thailand in comfort.
While the couple enjoyed their honeymoon, Miso’s older brother, Managing Director Lee Yongjae, was sentenced to two years and six months in prison while awaiting trial without detention. Taesik and Miso headed to the detention center to visit him.
Meeting him alongside the Miso Group’s lawyer, the couple was surprised to see that Lee Yongjae looked better than expected.
"Why did you come all the way here? You two are on your honeymoon..."
Miso listened to her brother’s voice. "How is life in the detention center? Is anything uncomfortable?"
"If I can inherit the Miso Group after two years and six months, isn't that actually a good thing? I’ll request a parole for economic revitalization in a few months, so don't worry!"
Lee Yongjae insisted he was fine and even worried about Miso. Miso told him she would be visiting the U.S. soon and that it would be difficult to return to Korea, offering her farewells in advance.
Lee pulled Taesik close and whispered, "CEO Kim! You know I’m divorced, right?"
"..."
"Miso is the sister I cherish the most. You must never make her unhappy. I’m counting on you."
Taesik smiled at the request. "I am a person who values family more than work. Please, do not worry."
After the visit, the couple prepared for their U.S. business trip and headed to America. Before visiting the UAM (Urban Air Mobility) factory, Taesik and Miso went to meet Sane, the CEO of Starlink Map.
Sane, having been notified in advance, was waiting for Taesik in front of the building and greeted them with a bright face. "CEO! Miso! Congratulations on your wedding."
Sane expressed his regret for missing the wedding due to a family event and handed a gift to Miso. Miso opened it immediately, confirmed the contents, and thanked him. Sane then pulled out a document summarizing the management performance and achievements of Starlink Map.
"We have achieved significant growth in the smartphone app sector, in addition to providing navigation maps to automotive companies. It’s a shame, but we have decided to terminate all cooperation with Google after this year."
"From Google's perspective, they probably feel the profit share they give us is a waste. It was a partnership destined to break eventually, so don't worry about it. And how are the smartphone app revenues?"
"By applying the location-based advertising model you suggested and offering the service for free, we’ve surpassed 100 million subscribers. We are currently generating a steady annual revenue of around 200 million dollars, and this year, we expect to exceed last year's performance."
"As smartphone penetration increases, our app revenue should naturally grow as well."
"However, we are receiving protest letters from U.S. police departments."
"What kind of protest is coming from the police, not the government?"
"They claim that by showing the real-time location of police officers on the app, we are threatening their safety. They argue that criminals are using the app to track police movements."
"Are there any additional sanctions, such as administrative measures?"
"Citizens are complaining that the police are being too sensitive, and there haven't been any special measures from the police other than the protest letters."
"Then let's decide whether to modify the app once the police's position is clarified."
Watching the growth of the navigation app, Taesik noticed that while the growth was steady, it wasn't explosive, so he decided to propose a new model to Sane.
"Sane! With the current location-based advertising, I don't think the revenue growth will be that significant."
Sane looked confused. "CEO! Isn't this level of growth excellent? We expect at least 20% growth next year as well."
"I'm talking about the revenue structure. Location-based ads are only participated in by a few retailers, and our unique advantages aren't being showcased. We need to increase the items that can be advertised so more people can participate."
"Honestly, I don't know what you mean."
"Have you ever visited a bakery after business hours? You’ve probably seen them throwing away bread that has reached its expiration date."
"..."
"How about advertising the sale of items at one-third of the retail price before they expire, and having users move to that store through our app to purchase them? That way, retailers can sell items they would have otherwise discarded, and consumers can buy what they want at a low price."
"So, you're talking about adding a payment function and taking a margin from the sales?"
"Yes. And we can add the concept that we are contributing to the environment by reducing food waste."
"Ah! Then the revenue would increase to a level incomparable to what we have now."
"We don't have to limit it to food purchases. It's also necessary to expand the transaction items to include second-hand goods."
"Hahaha. We can expand our business area from map services to product sales. Are you suggesting our competitor will become Amazon?"
"If we add a search function by item and distance, and provide a safety mechanism for payment methods in the middle, we can minimize user damage."
Sane sensed that Taesik’s proposal could be the catalyst for Starlink Map to leap from a simple map company into a comprehensive online shopping mall. He shared an idea that popped into his head.
"How about posting part-time job information? If users can find part-time jobs near where they live, I think a diverse range of users will use our app."
Taesik laughed as Sane added his own idea. "Let's not worry about it ourselves; why don't we hold an idea contest for the employees? They might suggest things we haven't thought of."
"Understood. I should offer simple gift certificates or meal vouchers as prizes to encourage employee participation."
After checking the management issues of Starlink Map, Taesik returned to the hotel with Miso to rest, planning to tour the UAM business site starting tomorrow. When the phone in the room rang, Taesik picked it up, wondering who it could be, and tensed up at the sound of a stranger’s rough voice.
