Three young men sat around the office conference table, their faces grim. Scattered across the table were messy stacks of paperwork and a mug filled with cold coffee.
"Future Computer went bankrupt yesterday."
The heavy voice of Seo Hoon-taek, CEO of Seum Technologies, echoed through the room.
The dark circles under his eyes and disheveled hair reflected just how mentally and physically exhausted he was from the company's deteriorating situation.
Sitting on the left was Oh Hapsu, head of development and a college classmate, who asked in alarm:
"Then what happens to the payments for the goods we delivered last month?"
Across from him, Han Sung-yeol, the company's CFO, let out a sigh that felt like it came from the bottom of the earth.
"We're not getting a single won."
Seum Technologies was a venture company founded by three friends who had all been in the
Seoul National University computer science class of '84.
"What! That's over two billion won! We can't just sit here—we should go to their office and at least grab something that's worth money!"
Oh Hapsu shouted in disbelief, but Han Sung-yeol shook his head.
"It's no use. I already went. The CEO there sold off everything—inventory, even the office
furniture—and disappeared. There's nothing left."
"No way…"
Oh Hapsu, who had been yelling moments before, now looked defeated.
"So what happens to us now?"
A heavy silence settled over the table.
Sitting in the middle, CEO Seo Hoon-taek frowned and said nothing.
After a moment, Han Sung-yeol pushed up his horn-rimmed glasses and opened his mouth.
"You both know that after the IMF crisis, all the investors pulled out their money, and we've run dry on funds."
"..."
"We were counting on the delivery payment coming in at the end of the month. But now that's gone up in smoke, we won't even be able to pay employee salaries next week."
Even since mid-year, cash flow had been tight, and salaries were often delayed by a few days. But now, they were looking at a complete failure to pay.
Oh Hapsu's expression grew tense.
"Can't we get an emergency loan from a bank?"
"Already tried. Every single one turned us down."
Han Sung-yeol shook his head with a bitter expression.
"I even considered getting a quick loan from the Myeongdong private money market, but they slammed the door on me too."
"Damn it…"
Oh Hapsu slumped his shoulders.
"Even those big-name conglomerates are going under left and right. Who's going to have money left for a hole-in-the-wall company like ours?"
It was a bleak statement—but a brutally honest one.
Han Sung-yeol looked at his two friends and finally said what they were all dreading.
"At this rate, we'll be forced to declare bankruptcy too."
"Ugh…"
"Damn it! This can't be happening."
Groans and sighs escaped the other two as the weight of reality settled in.
"Isn't there any way we can survive this?"
President Seo Hoon-taek, arms crossed, asked seriously.
He had built this company from the ground up. To let it collapse now was unthinkable.
Next to him, Oh Hapsu looked at Han Sung-yeol with a glimmer of hope, but Han could only
answer in a drained voice.
"The only option left is to find a new investor… but in this market, who's going to invest in a
venture company?"
Seo and Oh fell silent, wearing equally grim expressions.
When they first teamed up to launch the startup, they'd believed their ideas and tech would
change the world.
They had pulled all-nighters at the office, worked through holidays—it had been their norm as they chased their dream.
They had just started to see the fruits of their labor, but reality had hit them hard.
Even the most innovative ideas and advanced technology were powerless before the tsunami of the foreign exchange crisis that had swept over Korea.
"Do you think… we can hold on?"
Oh Hapsu asked hesitantly, but neither of the others could bring themselves to answer with
confidence.
To raise operating funds, Seo Hoon-taek had long ago mortgaged his apartment to the bank. No matter how hard he thought, no solution came to mind.
Han Sung-yeol, the CFO, could only let out another frustrated sigh.
In that heavy, oppressive silence, the same dreadful thought churned in all their minds: Is this the end of our dream?
After what felt like a long silence, a female employee wearing a gray work jacket knocked lightly on the door before poking her head in.
"Sorry to interrupt your meeting."
Seo Hoon-taek lifted his head, his face stiff.
"What is it?"
"There's a call for you, sir."
The woman spoke carefully, reading the heavy atmosphere in the room.
"Who's calling?"
"They said they're from Daehung Venture Capital."
Seo Hoon-taek frowned and glanced at Han Sung-yeol.
"Do we have any ties to Daehung VC?"
"No. We don't."
Han Sung-yeol also looked puzzled, having no clue why Daehung Venture Capital would be
calling them.
"Isn't that the company that hit it big by investing in Digital Wave, the ones who developed that MP3 player?"
"Yeah, that's right."
Oh Hapsu chimed in, and Han Sung-yeol responded with a nod.
At a time when everyone was struggling due to the IMF crisis, Digital Wave had received
backing from Daehung Venture Capital to develop an MP3 player. They'd gone on to export not only within Korea but to the U.S. as well, achieving massive success—becoming the envy of every other startup.
Looking at his two friends with a face full of hope, Oh Hapsu said,
"Maybe… maybe they want to invest in us, like they did with Digital Wave?"
But Han Sung-yeol, the most clear-headed among them, scoffed in disbelief.
"We didn't even send them a pitch deck. How would they even know about us?"
Still, Oh Hapsu clung to optimism.
"I heard with Digital Wave, Daehung was the one who approached them first too."
"You actually believe that kind of nonsense rumor?"
Han let out a dry laugh through his nose.
He was trying to temper their expectations, afraid they'd only be more crushed if it turned out to be nothing.
At that moment, Seo Hoon-taek cut in, interrupting the back-and-forth.
"We'll know once we take the call."
He turned toward the female employee still standing by the door.
"Put the call through."
"Yes, sir."
She gave a short reply and exited, closing the door behind her.
Rrring. Rrring.
Moments later, the phone on the desk began to ring.
Seo Hoon-taek stood up and walked over to the desk in the back of the room.
The chances were slim, but he found himself hoping—just a little—that Oh Hapsu's wishful
thinking might somehow turn into a miracle.
He picked up the receiver.
[This is Yoo Hyun-seok, Director of Daehung Venture Capital. Am I speaking with President Seo Hoon-taek of Saeum Technologies?]
It wasn't a deputy manager or even a team lead, but a high-ranking director. Completely caught off guard, Seo Hoon-taek replied, startled.
"Ah… yes, this is Seo Hoon-taek."
[It's a pleasure. Apologies for the sudden call.]
"Not at all."
Daehung was a subsidiary of a large conglomerate and known for its aggressive investments in venture firms. Instinctively, Seo Hoon-taek adjusted his tone to a more deferential one.
[I'll be brief since I know you're busy.]
"Go ahead."
[We're considering investing in Saeum Technologies. Would you be interested in receiving our support?]
"...!"
Seo Hoon-taek froze on the spot, completely stunned.
On the other end of the line, Director Yoo Hyun-seok's voice came again, puzzled by the silence.
[Hello? Can you hear me?]
"Huh!"
Snapping back to reality, Seo Hoon-taek hurriedly gripped the receiver.
"Yes, yes! I can hear you."
[If you're open to receiving our investment, I'd like to arrange a meeting to discuss the details. How does that sound?]
Seo Hoon-taek tried his best to stay composed, but his voice betrayed his excitement and
nervousness. He spoke as cautiously as possible, careful not to offend the other party.
"Uh… may I ask how much you're thinking of investing?"
[We're initially considering about one billion won (₩1 billion, approx. $1 million). Of course, the amount may increase depending on how the discussions go.]
Director Yoo answered without a moment's hesitation.
Seo Hoon-taek gripped the receiver tighter, struggling to contain his pounding heart.
"Are you saying one billion is the minimum?"
[Yes.]
Ten million won would have been a godsend in their current situation—and here he was, being offered one billion.
Seo Hoon-taek swallowed hard.
And it wasn't just the amount—it was the fact that one billion was only the starting point, with a possibility of even more. It all felt like a dream.
[When would be a good time for us to meet?]
Barely restraining the shout of joy rising in his throat, Seo Hoon-taek answered quickly.
"We're available as early as tomorrow."
[In that case, would it be alright if I came to your office in the afternoon?]
"Of course!"
[Alright, then let's meet at 1 p.m. tomorrow.]
"Yes! See you then."
Even though the call was audio-only, Seo Hoon-taek kept bowing his head repeatedly as if the other party could see him.
Han Sung-yeol and Oh Hapsu, watching him from behind with confused expressions,
immediately asked as soon as he hung up.
"What did they say?"
Still dazed, as if he couldn't believe Daehung Venture Capital had approached them first with an investment offer, Seo Hoon-taek stood frozen.
He slowly turned toward his friends at the conference table and muttered:
"This isn't a dream, right?"
"What's wrong with him?"
"Is he getting heatstroke in the middle of winter?"
Han Sung-yeol and Oh Hapsu frowned and each muttered a comment.
Only then did Seo Hoon-taek slowly come to realize the reality and couldn't hold back a laugh, raising both arms above his head.
"It's over! We're saved now."
"What are you talking about? Speak clearly so we understand."
"Daehung Venture Capital is going to invest in us! And it's one billion won!"
When he loudly announced the good news, Han Sung-yeol and Oh Hapsu's eyes widened in
surprise.
"Is that for real?"
"Yeah. They said they'll come to our company in person tomorrow for negotiations!"
Realizing it was true, the two jumped up from their seats and cheered with joy.
"Wooooah!"
"See? I told you it might happen!"
"Yeah. I was in total despair, but I guess we're not doomed after all!"
The three of them, like children, linked arms and jumped up and down shouting happily until a female employee outside peeked in, wondering what all the commotion was about.
***
After circulating the signed approval documents, Seok-won leaned back in his chair and looked at Director Yoo Hyun-seok, who was standing by the desk.
"You said you're visiting Seum Technology tomorrow to tour the company and negotiate the investment, right?"
"Yes. It's important to check the documents, but seeing the company in person gives a good sense of its situation."
"That makes sense. And try to invest as much as possible. Don't forget to negotiate for equity
rather than just interest."
Director Yoo glanced cautiously and asked,
"What should we set as the upper limit?"
"Whether it's five billion or ten billion, it doesn't matter. Just get as much equity as possible."
Without hesitation, Seok-won answered, causing Yoo to look surprised for a moment before
quickly recovering.
He had doubts whether such a small venture company was worth that much investment, but
recalling that following Seok-won's instructions hadn't failed so far, he nodded obediently.
"Understood."
Holding the approval papers under his arm, Yoo bowed slightly to Seok-won.
"Then I'll be going now."
"Alright."
As Yoo turned and left, Seok-won smiled widely, showing his teeth.
"Seum Technology... a miraculous company that will list on KOSDAQ in a few years and see its stock price soar 150 times within half a year."
If Cisco symbolized the dot-com bubble in the U.S., then Seum Technology was the Korean
equivalent.
It had launched a free internet telephone service combining the hottest buzzwords in the market
— telecommunications and the internet — attracting huge investor interest.
The rosy hopes led to skyrocketing stock prices, which quickly bred greed and created an
enormous bubble.
"Of course, what awaits at the end is bubble collapse and stock price crash, but until then, you can't miss out on the sweet fruit of soaring stocks."
Seok-won wore a confident smile across his face.