Published : Dec. 9, 2013 - 19:45
An employee of Han Nanotech operates a machine at the company’s factory in Daejeon. (Han Nanotech)
Small and medium enterprises must target markets with high demand for their products regardless of whether those markets are local, said Han Nanotech Co., a domestic producer of plastic additives for fire- and heat-resistant products.
Despite being a small venture firm, Han Nanotech made a bold move to secure foreign clients from the get-go, knowing that the domestic demand for its technology was minimal.
“No matter how advanced the technology or how great the product, it’s all useless without a practical market,” said Han Nanotech CEO Kim Soo-wan.
CEO Kim Soo-wan
The company continues to export over 90 percent of its yield and, by 2008, already established a name in Southeast Asia, including Taiwan, Thailand and Malaysia.
Anti dripping agents, Han Nanotech’s leading products, require top-notch technology to produce and are required by international standards in the manufacture of televisions, stereos, copiers, computers, monitors, laptops and other electronics, the company said.
Apart from the strategic move to target overseas markets, CEO Kim attributes two primary factors to his company’s success.
One is maintaining a good network of capable and intelligent people, while the other is a determined drive to turn a crisis into an opportunity.
Kim learned a great deal of business know-how while working for an overseas company, and maintained close ties with foreign buyers.
He also treasures his relationship with Lee Chang-won, the company’s executive director and also his friend, who quit his former job and developed much of the technology Han Nanotech prides itself in.
“With the aid from a venture support center, provided by the Small and Medium Business Administration, we were able to secure office space and the extra capital needed to develop our technology,” said Kim.
“But we faced yet more challenges when defects started to appear in our products and we still lacked the funds to expand our factories or hire more employees,” he added.
But their efforts did not go to waste when a global firm acknowledged Han Nanotech’s ability to quickly react to the crisis and decided to sustain their business partnership, which was also the official start of Han Nanotech’s success.
The company’s sales rose from 1.7 billion won ($1.6 million) in 2008 to 9.2 billion won in 2010 and 17 billion won in 2011.
Han Nanotech now plans to construct a separate research center and raise its competitiveness in hopes of entering the markets in Europe and the United States ― both hot beds for nanotechnology.
By Kim Joo-hyun
(jhk@heraldcorp.com)