[093]Tough fight 1
“First of all, thank you for your quick decision. professor.”
“no. This is an opportunity so I can’t miss it. “I am more grateful to you for giving me the opportunity.”
Professor Shashua showed up after dinner time. Although it was late, it seemed to show how difficult it was for him to endure one night.
Because it was late, most of the guests enjoying the night were having a drink at the bar, so the lobby lounge was quiet.
“I wonder what the response to my proposal will be.”
Professor Shashua took out a neatly folded piece of paper from his jacket pocket.
“This is the initial start-up cost. And I briefly wrote down the proposed equity structure for the investment.”
I almost burst out laughing when I quickly saw the numbers written on the paper.
These numbers are enough to give you an idea of the scale of Cognitense, which was founded in 1995.
The differences from Korean venture companies are also clearly apparent.
Traces of efforts to raise as much money as possible can be seen throughout Korea’s venture businesses, but this one piece of paper showed signs of contemplating how to save money.
The minimum cost was suggested, and it was a small amount of money that made me laugh.
He folded the paper and quietly placed it on the table.
“professor. “Can I tell you something more important than money?”
“of course.”
“Professor, are you confident that your research will become a reality?”
“That’s right.”
Professor Shashua nodded his head and looked confident. There was no trace of pretense in his attitude.
Now that you have faith in yourself and what you need, you can move on to the next step.
“How does technology center cooperation take place? If you look here, it says that a 3.7% stake will be given to the university technology center… ?”
“Ah, usually there is a strong cost aspect for the equipment and laboratories provided by the school. “It also includes miscellaneous things like library books.”
Professor Shashua added an explanation about the school when I showed a sensitive reaction to the stake.
“Our university does not spare any support for entrepreneurship. Although it is an uncertain study to produce meaningful results, it has already provided more than $200,000 worth of equipment. “3.7% is not a lot.”
“Oh, don’t misunderstand. I’m not blaming the school. “I just wanted to know how much support the school had.”
Of course, this is not everything.
“The first round of funding needed to produce meaningful results is $700,000, and the second round of funding needed until commercialization is possible is $1.5 million. Is that correct?”
“yes.”
Professor Shashua was a little nervous, wondering if he thought I was too much, and was only looking at my mouth.
“And Miracle’s stake is 35%.”
“Is it not enough?”
“no. That’s reasonable. “I’m serious.”
Professor Shashua relaxed and smiled brightly. It is believed that the deal has been concluded.
However, it is right to refuse the first offer. Whether the offer is reasonable or not.
“professor.”
“yes.”
“Now let me tell you what I think. “It may be irrational, but will you listen to me until the end?”
“Ah yes.”
He spoke slowly, looking at the professor whose smile had disappeared.
“I will give $400,000 to the university technology center. And the equipment provided by the school so far will remain in the school’s possession. Since you don’t owe the school anything, there’s no need to give up your 3.7% stake, right? Should I give you more?”
I can only shake my head but cannot open my mouth. The more unconventional the second suggestion is, the more effective it is. Just like Professor Shashuya is shocked now.
“And we will raise the first round of funding to $7 million. Equip yourself with all the necessary equipment and the most advanced equipment, and gather as many manpower as you need. Even a PhD level from MIT in the US is fine.”
“Mi, Mr. Jin!”
If you get a second shock before the first shock wears off, you stutter like this.
“The second round of funding for commercialization will be decided at that time. Don’t get me wrong. “It’s not that I won’t spend the $1.5 million you mentioned, I’m just putting off making a decision because I don’t know if it will be $15 million or if more will be needed.”
Maybe you think I’m crazy. And you may be thinking that this investment may end in vain.
Ten times the amount needed. That’s not the end. You must have read the momentum to throw in ten or even a hundred times the amount you wanted.
There is only one case like this.
Either the market has already recognized its potential for success, or it is the right time to grow an already successful business.
However, if it were a novel, Professor Shashua only wrote the first line of Chapter 1. No one knows whether this novel will be completed in the future or whether it will sell well.
But I’m not crazy.
When Professor Shashua starts a business with this item, a Russian investor with bright insight immediately invests $10 million and secures a huge stake.
If I take care of it in advance, there won’t be any room for me to bring a spoon and join the table.
“Mr. Jin, honestly, this is an incredible offer. It’s true that I set a rather tight budget, but I spent a whopping 10 times the amount… .”
“My story is not over yet.”
Professor Shashua looked embarrassed and seemed to have something to say, but he covered his mouth.
“Instead, I would like to set Miracle’s stake at 60%.”
As soon as the word 60% came out, the professor’s face crumpled, but my proposal wasn’t over yet.
“It’s just retention. All voting rights will be given to the professor and he will not be involved in any management. Since we won’t send out the usual auditors, there’s no need for a separate report on how the investment funds are spent. Just think about business success.”
I nodded as I finished my story. Now it is time to hear Professor Shashua’s final answer.
But I can’t open my mouth. He was just blinking and looking at my face.
“professor?”
“Oh, my. sorry. It’s the most absurd investment condition I’ve ever heard… . “Isn’t this almost a gamble?”
Those eyes that don’t trust the investor seem very absurd.
“If the first card is an Ace, there are enough chips to go all-in.”
I still can’t accept whether he is cautious or suspicious.
“By the way, I’m thinking of investing in Cognitense as well, but would $1 million be enough? “The share will be adjusted to the current capital ratio.”
I stopped talking further and changed the topic.
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“$1 million is an 80% stake in Cognitense. “That’s a bit troublesome.”
“Then let’s make it 50, no, 49%. “The other conditions are the same as those already mentioned.”
I put down the coffee cup I was holding. There is nothing more to say.
“You’ll have to think again. If you accept my conditions, I will prepare an investment contract and give it to you by tomorrow. “After reviewing and stamping, we will immediately deposit the entire investment amount into the designated account.”
Professor Shashua, who realized that the story was over, put down his coffee cup and stood up.
“I listened carefully to the unconventional proposal. “I never imagined that I would be worried after hearing such good conditions, but it has become a reality.”
“It’s unbelievable when you win the lottery. “The higher the winnings.”
He held out his hand and offered to shake it.
“I have no doubt that your research will be a lottery for me. haha.”
* * *
Perhaps because he had earned a lot of money, Oh Se-hyeon did not pry into detail.
All he could say was, “If it’s less than $10 million, it’s a good save.”
I ended the call after giving only the broad outlines of the investment conditions.
Once you create a contract at Miracle and send it by email, the work here is over.
This will be a truly long-term investment. However, I only hope that by using Professor Shashua’s ‘Advanced Driver Assistance System (ADAS)’, Ajin Motors will increase its market share in Korea and contribute to preventing cars from falling behind and lacking advanced systems overseas.
As if there is no one who doesn’t like winning the lottery, the next day, Professor Shashua rushed to the hotel in the morning.
“God said I shouldn’t miss this miraculous opportunity.”
Like a Jew, he mentioned divine revelation. I smiled slightly and joked.
“Did God really say it? Or is it the result of cool-headed calculation?”
“Actually, like a scientist, accurate calculations come first. haha.”
I handed the investment contract to him, smiling brightly.
“This is a draft contract.”
Professor Shashua had a bright face as he read the contract carefully.
“It’s nice that there’s no unnecessary stuff. “But I’d like to check with my lawyer again.”
“Of course you should. And the company name was left blank. “Please write it yourself.”
“Ah, even if that wasn’t the case, I thought about a company name. We named it Mobileye. How is it?”
Nothing has changed so far.
The names are the same.
“Very good. “I know exactly what I’m after.”
I smiled happily and held his hand.
We took out reliable insurance worth over 10 billion dollars.
It remains to be seen whether a large amount of money will be made upon maturity, or whether the insurance will be canceled before then and used for other purposes.
* * *
When I returned to Korea, the person waiting for me was not Oh Se-hyeon.
He was not at all interested in what I did when I went to Israel because he was working on blending Daeah Construction with HW Group.
The place I ran straight from the airport to was none other than my grandfather’s study.
“Hey. “Why did you go to that dangerous place?”
The grandfather’s eyes were full of worry and anger.
“It’s okay these days. “It’s not a place where there’s always war.”
My grandfather was heartbroken when he saw that I was safe.
“I held back from calling. “I’m afraid it will just be a unnecessary hindrance to my work.”
“You could have called. “I just came here to get some air.”
“You go all the way to the other side of the world just to get some fresh air? “I’m not going to ask you what it is, so stop saying things that won’t work.”
The grinning grandfather returned to his original appearance.
“That’s not why I rushed to see you.”
At that moment, the study door opened and my aunt and uncle showed their faces.
“Oh, Dojun was here too?”
My aunt smiled brightly and tapped my shoulder.
“Everyone sit down. “I have one thing to tell you.”
The reason my grandfather called us all was obviously because of the upcoming local elections.
“Seobang Choi.”
“yes. Father-in-law.”
“There is no problem with your nomination for mayor of Seoul, right?”
“That’s right. Since we were reduced to the opposition party and the popularity of the previous government had plummeted, there was no one to challenge us. “It’s smooth.”
Since they had taken the first step toward becoming mayor of Seoul, it was natural that the two people had good expressions.
“It may seem like I’m pouring cold water on you, but there’s something you need to know. “It seems that the ruling party has selected Ko Kyung-yeol as its candidate for Seoul mayor.”
I was the only sane face in this room.
Go Gyeong-yeol, the ruling party candidate who was elected mayor of Seoul in the 2nd national simultaneous local elections. Oh, of course it happened in a past life.
He is a former bureaucrat with no political party affiliation. He is also an administrator with great trust. Since he recruited a person who is free from left and right political views, the opposition party has met an extremely powerful enemy.
My uncle’s complexion had already turned an earthy color, and my aunt bit her lip.
“Hehe, Dojun, I think you wasted your money?”
“More than that, grandfather. “I don’t think it’s been on the news yet. How did you know?”
“How do you know? Go Gyeong-yeol called me in the morning to say hello. And he asked what he should do when the ruling party is trying to recruit him.”
“yes? “Why is he asking my grandfather for permission?”
“The guy who got to that position with my money is having a fight with my son-in-law, so of course I should be allowed to. He probably wanted to hear the answer that I wouldn’t intervene. haha.”
That laugh.
Now the grandfather is enjoying this situation.
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