Because of the growing interest in Korean culture and content throughout the world, Korean companies are becoming more popular. People all around the world now have easy access to so much digital material, which creates a demand for things related to that content. Over the last ten years, the Korean cosmetics industry has grown tremendously, with export volumes reaching USD7.5 billion, a 28 percent CAGR from 2011 to 2020.
Jason Kim founded Silicon2 in 2002 as a global trade corporation specializing in semiconductor components. It is currently a global distributor for K-Beauty, a well-known brand known for its diversified and high-quality skincare products that pique global customer interest.
Early in 2010, Chinese demand for Korean cosmetics, dubbed “K-Beauty,” skyrocketed due to the “K-Wave” spearheaded by K-Pop and K-Dramas, which sparked widespread interest in Korean content among the general population. However, there was no system in place for efficient cross-border trading and commerce for K-Beauty. Most brand companies attempted to expand their global presence on their own, resulting in exorbitant overhead costs.
According to Jason, the Chinese market comprises 60% of exports, showing heavy dependency on China. He says, “We loved China because they often place big orders with minimal distribution hassles. We see this as the biggest risk for K-Beauty. “ He further adds that Silicon2 is building a diverse global distribution network for both Korean suppliers and global consumers. At present, all of Silicon2’s revenue (USD 110 million in 2021) is from outside of China. He also saw the tremendous demand for a global commerce platform for K-Beauty.
K-Beauty sells and distributes K-Beauty globally via both B2C and B2B channels to more than 100 countries. We carry more than 200 brands and 10,000 SKU’s. We have entities in LA, New Jersey, Indonesia, Chile, and Malaysia. It also plans to expand our products to K-Pop and K-Foods. “We focus on capability to physically move these goods globally at low costs,” says Jason.
Jason Kim, the CEO of Silicon2
Jason began working at a modest trading firm shortly after graduating from college. People were intelligent and courteous. On the other hand, were quite docile and hesitant to accept risks or responsibilities, contrary to his expectations. Jason was a young man who had yet to be tamed by the harsh realities of the commercial world. After a few years with them, he founded his own company, Silicon2, in 2002. Silicon2 was listed on the Korean stock market last year.
Jason enjoys conversing with others. He spends most of his time conversing with others. He urges individuals to converse as much as they can. He feels that communicating with people is more beneficial than listening to others. Jason knows everyone’s face and name at the firm, which has 200 employees.
In his personal time, Jason enjoys playing golf and mountain hiking. He believes, “You must keep a balance between work and personal life. I don’t think the quantity of working hours is important. I think the intensity of it is. We don’t have overtime work and we don’t need it. One thing I believe is effective in motivating employees is that you always share the short term goals that are realistic and how they change the company.”
Solving Problems is a Real Success
The world is evolving at a breakneck speed. A strategy that works well now might not work as well tomorrow. People, according to Jason, are in an environment where they must make decisions more often than ever before. People, he observes, dread failure more than anything else. He asserts, “We all strive for success, which is a 1 out of 100 chance. When we fail, I think the chance has now gone from 1/100 to 1 in 99, and we become smarter and more solid. The truth is that if you don’t do anything, you will fail nevertheless.”
Success, according to Jason, is defined by an unwavering commitment to repair and enhance the way things are done. There has always been a constant attempt to innovate in whatever one does, and it is this constant effort that has allowed the world to expand and thrive. Innovation is always motivated by a desire to improve or solve an issue. According to Jason, no matter how efficient your system or organization is, inefficiencies and difficulties will always exist. And he recognizes that recognizing there is a problem is the first step toward success. As a result, he believes that challenges and inefficiencies are not something to be avoided, but rather something on which to concentrate, since if you can solve this problem, you will be successful.
Grab the Opportunities
“Innovative idea starts from a question why do you do it this way and see if it can be done differently”
One time, Jason was amazed by this little girl from Nigeria asking about a Korean cosmetic product the team did not know about. The fact that she knew about this product shows very clearly that information is now being shared with everyone around the world so easily and the world is becoming a closer community. “We will know more about each other and want to experience more about others,” says Jason. He further adds, “Expect cross border commerce to continually grow and Silicon2 wants to be a leading Korean platform for both inbound and outbound traffic.” Unlike data, goods require more complex processes such as packing, logistics, customs, maintenance, and inventory management, and we will build a platform that will benefit all people.
Jason wishes to see Silicon2 grow as a leading platform for both inbound and outbound cross-border trading, covering all varieties of consumer goods and content for Korean and overseas customers. He says, “We are living in a world that is changing so fast that those who we think of as top companies may disappear in 10 years. Likewise, anyone can be at the top in 10 years if you can monitor and manage that change.”