Chauffeur Kim hit the jackpot in navigation business

“Chauffer Kim, drive!” was a buzzword produced by a Munhwa Broadcasting Corporation’s comedy show called “It’s A Gag.” “(Chauffer Kim) Where to, ma’am?”, “(Ma’am) Go to Twin Building in Yeouido’, “(Chauffer Kim) Here we go. What next, ma’am?”, “(Ma’am) Go ask who’s the older one?” This was one of the most rememberable episodes. If you are a “Mrs. Kim”, a lady who is poor at driving, you would definitely need “Chauffer Kim” who could easily take you anywhere you want to go.

With some 10 million users and 120 million times of monthly navigation services provided, the navigation application “Kimgisa” named after “Chauffer Kim” was dubbed as a “national navigation.” Touching the destination at a uniquely-shaped beehive, you could be guided with augmented reality-based fastest route to your destination, bypassing a traffic jam through. The route information for certain places could also be provided through social network services and KakaoTalk or could be reflected on to the windshield.

Acquired by Daum Kakao at 62.6 billion Korean won (approx. 56.4 million U.S. dollars), a startup firm called LOC&ALL that developed Kimgisa enjoyed a great success of venture business. The co-founders of Park Jong-hwan and Kim Won-tae, and vice president Shin Myeong-jin studied computer engineering together at graduate schools of Dong-A University and Pusan National University. Having wandered through maze-like Seoul streets, the “three boys from Pusan” started working at a startup company called “POINT-I” in 2004 and developed a navigation device for mobile phones. When the company scrapped its navigation business, the three, based on their own technology and knowhow, founded LOC&ALL with 50 million won (approx. 45,080 dollars) respectively.

While they are now sitting on piles of money, it has been a long journey for them with continuous challenges and hardship to come this far as would have been to any other startup companies. Navigation application business was not brining high profits as gigantic mobile-service companies such as KT and SK Telecom have provided it for free. Having failed to find investors, they had to borrow money from Small and medium Business Corporation. Focusing on their core value, however, which is to provide the fastest updated information for the fastest road, they succeeded in attracting drivers who are sick and tired of road congestion. The success story of the three men from Busan have again proved that having the spirit of challenge without being frustrated is the recipe for success for startup companies.