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Small pizzas bring huge success to entrepreneur
2019-04-19
He’s attended top universities. He’s on the Forbes 30 under 30 in Asia list. And he makes pizza.
After graduating from Singapore Management University, 29-year-old Lim Jae-won received a master’s degree in engineering from the Korea Advanced Institute of Science and Technology (KAIST). He quickly veered from the subject of his studies and joined an advertising firm.
Then, he started making pizza. First in 2015 from a truck, under the GoPizza name.
The move was even more counterintuitive than it seems at first. At the time, pizza was a “red ocean” business, where everyone seemed to be losing money. Total sales in the business dropped from about 2 trillion won ($1.76 billion) in 2015 to 1.5 trillion won the following year.
It was certainly a difficult move. The first three years were challenging. But business started to pick up in 2017, and he has received 2 billion won of funding. The truck became a store, then it became 30 stores.
This year, he wants 80 stores, as well as 7 billion won in revenue.
Earlier this month, Lim made it onto the Forbes list. He is there alongside K-pop girl group Blackpink and soccer player Lee Kang-in.
Lim is aiming for markets abroad as well. He has his sights set on India, where the market is 6 billion won in size and growing 25 percent a year. A U.S. brand currently dominates.
After graduating from Singapore Management University, 29-year-old Lim Jae-won received a master’s degree in engineering from the Korea Advanced Institute of Science and Technology (KAIST). He quickly veered from the subject of his studies and joined an advertising firm.
Then, he started making pizza. First in 2015 from a truck, under the GoPizza name.
The move was even more counterintuitive than it seems at first. At the time, pizza was a “red ocean” business, where everyone seemed to be losing money. Total sales in the business dropped from about 2 trillion won ($1.76 billion) in 2015 to 1.5 trillion won the following year.
It was certainly a difficult move. The first three years were challenging. But business started to pick up in 2017, and he has received 2 billion won of funding. The truck became a store, then it became 30 stores.
This year, he wants 80 stores, as well as 7 billion won in revenue.
Earlier this month, Lim made it onto the Forbes list. He is there alongside K-pop girl group Blackpink and soccer player Lee Kang-in.
Lim is aiming for markets abroad as well. He has his sights set on India, where the market is 6 billion won in size and growing 25 percent a year. A U.S. brand currently dominates.
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