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🕑 Added 2025-09-03 17:40:30 +0000 UTCCrowdfunding.
It referred to the act of raising funds from a large number of people—and the concept didn’t
begin to take shape until around 2005.
Even for an IT expert, it could still be an unfamiliar idea.
But despite my brief explanation, Chun Min-jung instantly grasped the core of it.
“It’s definitely doable. If we combine a P2P system with existing fund mechanisms, we could have something up and running in as little as a week.”
“As expected. I’ll send some of our legal team to your office—we’ll need to examine the legal framework as well.”
“But I think this is too good to use only for elections. If we bring a crowdfunding system into the IT sector, especially for small game studios, it could be a real game changer. Though of course, it’d need to be structured a bit differently from the election fund.”
“Start with the election fund model first. After that, go ahead and develop a crowdfunding system tailored to support smaller IT firms.”
The crowdfunding market was no small sector.
In just ten years, it would grow into a market worth close to 20 trillion won.
Of course, it wasn’t quite large enough for Taewoo Group to manage directly, so our plan was to acquire a partial stake and let an external partner operate it.
“Ah! Since it’s a fund, we’ll also need help from Taewoo Securities’ fund specialists.”
“I’ll have someone sent over today. Let me know if you need anything else.”
“I don’t need anything else, but I do have something to report. It’s not quite full autonomous driving, but we’ve developed a system that allows for remote vehicle control.”
Remote control could be considered the first step toward autonomous driving.
Like operating a toy RC car, one had to be able to control a vehicle externally before progressing to true autonomy.
“How accurate is the remote control system?”
“In areas with strong communication networks, it’s as precise as driving from inside the car. But if the connection drops, there’s a risk of serious accidents. That’s why we’re not yet considering it ready for commercialization.”
“So as long as there’s no communication failure, it’s viable?”
“In fact, it works well in most locations. But the problem is liability. If an accident happens, the full responsibility would fall on us.”
Public roads were filled with unpredictable variables.
Only once a system could handle all those variables could remote or autonomous driving become a reality.
“We’ll need a system that prevents accidents under any circumstance.”
“We’re currently developing an emergency braking system and a hazard detection system. The emergency braking tech should be ready by the end of the year.”
“That would be perfect for the new models from Taewoo Motors and KIA Motors. It could help prevent accidents caused by drowsy driving.”
“If the driver is still in the car, using an emergency braking system wouldn’t pose any legal problems.”
“Let me know once the prototype is ready. We’ll arrange a meeting with Taewoo and KIA’s
automotive engineers.”
“We should have a prototype ready by next month. I’ll focus on building the election fund system first, then move on to the rest.”
Chun Min-jung left the office with a bright smile, arms full of documents.
I kept piling tasks onto her, but not once had she ever complained.
In fact, she genuinely seemed to enjoy the work.
Exceptional talent combined with dedication.
From a business owner’s perspective, how could I not value someone like Chun Min-jung?
***
December 2005 – Taewoo-KIA Driving Center.
Taewoo Motors and KIA Motors had joined forces to build Korea’s first-ever driving center.
It hadn’t been opened to the public yet, and for now, it was being used solely for testing new
models developed by both companies.
“Thank you all for coming despite the cold weather. We’ve gathered you here today to
demonstrate a new technology developed by the Taewoo Artificial Intelligence Center.”
“We truly appreciate the opportunity to be part of this demonstration.”
The event was attended by top executives from both Taewoo and KIA Motors.
From CEOs to department heads, nearly all the key figures were present, creating a buzz of
excitement and chatter.
And beneath the surface, there was a hint of subtle tension.
Although both belonged to the Taewoo Group, Taewoo Motors and KIA Motors were more like rivals than partners.
Whether it was vehicle performance or sales volume, the two companies constantly compared themselves to each other—openly or not.
That’s why the seating arrangement reflected a silent rivalry: Taewoo Motors executives were seated to my left, and KIA Motors’ team to my right, with no intermingling between the two.
“Team Leader Chun Min-jung, the lead developer on this project, will handle the next part of the presentation. Please come forward.”
Short-statured Chun Min-jung trotted up to the stage with light, eager steps.
Climbing up onto the podium, she began her presentation for the demonstration.
“Today’s project demonstration is for the Collision Prevention System. It detects dangerous situations and can issue emergency braking alerts as well as apply actual emergency brakes. It’s superior to the emergency braking systems currently developed by other companies. I’ll provide a more detailed explanation after the live demonstration.”
Chun Min-jung raised her hand, signaling the start of the test.
All eyes turned toward the driving center track.
Vroooom! All ten vehicles started their engines at once.
The cars began driving at speeds under 30 kilometers per hour to simulate urban driving
conditions.
Suddenly, the vehicle in the front swerved sharply and attempted to cut into another lane.
In that moment— Screeech! —the car following behind slammed on its brakes, coming to a halt just before a collision could occur.
“Just so you know, during this demonstration, the drivers are not applying the brakes. The
emergency stop is being carried out entirely by the onboard Collision Prevention System.”
And that wasn’t the end of it.
Collision warning trials, highway collision prevention, and lateral collision avoidance.
The demonstration continued for over an hour, showcasing the system’s capabilities in a variety of scenarios.
And the moment it ended, the executives from Taewoo and KIA Motors burst into applause and cheers.
“This absolutely needs to be included in our new model! Our upcoming release targets customers seeking top-tier specifications, and this is exactly the kind of feature they value most!”
“It’s a must-have for the freight trucks we’re launching. Drowsy driving accidents are all too
common in the trucking industry. This should be installed as a standard feature. No matter how high-end a passenger car is, it can’t compare to the safety needs of freight vehicles!”
Executives from both companies spoke up almost simultaneously, each advocating for the system to be adopted by their own vehicles.
They were competing fiercely, like racers neck and neck, each eager to secure rights to the
emergency braking system.
I couldn’t help but wonder— Why are they going this far?
After all, both Taewoo Motors and KIA Motors were subsidiaries of the Taewoo Group.
And if the AI Center, also under Taewoo Group, developed this technology, then both companies had access to it.
“We’ll make the emergency braking system available to both Taewoo Motors and KIA Motors. Healthy competition is fine, but let’s not forget—you’re all part of the same family here at Taewoo Group.”
[“Understood, sir.”]
Only then did the executives come to their senses and bow their heads in apology.
Still, I didn’t think poorly of their behavior.
If anything, their enthusiasm proved just how impressive Chun Min-jung’s creation really was.
“The AI Center will continue developing various new systems. Every time we do, we’ll hold a demonstration like today. So I ask each company to start considering how best to integrate these technologies into your vehicle lineups. Now, let’s open the floor for Q&A regarding the emergency braking system. Team Leader Chun Min-jung, the floor is yours.”
Whoosh!
All the executives rushed to surround Chun Min-jung.
Like hungry baby birds, they swarmed her, eager to gather every detail they could about the
emergency braking system.
Before I knew it, 2005 had passed, and it was already 2006.
Compared to other years, 2005 had been quiet and uneventful.
But that was only the calm before the storm, and I knew full well that starting in 2006, a fierce
storm was on its way—there was no room to let my guard down.
The new year kicked off with a packed schedule.
I convened a board of executives, received status reports from each affiliate, and gave feedback.
That was how I spent January, and as February began, I met again with Assemblyman Choi Jaeseok.
“The election fund system is complete. It’ll be ready to deploy as soon as the National Economic Party finalizes its nomination process.”
“Thank you so much. Honestly, people say winning the general election is easier than getting nominated in Korean politics—and it’s true. The bigger the National Economic Party grows, the more friction emerges during the nomination process. It’s a headache.”
In Korean politics, securing a party nomination was crucial.
Running as a candidate from a major party gave you an automatic boost of at least 10% more
votes.
And while the National Economic Party wasn’t quite at the level of a major party yet, it had
gathered enough support to attract a significant number of politicians hoping to run under its
banner.
“Still, I’ve heard the nomination process has been relatively clean compared to the major parties.”
“Probably because we’ve strictly banned any exchange of money. With city and district council seats, there are so many candidates that, knowingly or not, money often changes hands.”
“Wasn’t it because you publicly warned that any politician caught giving or receiving money
would be expelled from the party?”
“Once a money scandal breaks, the public image of the National Economic Party would crumble instantly. I had no choice but to take a hard stance.”
The reason the National Economic Party had risen to its current position was its distinctiveness.
By drawing a firm line between itself and the chronic problems of the established major parties, it had earned the trust of many voters.
That meant it was also held to a higher moral standard than the others.
The nomination process had to be conducted with absolute integrity.
“Thanks to your hard work, Assemblyman Choi, the National Economic Party now has
candidates not just in Gyeonggi Province, but across the country running for local office.”
“But having more candidates doesn’t necessarily mean it’s all good news. We have no idea how much funding we’ll raise through the election fund system, which makes it hard to plan our campaign strategies.”
“You’ll likely raise more than you expect.”
“If that really happens, I won’t have anything else to wish for.”
Assemblyman Choi Jae-seok remained unconvinced about the election fund system.
As the local elections drew closer, the stress over funding was visibly wearing him down.
I decided to offer him some hopeful news.
“We’ve prepared servers robust enough to handle 300,000 concurrent users without a problem.”
“Isn’t that a bit excessive? That sounds like the scale of a major portal site’s server.”
“That’s because I’m confident that many people will invest in the election fund.”
“Hearing that from the Vice Chairman puts my mind at ease. But there’s still another issue. Not all regions will be able to recover their election expenses. I’m not sure if the party’s funds can cover those costs.”
The National Economic Party fields candidates nationwide.
That means running even in the strongholds of major parties, where it might be impossible to
recoup campaign costs through votes.
“Don’t worry about that. Taewoo Group has election campaigning methods that major parties simply can’t use. We’ll make sure every candidate receives enough votes to recover their
campaign expenses.”
“Do you really have such methods?”
“This local election will be remembered as the first to fully utilize SNS campaigning.”
The number of SNS users was soaring.
And I held the power to control Korea’s number-one SNS platform.
