February 6 2015 was a landmark day for Esofting (www.esofting.com). The date marked the 15th anniversary of the company’s founding. The company had already won fame for its anti-malware system Esofting's iSafer, and has since followed up its earlier success with the launch of Himentor Platinum (http://vip.himentor.co.kr), an online education service.
Himentor Platinum has already been recognized for its excellence, with Go Jung-je, Esofting’s CEO, scooping the Minster of Science, ICT and Future Planning's award at the 26th Global Software Contest, an event held on December 5 last year in the Grand Ballroom of the COEX exhibition center in Seoul.
Go has also made a winning start to 2015, picking up the Guro Digital Complex enterpriser award in early January 2. Although the company has undoubtedly enjoyed much in the way of success since it was founded, the road has not always been smooth for Esofting, an enterprise that has had to navigate the rough seas of unfavorable economic conditions and a very competitive market.
Go first established the company in 2000, after moving on from Daewoo Institute of Integrated Technology. Even though he began with no products at all, he was confident that his ability to develop technological solutions would see Esofting through.
Although relatively young compared to many other CEOs (Go was aged only 37 years old when he founded the company), Go says he started with nothing but a driving passion. The years have taught him well, however, and Go explains that he has learned much from the successes, failures and frustrations of the past 15 years.
Go recalls tougher times, such as when an employee's mistake led to cash flow problems, resulting in almost a year’s worth of paychecks needed to be reprocessed. Despite these setbacks, he says that he has since struck up contracts with conglomerates, which he says is down to the personal connections he has forged.
He also recalls an occasion that he now jokingly refers to as the “mite incident.” Go say this incident has now come to symbolize the perseverance that he has had to apply in the process of making Esofting a success. He explains, "I was so keen to demonstrate the quality of our product that I would even go to the house of a marketing manager in a credit card company. I would wait for him day night and day to get the chance to demonstrate the quality of our iSager product, the only total security solution of its kind in Korea.”
Go’s persistence was unswerving, however. He says, “The marketing manager eventually got so tired of my persistence that when he came home one night after having had a few drinks to see me waiting outside his house yet again, he kicked me in the shin. It hurt quite a lot, but it did not deter me. I went to his place again the next morning, and finally succeeded in getting him to agree to sign a contract with us. Since then, he has been promoted to the position of director at his company, and we have become very close. We still laugh about the incident to this day.”
Since the early days of the company, though, Esofting has gone from strength to strength. Some of the company’s clients now include rail provider Korail, the Ministry of Defense, communications giant KT and major financial institutions such as Nonghyup, Shinhan, the Korea Exchange Bank and BC card.
Go explains, "I think it is important to have sincere friends when it comes to running a company. As for me, a friend means someone who I have had confidence in for a long period of time because they have proven very trustworthy. Most of my friends are about five years older than I am. I find that people of that age seem to have a very firm grip on reality, and that I can communicate with them very well. I do not ask them for much. First of all, I ensure that my talents are at their disposal. I am frank in sharing my emotions. I find that this helps build up the kind of trust that one needs in order to become friends with someone."
iSafer was launched in 2005 and Go has since supplied it to major financial institutions such as BC, Samsung and KB. The product has since displayed remarkable performance, recording sales rates of 15 billion Korean won with a monthly unit price of 3,200 Korean won, and also winning the the Minster of Information and Communication's award in the process.
Not content with this success, however, Go went on to invest 3 billion Korean won in the development of Himentor, a portal aimed at providing online education. The site has won much praise from regular users, and the government has awarded it the Bronze Towel Order of Industrial Service Merit. Since its launch, Himentor has been reborn as Himentor Platinum, a portal site for family welfare, where contents designed for use by parents and children alike can be searched for by its users. Contents included are related to culture, the liberal arts and hobbies, as well as more academic materials that are designed for children in elementary, middle and high school.
Yoo Dong-in, executive director of Himentor Platinum, points out that according to statistics released in 2013, private education expenditure in Korea amounted to 18.6trillion Korean won, which is the equivalent of 239,000 Korean won per student per month. Says Yoo, "Private education expenses are too much of a burden for most households. Himentor Platinum plays a pivotal role in reducing these costs by using a family-based approach."
Children can take online classes in all elementary and middle school subject, as well as taking a variety of foreign language classes, such as English, Chinese and Japanese. They can also take practice examinations using Himentor Platinum, which are based on questions from previous tests.
The portal also offer a variety of quizzes and tests in subjects such as Chinese characters, as well as diagnostic tests that probe aspects of intelligence, aptitude and personality. Based on these results, children can seek practical careers advice, as well as get advice about which learning methods suit them the best.
Children are not the only ones who can benefit from Himentor Platinum, however. Parents can also access online contents relating to culture, hobbies, the liberal arts, as well as: golf, cooking, health, computing, communication and investment.
Thanks to the cooperation of franchise business operators on the project, members can enjoy the services on Himentor Platinum for a monthly fee of 27,500 Korean won (330,000 won per year), and share their membership with up to four family members.
So far, Himentor Platinum has operated as a business-to-business service, but Go says he is now looking to expand the remit of Himentor Platinum so that it can offer business-to-consumer solutions, and is now seeking to collaborate with franchise business operators.
Would-be franchise business operators do not even need to have a place of business or undertake the additional burden that comes with capital investment, says Go. Franchise business operators can purchase selling rights with investments as small as 2.5million won, guaranteeing 80 percent revenue and a stable level of profits. If a franchise business operator sells to 500 members, he or she can reap an income of 130 million Korean won per year, according to Esofting.
Go says that he has developed Himentor Platinum based on his own trials and errors over the past 15 years. He says, “This product provides a win-win situation whereby members, franchise operators and the company can all succeed at once. It provides people with a stable income, even in times of economic recession. It requires only a small investment, but guarantees a constant rate of sales, making it ideal for would-be or current retirees, househusbands and housewives, or anyone looking to make a little money on the side. Almost anyone can take part in this business. It is my goal to make Himentor Platinum the best education portal site in Korea, with enhanced contents and the best services around."
By Yeon Choul-woong
