[SeoulTech x Donga.com Joint Planning] Seoul National University of Science and Technology (hereinafter referred to as SeoulTech) operates various support programs to aid the growth of startups, including preliminary and early-stage startup packages, makerspaces, and global collaborations. Furthermore, in collaboration with Donga.com, it provides global news to assist startups in overseas promotion and expansion, introducing promising deep-tech startups both domestically and internationally.
“We aim to present a new standard for global identity verification.”
As the global digital economy expands, the importance of cross-border business is increasing. Consequently, companies need reliable identity verification solutions for users worldwide. With e-commerce, financial services, and digital platforms rapidly integrating into daily life, and the exponential rise of fraud exploiting artificial intelligence (AI) technology, the necessity for such solutions is inevitable. A startup that is quickly responding to these market needs and gaining attention is Argos Identity Korea (ARGOS, hereinafter referred to as Argos).
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Switching to large enterprise clients was a game-changer
Argos faced several trials and errors in establishing its position in the B2B identity verification field. Initially, it targeted small and medium-sized businesses (SMBs) with an annual fee of USD 10,000 (KRW 13.85 million). However, many SMBs found it challenging to engage in global-related businesses, and many attempts were discontinued. Therefore, since the second half of last year, Argos shifted its target to large enterprises. Argos’s criterion for large enterprises is whether they pay an annual fee of USD 100,000 (KRW 138.58 million).
Director Son Seong-ho recalled, “When targeting SMBs, various issues arose, such as failed overseas expansion, leading to the realization that it was a business misjudgment. Large enterprises also pursue capital efficiency. They were more concerned about cost efficiency. Thus, we changed our target to large enterprises and also altered our internal processes.”
AI-translated with ChatGPT. Provided as is; original Korean text prevails.
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