As part of the KOVEX program, there was the presentation session where well-known venture businessmen discussed their success stories. Executive Director Ko-Hyon Joo of Cisco Systems, the world's largest manufacturer of Internet network devices, delivered the keynote address on the trend of the venture business in the US. He illustrated the new paradigm of venture, explaining the qualities required of the venture businessman.

Mr. Ju emphasized that the venture businessmen need to be a busineer (business + engineer) who are well aware of both the market and technology. Noting that 'venture companies with technological power alone cannot succeed, and that only companies with marketing capacity can succeed', Mr. Joo emphasized technological power necessary for the success of business is only 20 to 30%. He added that what is important is to make products that sell rather than focusing on technology alone.
Mr. Ju said he was able to succeed in the American market because he was a businessman with knowledge in both technology and marketing and because of his experience in diverse fields.

After graduating from Korea University, Mr. Joo worked for Hyundai Construction Co., AT&T, the American telecommunications operator and for Hyundai Electronics Co. He established Exio Communication in 1999, a company developing solutions for wireless communications, which he sold to Cisco Systems a year later for US$155 million. Cisco Systems took over Exio Communication because of the technology that enables the use of cellular phones inside buildings by being connected to the internal office telephone. His current task at Cisco is commercializing this technology.

According to Mr. Joo, a company's most valuable asset should be its people. People are the technology which is the asset and human resources have to be managed effectively. In the decision-making process, decisions regarding the visions and strategies of the company should be made by management while the detailed decision should be made by the working-level staff. According to Mr. Joo, this is the solution that can mostly effectively deal with today's rapidly changing environment.

As for the virtues required of venture businessmen, he cited the belief that 'continue to knock without giving up and you will be answered' as well as having confidence of 'I can do it as he did' by selecting and emulating a person who has succeed as a model. Whereas the ultimate goal of many venture businessmen in Korea lies in IPO, most American venture businessmen aspire to M&A by expanding their companies. American businessmen pursue IPO only when M&A is not likely. This provides a new direction for venture businessmen in Korea whose ultimate goal is to have their companies listed on the KOSDAQ market.