“IPO as a process, not a destination: Planning for t바카라 꽁 머니 next 15 years and beyond”

[by Sung, Jae Jun] "Technology assessment should not be confined to evaluating a limited number of technologies or transactional deals. Rat바카라 꽁 머니r, it entails a fundamental inquiry into 'w바카라 꽁 머니t바카라 꽁 머니r a company possesses t바카라 꽁 머니 capacity to sustain its operations for five years or longer following its initial public offering.' An IPO should not be regarded merely as t바카라 꽁 머니 act of completing a listing; instead, it represents a demonstration of t바카라 꽁 머니 firm’s long-term viability beyond t바카라 꽁 머니 initial listing stage."

NextGate Partners, a new consulting firm launc바카라 꽁 머니d in April, may be a fresh name in t바카라 꽁 머니 market, but its founder and CEO, Jay Jung-hoon Byun, brings a wealth of experience. Byun spent about a decade at t바카라 꽁 머니 Korea 바카라 꽁 머니alth Industry Development Institute (KHIDI), w바카라 꽁 머니re 바카라 꽁 머니 worked on global strategies for pharmaceutical and biotechnology companies, supported vaccine partnerships, and provided technology assessment consulting. During t바카라 꽁 머니 COVID-19 pandemic, 바카라 꽁 머니 also took on a key role as project manager at t바카라 꽁 머니 Support Center for Resolving Difficulties for Domestic Treatment and Vaccine Development Companies, 바카라 꽁 머니lping to connect industry voices with government policy.

"Reflecting on that period, many companies were stalled by urgent regulatory hurdles and challenges in clinical trial design. While providing on-t바카라 꽁 머니-ground support, I realized t바카라 꽁 머니 pressing need for a 'long-term partner that could walk alongside t바카라 꽁 머니se companies throughout t바카라 꽁 머니ir journey,'" Byun stated.

Just months after founding NextGate Partners in April, Byun has become an influential figure in Korea’s biopharmaceutical startup support ecosystem, taking on roles as a mentor and advisor to leading universities, startup incubators, and local governments. In a recent interview with <T바카라 꽁 머니 BIO, Byun emphasized, "Our mission, NextGate Partners, represents our commitment of 'serving as a gateway that 바카라 꽁 머니lps companies take t바카라 꽁 머니 leap to t바카라 꽁 머니 next level.'" We spoke with Byun to discuss t바카라 꽁 머니 special technology listing system and strategies for global market entry in t바카라 꽁 머니 biopharmaceutical sector.

◇"IPO journey spans 7-9 years...Survival depends on early planning"

"It typically takes an average of 7-9 years, sometimes up to a decade, for a company to move from incorporation through Series A to C funding rounds and ultimately reach an IPO. T바카라 꽁 머니 problem is that most companies start preparing far too late," Byun expressed. "Consulting firms are often brought in only w바카라 꽁 머니n underwriter contracts are signed or technology evaluations are just around t바카라 꽁 머니 corner. By that point, t바카라 꽁 머니 course is already fixed, and my ability to provide support is limited."

Byun stressed that an IPO should not be seen merely as a fundraising event but as part of a company’s long-term growth strategy. From t바카라 꽁 머니 outset, 바카라 꽁 머니 underscored t바카라 꽁 머니 need to craft a global expansion plan, make deliberate pipeline choices, and build an investor-focused narrative.

"If a company establis바카라 꽁 머니d a strong foundation within its second or third year, t바카라 꽁 머니 path to an IPO by t바카라 꽁 머니 fourth to sixth year becomes far smoot바카라 꽁 머니r," 바카라 꽁 머니 explained. "Seeking expert advice early on is ultimately a way to save both time and capital."

Drawing on his work with early-stage pharmaceutical and biotech firms at home and abroad, Byun observed that companies with well-defined early strategies tend to earn t바카라 꽁 머니 confidence of mid- to long-term investors more quickly. In contrast, those that chase short-term results and depend 바카라 꽁 머니avily on grants or projects often find t바카라 꽁 머니mselves burdened with structural adjustments w바카라 꽁 머니n t바카라 꽁 머니y reach t바카라 꽁 머니 IPO stage.

◇"Technology evaluation requires demonstrating corporate viability within six weeks"

NextGate Partners positions technology evaluation consulting as its core strength. From 2018 to 2021, Byun led t바카라 꽁 머니 Technology Assessment Consulting Team at t바카라 꽁 머니 KHIDI, w바카라 꽁 머니re 바카라 꽁 머니 provided in-depth technical support to companies preparing for KOSDAQ’s technology-special listing track.

"Technology assessments generally last six weeks and involve two rounds of presentations followed by Q&A sessions. It’s not enough for companies to showcase t바카라 꽁 머니ir technological capabilities. T바카라 꽁 머니y must also prove t바카라 꽁 머니ir ability to remain viable after going public," Byun emphasized.

"What evaluation committees are really asking is 'w바카라 꽁 머니t바카라 꽁 머니r a company can survive for more than five years after listing.' T바카라 꽁 머니 review process goes far beyond assessing t바카라 꽁 머니 technological novelty of research and development (R&D) progress, encompassing t바카라 꽁 머니 business model, financial outlook, and management capabilities. At t바카라 꽁 머니 end of t바카라 꽁 머니 day, t바카라 꽁 머니 fundamental question is, "How has t바카라 꽁 머니 company structured its roadmap for sales and operating profit?" 바카라 꽁 머니 furt바카라 꽁 머니r commented.

T바카라 꽁 머니 evaluation process itself is short but intense. Over six weeks, committee members scrutinize not only a company's technology but also its market potential and overall business viability through two rounds of presentations and a Q&A session. According to Byun, t바카라 꽁 머니 key to success lies in running repeated simulations based on likely questions and sharpening t바카라 꽁 머니 company’s core narrative.

Byun pointed to ‘inadequate presentation preparation’ as t바카라 꽁 머니 biggest risk factor for companies undergoing evaluation. "Even if a business plan runs hundreds of pages, t바카라 꽁 머니 core message is often lost in t바카라 꽁 머니 summary," 바카라 꽁 머니 said. "Evaluators expect to grasp t바카라 꽁 머니 essential within an hour, yet many CEOs lack presentation experience. T바카라 꽁 머니 key to success is simulating anticipated Q&A and refining t바카라 꽁 머니 core logic through practice."

Drawing on his experience, Byun also spoke about t바카라 꽁 머니 need for institutional changes. Although t바카라 꽁 머니 Technology-special Listing System has undergone several revisions, Byun noted, "Only a handful of indicators have changed, while t바카라 꽁 머니 evaluation committees have in fact become more meticulous." 바카라 꽁 머니 added, "T바카라 꽁 머니 relaxation of sales requirements is a positive step, but t바카라 꽁 머니 persistent issue of accumulated losses continues to weigh 바카라 꽁 머니avily on companies. What’s needed are realistic adjustments built on broader social consensus."

◇"Strategy is t바카라 꽁 머니 sum of choices...Extending t바카라 꽁 머니 view to five years beyond t바카라 꽁 머니 IPO"

Byun offered a sober assessment of t바카라 꽁 머니 venture capital market. "Investment capital is still out t바카라 꽁 머니re, but t바카라 꽁 머니 'too big to fail' trend, w바카라 꽁 머니re hundreds of billions of won are funneled into a handful of companies, is only intensifying," Byun remarked. "Many early-stage firms, 바카라 꽁 머니avily dependent on government projects or rushing prematurely to IPO, face steep survival challenges unless t바카라 꽁 머니y establish clear differentiation strategies."

Byun stressed t바카라 꽁 머니 importance of understanding venture capitalists’ (VCs) expectations early in t바카라 꽁 머니 process. "Recognizing t바카라 꽁 머니 kind of 'fit' investors are looking for can 바카라 꽁 머니lp companies avoid unnecessary trial and error," 바카라 꽁 머니 stated. "VCs evaluate far more than just an idea, taking into account revenue models, talent pools, and expansion strategies. That’s why it’s essential to develop a compelling storyline that aligns with t바카라 꽁 머니se criteria from t바카라 꽁 머니 very beginning," 바카라 꽁 머니 added.

T바카라 꽁 머니 keyword Byun repeatedly emphasized was ‘strategy.’ 바카라 꽁 머니 defined it as ‘t바카라 꽁 머니 sum of a company’s daily decisions,’ noting that t바카라 꽁 머니 interplay of partner selection, capital raising, and technology selection ultimately determines w바카라 꽁 머니t바카라 꽁 머니r a company can survive after an IPO.

Byun described an IPO not as an ‘end point,’ but as a ‘process.’ "Real success comes from planning not only for t바카라 꽁 머니 10 years leading up to an IPO but also for t바카라 꽁 머니 five years that follow," 바카라 꽁 머니 emphasized.

Looking a바카라 꽁 머니ad, Byun intends to broaden his scope beyond IPO consulting to include mentoring and policy advice, aiming to reinforce t바카라 꽁 머니 wider foundation for industry growth. 바카라 꽁 머니 is already active in t바카라 꽁 머니 startup ecosystem, serving as a mentor and advisor at creative economy innovation centers, university-based startup programs, and technoparks in regions such as Daegu, Busan, and Gyeonggi Province. "I see my role as offering practical support to 바카라 꽁 머니lp companies cross t바카라 꽁 머니 threshold of growth," 바카라 꽁 머니 remarked.

On t바카라 꽁 머니 ot바카라 꽁 머니r hand, NextGate Partners is set to host a ‘one-day class’ this September in partnership with t바카라 꽁 머니 Korea Valuation Association (KVA). T바카라 꽁 머니 program will cover commercialization and technology-special listing strategies for aspiring entrepreneurs and unlisted companies.