My family doesn’t have that much money. But back in 2016, in a brief moment of opulence, (I think maybe I had managed to luck in to a mountain of side work) we managed to scrape together enough money to get a small grubstake in a foodtech startup in Korea called Shuttle.
Back then we were a newlywed couple in China. The thinking was, if i remember correctly that we should put some of our 🧧"hongbao" 🧧money somewhere before my wife of I could do something even more stupid with it. In China, your in-laws shower you with these things on your wedding feast day. Most couples seem to burn through it in a year without much of anything substantial to show for it.
I'll tell you what is substantial though... It's these damn sandwiches!
One of the best ideas the Shuttle boys have come up with over the years is the idea to build their own brands on top of their delivery platform. They've used their experience in the industry to create Crave Sandwiches and Crave Catering.
And yes, I assure you, there are stupider things than investing in small-scale #entrepreneurs. Not many, I'll grant you that, because 99% of startups fail. But I promise there are dumber things. You’ll just have to take my word for it!
We’ve been pleased with their progress so far. I was pretty proud when they released their iOS app even though I didn't have anything to do with making it. And when they got a feature in The Korea Herald, I was proud like a papa. I guess that's what investing in early-stage startups is about, even though technically it's not even my money!
There's also a chicken-n-craft brew brand they've made, as well as organic salads and other meals that are sold directly on the Shuttle platform. Shuttle is now the leading food delivery platform in the hottest part of Seoul - Itaewon. (Get with it. Gangnam is so 2012, y’all!) They've fended off worthy competition from bigger competitors like UBER Eats. Still, you see these scooters all over the district.
Venture capital is mostly a game of patience. And tacit support. We’ll continue to wait for our exit... one day.
But recently, I am proud to highlight that Shuttle took 2nd place at PowerPT’s Seoul Pitch Day!
Now the team heads to HCMC, Vietnam to attend an intensive accelerator program. They’ll get the chance to work directly with World Innovations Forum Foundation chairman Axel Schultze, a successful entrepreneur in Europe. That's pretty cool!
The moral of the story is this:
The road to success in business (and in life) is never straight. The constant twists and turns are what make it fun.
And it’s what brings results.
