Golden Spoon Investment Portfolio - Chapter 342

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This chapter was translated by Lunox Novels. To support us and help keep this series going, visit our website: LunoxScans.com
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342. What about calling it “New Wave”?

“D-did you say three hundred thousand units?”

Unlike the two men who couldn’t hide their bewilderment, Seok-won answered with composure.

“That’s right.”
“That’s six times more than what we originally planned. I’m not sure we can sell all of that….”

As President Ahn Byung-seok trailed off with an uncertain voice, Executive Director Yun Ki-hun across from him pulled himself upright with a stern expression and objected.

“If we proceed as you say, the initial shipment alone will exceed ninety billion won in value. If that becomes dead stock, the losses will be catastrophic.”

Seok-won picked up his teacup and took a sip of ginseng tea while observing the two men’s worried expressions.

“Why are you worrying about leftover inventory before we’ve even tried to sell it?”

President Ahn Byung-seok and Executive Director Yun Ki-hun were momentarily at a loss for words.
Seeing this, Seok-won continued in a quiet but resolute tone.

“Three hundred thousand units is the bare minimum by my calculations.”
“Pardon?”

Seok-won spoke calmly to the two men, who blinked as if they’d misheard.

“You’re aware that with the rapid proliferation of MP3 audio files through PC communication networks, a growing number of young people are quickly switching from cassette tapes and CDs to listening to music via MP3, right?”
“Of course. That’s the very insight that led me to think we should create an MP3 player in the first place.”

Executive Director Yun Ki-hun had also seen several newspaper articles recently about the problem of illegally uploading and downloading MP3 audio files through PC communication networks, so he listened quietly.

“The MP3 phenomenon isn’t just a domestic trend—it’s a global one.”

Seok-won reached out and picked up the sample in front of him.

“But what we have here—a device that allows people to carry and play MP3 files—is the world’s first and only product of its kind.”

Listening to Seok-won acknowledge the fruits of their labor—developed through sleepless nights alongside his company employees—Ahn Byung-seok felt a profound sense of pride and gratitude.

“Of course, since this is an entirely novel concept with no precedent, getting consumers to adopt it initially won’t be easy. But I’m confident that once we overcome that unfamiliarity, this product will become something everyone will be passionate about and want to own.”

Yun Ki-hun watched Ahn Byung-seok’s flushed expression with slight interest, then turned his gaze back toward him.

“I certainly acknowledge that it’s an innovative product. However, as you mentioned, there may be initial resistance, so I believe it’s better to produce the first batch in quantities that won’t create excess inventory.”

Unlike Ahn Byung-seok, who seemed ready to nod at anything Seok-won said, Yun Ki-hun maintained a cautious demeanor.

“That’s precisely why I suggested producing 300,000 units.”

Seok-won shrugged lightly.
Hearing this, Yun Ki-hun thought Seok-won was being stubborn to push his opinion and chose his words carefully.

“Considering the number of cassette tape players sold annually in Korea, it will be difficult to move that volume.”

He wanted to say it was absolutely impossible, but he softened his words to avoid offending Seok-won.

“I think you’re misunderstanding something. I never said I’d only sell the MP3 player domestically.”
“Pardon?”

Both Yun Ki-hun and Ahn Byung-seok wore bewildered expressions.

“…What do you mean by that?”
“Simultaneously with the domestic launch, I intend to sell the MP3 player developed by Digital Wave in the United States—the world’s largest consumer electronics market.”
“…!”

Yun Ki-hun’s eyes widened at this completely unexpected revelation.
Ahn Byung-seok, equally caught off guard by the sudden mention of entering the American market, couldn’t hide his shock.

“Did you just say the United States?”
“Yes. Since we’ve started this venture, we should play in the big leagues, not remain confined to a narrow well.”

The way Seok-won spoke so casually left Yun Ki-hun uncertain whether this was bold confidence or reckless ambition.
Whether he knew of these doubts or not, Seok-won spoke with the certainty of someone who had planned this from the beginning.

“When you factor in not just domestic sales but also American sales, 300,000 units isn’t such a large quantity after all.”

Yun Ki-hun hesitated slightly, raising a hand to stop me.

“Even so, we don’t have proper distribution channels set up domestically yet, let alone in the United States. Increasing the initial order volume excessively carries far too much risk.”

Since we lacked not only a distribution network but even a manufacturing plant capable of producing the products, Ahn Byung-seok found himself nodding in agreement almost unconsciously.

“Why do you think the distribution network isn’t ready?”

I countered as if the question itself was peculiar.

“What do you mean….”
“Uh… Yes?”

Both men fell momentarily silent, their eyes widening in bewilderment.

“We have an excellent distribution channel with an established brand—Midopa Department Store.”
“Ah!”

Yun Ki-hun, who hadn’t considered this, slapped his knee and exclaimed in realization.

“How could I forget that!”

Ahn Byung-seok’s eyes sparkled with renewed brightness.
If we could secure shelf space in Midopa Department Store’s appliance section—one of the three major department stores alongside Lotte and Utopia—we could not only resolve the distribution problem effortlessly but also significantly elevate the product’s image.

“That’s what having affiliated companies is for. This is exactly when we should use them.”

I winked.

“Absolutely right.”

Ahn Byung-seok nodded eagerly.

“With Midopa Department Store’s support, we should be able to resolve the distribution issue without difficulty.”

Yun Ki-hun, who had hesitated briefly, soon showed his agreement.

“Nothing’s confirmed on the American side yet, but now that we have mass production samples, I’ll make sure we can supply products to major appliance chains like Best Buy, so don’t worry.”

Seok-won’s confident tone startled Ahn Byung-seok, who asked in surprise.

“Did you just say Best Buy?”
“Yes.”

Ahn Byung-seok’s face lit up as he spoke.

“Best Buy is the largest electronics chain in the United States. If we could supply to them, there’s nothing more we could ask for.”

Supplying to Best Buy, an electronics retailer with hundreds of chain stores across the United States, made handling 300,000 units far from impossible, just as Seok-won had suggested.
Moreover, unlike Korea, retailers in the United States purchased products outright, so there was no need to worry about inventory.
However, passing the supplier inspection was extremely difficult.
Yet seeing Seok-won display such strong confidence as if the supply deal were already confirmed, both men thought there must be something solid backing his conviction.

“In exchange, I’d like us to provide 10 billion won as an advance payment from the funds needed for product manufacturing, and we’d like to hold exclusive sales rights for the United States market. How does that sound?”

Ahn Byung-seok’s expression showed surprise at this unexpected proposal.
Since this had never been discussed before, Yun Ki-hun also looked taken aback, staring at Seok-won.

“President.”

Seok-won raised one hand, cutting off Yun Ki-hun’s attempt to interject.

“We’re not touching the company’s reserves. We’ll be using profits generated by the Fund Management Department, so don’t worry.”

There was more to his surprise than just that, so he had much to say.
But with Ahn Byung-seok present and Seok-won appearing to have made his decision firmly, Yun Ki-hun hesitated briefly before reluctantly falling silent.

‘The money the Fund Management Department manages is still company money, after all.’

Then it suddenly occurred to him—had the Fund Management Department really generated enough profits to easily dispense 10 billion won, not even touching the principal?

‘How on earth?’

Yun Ki-hun’s mind suddenly grew complicated.
Meanwhile, Ahn Byung-seok adjusted his gold-rimmed glasses and asked with a cautious tone.

“Regarding exclusive sales rights—could you clarify what specific conditions you’re referring to?”
“Exactly as stated: the right to exclusively sell not only the product we’re manufacturing now, but also any MP3 players that Digital Wave develops in the future throughout the United States market.”

I continued speaking as I watched Ahn Byung-seok listen quietly.

“Of course, it’s not permanent—the term is four years, and we’ll split the net profits equally at a 50-50 ratio with Digital Wave after deducting various expenses.”

Ahn Byung-seok paused thoughtfully, his lips moving slightly before he asked carefully.

“So if we manufacture and deliver the products, Daeheung Venture Capital will handle all transportation and sales in the United States?”
“That’s right.”

It was actually a favorable arrangement. Digital Wave had never even considered American sales in the first place, and they lacked not just distribution networks but production facilities as well.
No, there was no reason to refuse when I was offering 50% of net profits while taking on both market development in the United States and transportation.
Moreover, to begin selling through Midopa Department Store domestically, Seok-won’s assistance was essential, making refusal difficult.
Most importantly, while mass-production samples had been created, significant capital was needed to scale up production, so the advance payment of ten billion won was simply irresistible.

‘And I can trust Seok-won.’

Unlike other major corporate executives I’d dealt with before, Seok-won had never once abused his position or leveraged his superior standing to force inequitable contracts for personal gain.
He consistently treated me as an equal partner, and I had confidence and trust that this time would be no different.
Finally making his decision, Ahn Byung-seok nodded.

“Excellent. I’ll accept your proposal.”
“Good thinking.”

I smiled gently.
The truth was, I made this proposal not only because I was confident Digital Wave’s MP3 player would succeed, but because selling in the United States would generate dollars, allowing me to reap enormous currency exchange gains when the IMF crisis struck.

‘If my memory is correct, the exchange rate hit two thousand won per dollar during the IMF crisis.’

Considering the current exchange rate was hovering around nine hundred won per dollar, that meant more than a doubling.

‘This is a golden opportunity to easily double my margins—I can’t let this slip away.’

If I gained currency exchange profits and increased earnings, it would be beneficial for Digital Wave as well, since they’d be sharing in the revenue.
This way, at the very least, unlike in my original memories, Digital Wave wouldn’t be forced to sell their innovative MP3 player technology and patents at a pittance due to lack of funds.

‘Of course, even if Digital Wave loses to competitors later, I’ll do whatever it takes to prevent their patents from being stolen.’

I spoke with a gentle smile.

“With this approach, we should be able to lower the retail price to the 200,000 won range, correct?”
“I’ll need to discuss the specifics with my staff, but I’ll do my best to make it work.”

Ahn Byung-seok responded with enthusiasm and optimism.

“Oh, by the way, what name have you settled on for the product?”
“Nothing’s been finalized yet, but internally we’ve been calling it MP Man, drawing inspiration from the Walkman.”
“Hmm… it’s not terrible, but it does feel a bit like a knockoff of the Walkman, which bothers me slightly.”

Ahn Byung-seok’s face flushed with embarrassment, realizing that I was the one with such poor naming sense.

“Now that you mention it, I suppose it does come across that way.”

I held the sample in my hand, studying it for a moment before an idea suddenly struck me, and I looked up.

“What if we drew from the company name—Digital Wave—and called it New Wave to emphasize that this is a completely revolutionary product unlike anything that’s come before?”
“New Wave. New Wave…”

Ahn Byung-seok rolled the words around in his mouth a few times before breaking into a bright smile.

“It has meaning and rolls off the tongue beautifully. I like it.”
“Then let’s go with that.”

I gazed down at the MP3 player in my hand, a deep smile crossing my face.

“Just like its name suggests, this product will usher in a new wave across the entire world.”

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This chapter was translated by Lunox Novels. To support us and help keep this series going, visit our website: LunoxScans.com
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