New Employees With an Annual Salary of 1 Trillion Won - Chapter 19

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This chapter was translated by Lunox Team. To support us and help keep this series going, visit our website: LunoxScans.com
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Chapter 19. Breakdown (4)

 

 

 

I stopped by Korea University before my business trip.

Since it was time to expand the used goods trading and local advertising pilot project nationwide, I needed to set the direction as quickly as possible.

 

But the research lab was closed.

The research lab that had never turned off its lights 24/7, 365 days a year was tightly locked, and there was a piece of paper posted on the door.

 

[Advertising inquiries will only be accepted via email and rollbook messages.]

 

What happened?

I called the research lab members, but all their phones were turned off.

Just in case, I headed to the empty lecture hall we often used as our hideout.

 

“What are you doing here?”

“Lee Jung-hoo! This is really too exhausting…”

“I saw the paper on the research lab door. Are there too many advertising inquiries coming in?”

“If it were just advertising inquiries, that would be a relief. I don’t know how word got out, but teaching assistants, professors, and even school staff are coming in droves with their entourages asking us to put up ads!”

 

The research lab members looked half-dead after just a few days.

Unable to bear it any longer, they had locked the research lab door and were hiding in this empty lecture hall without even turning on the lights.

 

“The advertising must have been quite effective. Seeing how they’re mobilizing school connections to place ads.”

“The problem is it worked too well. The real estate agencies and restaurants that advertised on Rollbook nearly doubled their sales, and the TOEIC academy that advertised this time had to close enrollment early.”

“Since the advertising is effective, everyone wants to get their foot in the door.”

“We’re even getting calls asking us to sell the Rollbook website. We just can’t handle it on our own anymore.”

 

Rollbook had grown so rapidly that the research lab members alone couldn’t handle it.

The fact that it was operating within the university made solving the problem even more difficult.

 

I hadn’t anticipated this particular problem.

But I had planned for Rollbook’s future, and I needed to move up the timeline.

I generally didn’t like modifying plans, but maintaining Rollbook would be difficult at this rate.

 

“Sang-sik, you’re graduating from graduate school this time, right?”

“Yes, I even passed my thesis defense, so I just need to prepare for graduation… Honestly, this is harder than writing my thesis.”

“Quite a few research lab members are scheduled to graduate this year, aren’t they?”

“There are master’s degree candidates, and including friends graduating from undergraduate, about 3 people.”

 

Continuing to operate the website within the school had reached its limits.

We had no choice but to become independent and move outside, and since I couldn’t manage it directly, I needed help from the research lab members.

 

“Would you like to officially operate the Rollbook website?”

“Are you recruiting me right now?”

“That’s right. I can’t offer grand conditions, but I’ll distribute the profits to you.”

“Why are you only sharing profits instead of equity?”

“I’ll take all legal responsibility for the website, and you’ll only share in the profits from performance.”

 

Dividing equity further was too risky.

I needed equity to continue controlling Rollbook according to my will.

 

Though they still lacked social experience, the research lab members were Korea University graduates who were quick with calculations.

They instantly analyzed the conditions and calculated in their heads how much their share would be.

 

“Even though profits aren’t huge now… it looks like net profits will exceed hundreds of millions this year, and you’ll distribute it 1/N?”

“Yes. I’ll only share profits with research lab members, and manage employees hired later through proper contracts. We can’t keep answering phones ourselves forever.”

“Will that be okay? Among our department seniors, several people ruined their families trying to start ventures.”

 

I could make this proposal because I had confidence.

Since creating the revenue model, only good harmonies had been flowing from Rollbook.

This proposal was possible because Rollbook was now a website that could move forward just by rowing.

 

“There’s still plenty of time, so think about it more. Just decide before graduation.”

“I’ll seriously consider it.”

“In the meantime, should we hire some part-timers? Just having 3-4 people to handle advertising inquiries and organization would give us some breathing room.”

“That would really open up some breathing space.”

 

The best option would be to entrust advertising to a professional company.

They would handle meetings with advertisers and even suggest optimal rates.

But that would inevitably create complications.

We’d have to share advertising revenue, and it would inevitably affect the website’s operational structure.

 

Control would inevitably weaken.

Since I didn’t want anyone outside my environment touching Rollbook, I chose a temporary measure.

 

“Let’s start used goods trading and local advertising at other schools from this week? Let’s only accept advertising inquiries through email or Rollbook messages.”

“Actually, it’s already in overdrive. I don’t know how word got out, but commercial districts around other universities are making group advertising inquiries.”

“It’s time to raise prices a bit. If we increase rates, only people who really need it will remain.”

 

Now was the time to raise the hurdle.

Current advertising rates were too cheap compared to their effectiveness.

We’d done enough promotion; now it was time to seriously increase profits.

 

“Since the effects are certain, people wanting to advertise won’t decrease even if prices rise.”

“And there’s one more thing I’m thinking about.”

“I get nervous whenever you say that. What are you thinking?”

“Korea University has radio broadcasts during lunch time, right?”

“It’s not just our school – most universities have broadcasting clubs.”

“What if we made those broadcasts available on Rollbook too?”

 

Newspapers, TV, and radio.

Radio, one of the three major media, still had a presence,

and if connected through the internet, it could definitely be broadcast through Rollbook.

 

I ran simulations in my head several times.

Each time, beautiful harmonies flowed from internet radio.

It was sufficient to become one of Rollbook’s gears.

 

“You want to broadcast campus radio live through Rollbook? It’s not impossible, but it requires quite a lot of technology. We’d need to convert analog signals to digital, have encoding software, and need a separate streaming server.”

“It might take some time, but similar technology has already been developed. With just minor modifications, it’s definitely applicable.”

“We could start at the level of just collecting and broadcasting campus audio, then gradually develop it further, but is there really a need to attach radio functionality to Rollbook?”

 

There was a compelling reason it had to be done.

Internet radio was a gear that could print money.

 

“Radio advertising has completely different pricing. Of course we can’t take all the ad revenue, but even splitting it with the university radio station would generate much higher profits than regular banners.”

“Well, internet radio is still radio after all. The advertising rates would be much higher.”

“If it doesn’t work out, we can just remove the feature. I have something I’ve simply organized, so let’s try implementing it.”

 

I had already finished the basic design.

I had created it to be implemented exactly the way I wanted, and all I needed to do was develop and add additional features bit by bit.

 

“You even added real-time communication features?”

“Existing radio communicates through text messages. But I made internet radio so you can communicate directly through chat windows. Since it’s internet-based, it’s important to close the distance with listeners more than traditional radio.”

 

Since it was a service based on campus broadcasting.

The main audience would naturally be students.

So chat functionality was essential to increase communication with students.

 

“There’s also real-time story submission and voting features? For example, making the #1 voted song automatically get selected?”

“That’s right. With this kind of participatory structure, naturally the influx increases and when listenership goes up, advertising rates follow.”

“Definitely, if various features are added, the number of listeners would increase dramatically.”

 

This wasn’t the end.

Advertising alone was insufficient to cover website operating costs.

Especially to operate internet radio, a more solid revenue model was needed, so I created a new concept.

 

“And I also added a sponsorship feature. I created a point concept called ‘Rollbook Points’ that can be donated to desired broadcasts.”

“100 won for 1 Rollbook Point. And we take a 20% commission structure.”

 

I didn’t want to create an image of running a commission business.

So I created a point system instead of cash, and introduced the commission structure only here to reduce psychological resistance.

 

“If we say 20% of donations go to Rollbook system maintenance costs, listeners would be relatively understanding.”

“Exactly. There’s less resistance, and if we give sponsor badges and such, it would create competitive effects too.”

“That sounds good? If we add other things besides badges, it could generate quite good revenue.”

“I had the same thought. Along with sponsor badges, I want to add personal page customization features. Selling borders, speech bubbles, background skins and such for points. Of course you don’t have to customize, but there are always people who like decorating.”

 

The demand was already confirmed.

There were consistent requests to change the drab default screen,

and dozens of messages saying “I want to decorate my page” were coming in daily.

 

“That could make quite a bit of money?”

“I’ve already made a simple prototype. But for pretty and stylish designs, we need specialists. Would it be possible to connect with Fine Arts or Industrial Design departments?”

“Oh, that works out perfectly. I had drinks with a Fine Arts Teaching Assistant recently. I’ll try contacting them. But I understand Fine Arts usually gets paid per project – would that be okay?”

“We’d pay per-project fees and give 10% of user payment amounts as commission. The more designs sell, the more revenue they generate, so it would be much more motivating.”

 

Just paying project fees would be easier.

But to stimulate an artist’s heart, a commission structure was essential.

That’s the only way sincere, high-quality work could emerge.

 

“Then I’ll approach them with 50,000 won per project plus 10% commission. Those conditions are much better than regular part-time work, so quite a few people should be interested.”

“Yes, please proceed that way. I have a business trip to the United States starting next week, so I won’t be able to come to school for a while.”

“A US business trip? Is it by any chance a COMDEX trip? Now is exactly that season.”

“That’s right. Our company is participating in COMDEX this time.”

 

True to Computer Science Department people, they reacted sensitively to the word ‘COMDEX’.

Everyone’s eyes were full of envy, and to console their hearts, I promised gifts.

 

“I’ll buy gifts at the duty-free shop. Is there anything you want?”

“Instead of chocolate or snacks sold at duty-free shops, couldn’t you give us different gifts?”

 

With those words.

The Research Lab Members began taking out A4 paper.

 

“If it’s something I can do, I’ll do it. But why are you taking out paper?”

“Please get some autographs. Bill Gates and Steve Jobs autographs, if possible please! If you just get those autographs, I’ll really become a slave!”

“You need autographs?”

“Me too! If you write my name too, I’ll do whatever you tell me! If you tell me to become a slave, I’ll become a slave!”

 

Starting with A4 paper like that.

Computer magazines, book covers, posters

Everything that could get autographs piled up on the desk.

 

“I’ll try my best. I’ll bring them if I can get them, but don’t expect too much.”

“If autographs are difficult, please at least get photos! And you absolutely must bring back COMDEX guide booklets!”

“Guide booklets are definitely possible.”

 

Actually, the feasibility wasn’t very high.

No matter how much our booth was in the US Pavilion, how could I possibly meet such legendary figures?

 

But I didn’t refuse.

The Research Lab Members’ eyes were too sincere.

And there really might be a chance to meet them through the Private Equity Fund by coincidence.

 

I carefully packed the book covers and papers they handed me into my bag and finished preparing for the business trip.

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