New Employees With an Annual Salary of 1 Trillion Won - Chapter 3

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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 3. New Employee (3)

 

 

 

One of the rookie’s duties was preparing for meetings.

One hour before the meeting.

I wiped the door handles with disinfectant alcohol and thoroughly cleaned the dust and moisture from the desk surfaces.

 

I aligned the chairs to the center.

I printed the presentation materials on A3 paper, enlarged to 1.5 times the original size.

A4 paper is too small. It strains the eyes and makes the line spacing uncomfortable to read.

 

“Employee Lee, you’ve already finished preparing for the meeting?”

“Since Branch Manager Kang Dong-ju is attending this meeting, I prepared more thoroughly than usual.”

 

The actual owner of our department, Branch Manager Kang Dong-ju, had arrived.

He wasn’t here to pressure us about performance; this time, we had called him first.

 

“Department Manager Cha, have the patents come through already?”

“We’ve filed five types of patents and are waiting for the examination results.”

“What kind of patents?”

“Employee Lee Jung-hoo, who planned these patents and created the initial drafts, has prepared a presentation.”

“Please keep it brief.”

 

The Branch Manager looked very busy.

I had prepared five different reporting methods for situations like this.

I adopted the third method, the brief reporting style, and began the presentation.

 

“These are camera phone patents. They feature a rotating camera for self-photography and a 256-color LCD.”

“Is this the prototype?”

“It’s fully functional. Let me demonstrate. Press the center button to take photos.”

 

The Branch Manager carefully pressed the button.

I stayed close beside him, explaining how to use it.

The Branch Manager tried photographing the office panorama and even took close-up shots of the potted plants.

 

“I remember seeing a phone with similar features at an electronics expo. I can’t say this is completely new.”

“Camera phone patents were already registered 3-4 years ago. However, our camera phone has various additional features. First, it’s equipped with a rotating camera that enables self-photography.”

 

When I rotated the camera,

the Branch Manager’s face appeared directly on the screen.

 

“Hmm… this is definitely new.”

“And the screen uses a 256-color LCD. Color phones haven’t been commercialized yet, but we introduced this considering the product’s special characteristics. This part isn’t subject to patents, but it enhances the technology’s completeness.”

“Viewing photos on a black and white screen is somewhat lacking. But at this point, haven’t any color phones or camera phones been released anywhere?”

“There are rumors that Japanese manufacturers are preparing for release, but there’s been no official announcement yet.”

 

The Branch Manager took a deep breath.

As if trying to smell everything around him.

 

“I can smell money in this. But how could patents like this come out so quickly?”

“We actively utilized GL Group’s existing technologies. Color LCD, camera modules, and mobile phone design technology were all internal assets.”

“So you created patents by effectively combining existing technologies.”

“We didn’t simply combine existing technologies. Having the technology doesn’t mean anyone can make it. Without structural design, implementation itself is impossible. That’s the core of this patent.”

 

I could feel intense gazes.

The Department Manager and all the employees were staring at me intently.

 

“Hmm, very good. But the patents aren’t officially registered yet. How long does examination usually take?”

“It varies by patent type, but generally takes about 12 months.”

“One year? That’s too long.”

 

The Branch Manager frowned as if frustrated.

Department Manager Cha immediately continued as if he’d been waiting.

 

“Actually, if this were under GL Group, it would have been much faster.

When large corporations apply pressure, there have been cases of receiving results in 3 months, or even 1 month at the fastest.”

“…You’re asking me to pull some strings.”

“The practical affairs team patent attorneys have completed all preparations for examination acceleration.”

“Let’s see what kind of patents these are first, then talk.”

 

The Branch Manager looked somewhat offended.

After all, the Department Manager had essentially asked if he could do what large corporations could do to shorten patent examination times.

 

“Large corporations pressure the Patent Office to reduce examination periods? Then I’ll try shortening it using the American method.”

“The American method – what kind of method is that?”

“I’ll show you why America is called the country of lobbying. Of course, aggressive lobbying activities like in America are illegal in Korea, but legal lobbying methods exist too. The Patent Office is under the Ministry of Commerce, Industry and Energy, right? There are many alumni there who did their MBA at Harvard like me.”

 

It was definitely an efficient approach.

In Korea, there was no asset more important than personal connections.

 

“But who did you say created this technology?”

“It’s Employee Lee Jung-hoo, the department rookie who’s giving today’s report.”

“I’m Lee Jung-hoo. Please take care of me!”

“Great spirit. But how did you manage to create this technology so quickly?”

“Since joining the company, I’ve been organizing patent technologies every day, and the idea came to me.”

“I’ll keep expecting great things. And just trust me. I’ll get your patents registered faster than GL Group could.”

 

The Branch Manager’s confidence wasn’t empty boasting.

The patent registration was completed in less than a month.

 

***

 

Tiger Fund, one of America’s top three private equity funds.

Within that organization, Branch Manager Kang Dong-ju was the first Korean-American to reach an executive position.

Thanks to his excellent performance, he even became the Korean Branch Manager, but that was closer to a demotion than an honor.

 

Within the fund, there were those who didn’t look favorably upon a Korean-American sitting in an important position.

Eventually, he was pushed out to Korea under the title of ‘regional branch manager.’

 

To return to the US headquarters, he needed overwhelming results.

His goal was simple.

 

Building up achievements one by one, step by step.

The first starting point was the camera phone patents from Product Development Department 3, and Samjin Group had shown interest.

 

“Nice to meet you. I’m Kang Dong-ju, Branch Manager of Tiger Fund Korea Branch. Thank you for making time for us.”

“I’m the IP Team Leader at Samjin Electronics. And today, our Strategy Director has also joined us.”

“Haha, I really wanted to see the face of Tiger Fund Korea Branch Manager, so I tagged along.”

 

Branch Manager Kang Dong-ju extended his hand with a bright smile.

A smiling face is always the basics when facing customers.

If he could extract even one more penny, a smile was basic, and he could even put on a crying act.

 

“Rather than giving a long speech to busy people, I’ll get straight to the point. We have some good technology – are you interested in purchasing it?”

“Tiger Fund sells technology too? They say you do anything that makes money, and that’s really true.”

“You’re absolutely right. We do anything that makes money. And this technology is definitely ‘profitable technology’ even by our standards.”

 

Kang Dong-ju immediately took out the prototype and patent summary materials.

A new type of mobile phone.

The eyes of the Samjin Electronics IP Team Leader who received the materials gradually changed.

 

“Is this attached thing a camera?”

“It’s a camera phone. Unlike existing camera phones, it can shoot 360 degrees. And it’s designed to easily transmit photos, with technology that can use existing modules to their limits.”

“May I take a closer look for a moment?”

“Of course. It’s an actual working prototype, so please examine it as much as you’d like.”

 

The Strategy Director and IP Team Leader examined the mobile phone from various angles while whispering to each other.

 

“The technology combination is well done.”

“Rather than new technology, I’d say it’s an excellent assembly of existing technologies. Besides, our Samjin Electronics is already developing camera-equipped mobile phones.”

 

It wasn’t a bluff.

They had actually showcased a prototype mobile phone with an embedded camera at a recent electronics expo.

 

“Then, you won’t need this patent.”

 

Branch Manager Kang Dong-ju continued with a smile.

 

“That’s fine. Japanese mobile phone manufacturers are also showing interest, and we’ve already made contact with companies in the United States and Europe. Still, since it’s technology developed in Korea, we wanted to give priority to Korean companies. If you’re not interested, there’s nothing we can do.”

“We didn’t mean we’re not interested.”

“Of course, domestic technology should go to domestic companies. That’s the right direction.”

“The more patents you have, the more defensive power you get.”

 

When Kang Dong-ju threw out that comment, they immediately backtracked.

Not missing that momentum, Kang Dong-ju pushed even harder.

 

“I hear Japan is also planning to release camera phones soon. We can’t let Japan steal the world’s first title, can we?”

“That’s right. Losing to Japan feels bad even in rock-paper-scissors.”

“And let me tell you one more thing. The research team that created this technology belongs to GL Group’s technology research institute. You know that our Tiger Fund recently acquired GL’s product development department, right?”

 

At those words, the expressions of the Samjin Electronics executives immediately hardened.

Although Samjin Electronics held the number one position domestically, GL Electronics was a powerful competitor chasing them at a frightening pace.

 

“GL Electronics sold off their future.”

“GL Group judged that department as surplus resources. They sold off redundant departments during the merger process of GL Electronics and GL Communications.”

“But a private equity fund doesn’t plan to keep the product development department for long, right? Where do you plan to sell it?”

“We’re getting proposals from various places. However, no one has offered a price at the level we want yet. That’s why we want to prove our capabilities through this patent sale. Are you interested in acquiring the product development department?”

 

The IP Team Leader cautiously gauged the Strategy Director’s reaction.

But the Strategy Director slowly shook his head, making it clear that there would be no department acquisition.

 

“Samjin Electronics has no plans to acquire the entire department. However, we will purchase this patent. What are you thinking for the price?”

“Wouldn’t 10 billion won be appropriate?”

“Hmm, that’s too excessive an amount.”

“10 billion won for 5 patents doesn’t seem that excessive.”

 

Branch Manager Kang Dong-ju didn’t actually expect 10 billion either.

This was an Anchoring Strategy.

By setting the starting point of negotiations high, he could conclude at the level the actual negotiator wanted.

 

“10 billion won is too much, and 2 billion won seems like an appropriate amount. 400 million won per patent is definitely not a small amount.”

“Japanese companies hold an overwhelming number of camera phone patents. You need to have at least this patent so Samjin Electronics can release camera phones more comfortably, right? And since you can reduce development time, you should pay much more than 2 billion won.”

“Fine. Then we’ll give you 2.5 billion won at 500 million won each.”

“We can get more than that from any Japanese mobile phone company.”

 

The tug-of-war was fierce, but the initiative was with the branch manager.

He had no intention of actually making products,

and as a private equity fund that didn’t care who they sold to, there was no reason to waver in negotiations.

 

“Let me make a final offer. 6 billion won. More than this is really difficult.”

“Hmm, it’s still an insufficient amount, but since we’re selling Korean technology to a Korean company, we’ll do that. So please spread good word about us. That way we can sell the department to a good company, right?”

“We’ll have extensive coverage through media companies that have ties with Samjin Electronics.”

 

That’s how the negotiation concluded.

The camera phone patents passed into Samjin Electronics’ hands.

While checking the documents he received, the Strategy Director suddenly stopped his gaze on the applicant’s name.

 

[Applicant: Lee Jung-hoo]

 

“All 5 patents were filed by the same person. If he’s a researcher at GL Electronics, I should have heard the name, but this is the first time I’m seeing it.”

“You can consider him our department’s secret weapon. You’ll be seeing this name frequently from now on.”

“The ideas in a person’s head have limits. It will take quite a while for emptied ideas to be refilled.”

 

They didn’t know.

That Lee Jung-hoo’s mind doesn’t empty that easily.

And that numerous patent ideas were already being churned out like a factory.

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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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