AI and
a fresh start for
entrepreneurship
Capital's role in turning talent's ambition into growth
Myung Seung-eun
CEO, VentureSquare
Vice President, Korea Early-Stage Investment Accelerator Association
Adjunct Professor, Graduate School of Entrepreneurship, Hanyang University
Introduction
Has the entrepreneurial spirit really disappeared?
People who stopped
People starting alone
Global HR Forum 2026
02
Introduction
Easier to start. A narrow bridge to the next stage.
Korea
428,000 people
Young people “taking a break” · 2025
US
36.3 %
Solo founders among new startups
2026.9 · 364,000 people
Employment down · 29 months
2019 · 23.7%
1.5x in 5½ years
Start alone. The bridge to validation and growth remains narrow.
Global HR Forum 2026
03
01 · AI lowers the barrier to starting
US: starting alone, earning alone
Solo founders as a share of new startups
23.7%
2019
36.3%
2025 first half
Solo businesses · 2023 → 2025
2x
Annual revenue USD 1 million+
Stripe payments data
Nearly 3x
Annual revenue USD 10 million+
Stripe payments data
Korea: self-employed without employees +49,000 (2026.9)
More people starting—and earning—on their own
Global HR Forum 2026
04
01 · AI lowers the barrier to starting
China: national and city support for one-person companies
16 million+
Single-shareholder limited companies · 2025.6
27.4% of all businesses
2.86 million
New, H1 2025
▲47%
Shenzhen
2026.1
1,000+ AI startups
Central gov.
2026.6
Official policy from 7 ministries
Beijing
2026
Support for 500+ OPCs
Shanghai
2026
OPC: up to 10 employees
A Beijing OPC
2 people
Annual revenue CNY 1 million+
AI handles 90%+ of the work
One-person companies enter industrial policy
Global HR Forum 2026
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01 · AI lowers the barrier to starting
Base44 · Cal AI: small teams, fast acquisitions
6 months
Founding → sale
About KRW 107 billion
Acquisition price + earn-out
Cal AI
MyFitnessPal
KRW 53.6 billion+
Revenue, last 12 months · founded in high school
2026.3
Acquisition announced
What buyers bought: a proven product and the team behind it
Global HR Forum 2026
06
01 · AI lowers the barrier to starting
Pieter Levels · Marc Lou: several projects, one founder
Pieter Levels
Marc Lou
Pieter Levels · no employees
USD 200,000–250,000/month
Business revenue · profit margin ≈94.5%
Marc Lou · 17 products · September 2026
USD 217,071
Top 3 products: about USD 196,000
Launch several. Focus where customers respond.
Global HR Forum 2026
07
01 · AI lowers the barrier to starting
MEDVi: 2 employees, USD 401 million in annual revenue
Matthew Gallagher
Founder, MEDVi
The founder and his brother
USD 401 million
2025 revenue · first year in business
USD 20,000
Startup cost
16.2 %
Net profit margin
250,000 people
Customers · end of 2025
AI for websites, software, ads and customer service
Global HR Forum 2026
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02 · The narrow bridge after starting
Start alone. Capital still favors teams.
US solo-founded companies · established in 2024
Share of new startups
30%
Share of equity funding
14.7%
A Chinese bank's expectations
2–3 unicorns out of 1,000 OPCs
The bridge to the next stage: validation and capital
Global HR Forum 2026
09
02 · The narrow bridge after starting
What capital saw first: evidence from small teams
10 people
USD 1 billion
Funding · 2024.9
6 people
USD 45.8 million
Seed funding · 2026.1
…
About 50 people
Annual recurring revenue (ARR): USD 100 million
Profitable 2+ years · valuation USD 2.1 billion
Evidence: founders' credentials and revenue
What investors bought: small teams' speed and evidence
Global HR Forum 2026
10
03 · People who try again
Zaritalk: recurring demand after two pivots
Zari Company (formerly Callbus Lab)
2015
Callbus
2017
Charter-bus
price comparison
2021
Zaritalk
Profitable in 2024
KRW 12.5 billion
2025 revenue
KRW 750 million
Operating profit
KRW 14.5 billion
Series A · 2026.10
Total funding: KRW 17.7 billion
Two pivots to find a problem people keep paying to solve
Global HR Forum 2026
11
03 · People who try again
Wrtn: overseas customers pay. Profitability is next.
47.1bn
2025 revenue
200bn+
2026 forecast
−58.8bn
2025 operating loss
Unit: KRW · 2026 company forecast
Japan + US: 50%+ of revenue
Valuation KRW 1tn+ · Series C KRW 100bn
2026.9 IPO underwriter appointed
Read growth signals and profitability together
Global HR Forum 2026
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03 · People who try again
Most journeys take more than one attempt
229 companies · KRW 30.8 billion invested
One square = one company
48
Exited
7
Closed
174
Adapting and persevering
13
At least 5x
KRW 7.75bn
Total proceeds
1.49x
MOIC
Capital buys time to adapt and try again
Global HR Forum 2026
13
04 · Capital: turning evidence into growth
Halluminate: financial expertise trains AI
10 months
Annualized revenue: 0 → mid-tens of millions of USD · profitable
Major private US AI labs
RL environments for 4 of the top 5 labs
USD 30 million
Series A · 2026.10 · USD 38.5 million raised in total
Practical knowledge becomes a competitive edge
Global HR Forum 2026
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04 · Capital: turning evidence into growth
Legora: customer pilots → USD 8.8bn valuation
180 staff · 3-month pilot
Strategic partnership
ARR (annual recurring revenue)
1 million
Starting point
100 million
Under 18 months
USD 200 million+
2026.10
Valuation
8.8bn
USD
Previously
USD 5.6 billion
Series E USD 550 million · 2026.10.21
Customers try, then commit. Evidence for the next investment.
Global HR Forum 2026
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04 · Capital: turning evidence into growth
Each stage needs a different bridge
01 First attempt
Time · technology · first customer
02 Validation and growth
Test funding · people · revenue model
03 Next attempt
Livelihood · relearning · next opportunity
Investment · resources to test potential
Safety net · a path back to participation
Growth and welfare are parts of the same bridge
Global HR Forum 2026
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Making the next attempt possible
Talent Find problems and act
Capital Connect resources for validation and growth
Organizations and society Paths to learning and trying again
Thank you · Myung Seung-eun · VentureSquare · venturesquare.net