“IPO as a process, not a destination: Planning for t안전한 바카라 사이트 next 15 years and beyond”

[by Sung, Jae Jun] "Technology assessment should not be confined to evaluating a limited number of technologies or transactional deals. Rather, it entails a fundamental inquiry into 'whether a company possesses the capacity to sustain its operations for five years or longer following its initial public offering.' An IPO should not be regarded merely as the act of completing a listing; instead, it represents a demonstration of the firm’s long-term viability beyond the initial listing stage."

NextGate Partners, a new consulting firm launc안전한 바카라 사이트d in April, may be a fresh name in t안전한 바카라 사이트 market, but its founder and CEO, Jay Jung-hoon Byun, brings a wealth of experience. Byun spent about a decade at t안전한 바카라 사이트 Korea 안전한 바카라 사이트alth Industry Development Institute (KHIDI), w안전한 바카라 사이트re 안전한 바카라 사이트 worked on global strategies for pharmaceutical and biotechnology companies, supported vaccine partnerships, and provided technology assessment consulting. During t안전한 바카라 사이트 COVID-19 pandemic, 안전한 바카라 사이트 also took on a key role as project manager at t안전한 바카라 사이트 Support Center for Resolving Difficulties for Domestic Treatment and Vaccine Development Companies, 안전한 바카라 사이트lping to connect industry voices with government policy.

"Reflecting on that period, many companies were stalled by urgent regulatory hurdles and challenges in clinical trial design. While providing on-the-ground support, I realized the pressing need for a 'long-term partner that could walk alongside these companies throughout their journey,'" Byun stated.

Just months after founding NextGate Partners in April, Byun has become an influential figure in Korea’s biopharmaceutical startup support ecosystem, taking on roles as a mentor and advisor to leading universities, startup incubators, and local governments. In a recent interview with <THE BIO>, Byun emphasized, "Our mission, NextGate Partners, represents our commitment of 'serving as a gateway that helps companies take the leap to the next level.'" We spoke with Byun to discuss the special technology listing system and strategies for global market entry in the biopharmaceutical sector.

◇"IPO journey spans 7-9 years...Survival depends on early planning"

"It typically takes an average of 7-9 years, sometimes up to a decade, for a company to move from incorporation through Series A to C funding rounds and ultimately reach an IPO. The problem is that most companies start preparing far too late," Byun expressed. "Consulting firms are often brought in only when underwriter contracts are signed or technology evaluations are just around the corner. By that point, the course is already fixed, and my ability to provide support is limited."

Byun stressed that an IPO should not be seen merely as a fundraising event but as part of a company’s long-term growth strategy. From the outset, he underscored the need to craft a global expansion plan, make deliberate pipeline choices, and build an investor-focused narrative.

"If a company established a strong foundation within its second or third year, the path to an IPO by the fourth to sixth year becomes far smoother," he explained. "Seeking expert advice early on is ultimately a way to save both time and capital."

Drawing on his work with early-stage pharmaceutical and biotech firms at home and abroad, Byun observed that companies with well-defined early strategies tend to earn t안전한 바카라 사이트 confidence of mid- to long-term investors more quickly. In contrast, those that chase short-term results and depend 안전한 바카라 사이트avily on grants or projects often find t안전한 바카라 사이트mselves burdened with structural adjustments w안전한 바카라 사이트n t안전한 바카라 사이트y reach t안전한 바카라 사이트 IPO stage.

◇"Technology evaluation requires demonstrating corporate viability within six weeks"

NextGate Partners positions technology evaluation consulting as its core strength. From 2018 to 2021, Byun led the Technology Assessment Consulting Team at the KHIDI, where he provided in-depth technical support to companies preparing for KOSDAQ’s technology-special listing track.

"Technology assessments generally last six weeks and involve two rounds of presentations followed by Q&A sessions. It’s not enough for companies to showcase their technological capabilities. They must also prove their ability to remain viable after going public," Byun emphasized.

"What evaluation committees are really asking is 'whether a company can survive for more than five years after listing.' The review process goes far beyond assessing the technological novelty of research and development (R&D) progress, encompassing the business model, financial outlook, and management capabilities. At the end of the day, the fundamental question is, "How has the company structured its roadmap for sales and operating profit?" he further commented.

The evaluation process itself is short but intense. Over six weeks, committee members scrutinize not only a company's technology but also its market potential and overall business viability through two rounds of presentations and a Q&A session. According to Byun, the key to success lies in running repeated simulations based on likely questions and sharpening the company’s core narrative.

Byun pointed to ‘inadequate presentation preparation’ as the biggest risk factor for companies undergoing evaluation. "Even if a business plan runs hundreds of pages, the core message is often lost in the summary," he said. "Evaluators expect to grasp the essential within an hour, yet many CEOs lack presentation experience. The key to success is simulating anticipated Q&A and refining the core logic through practice."

Drawing on his experience, Byun also spoke about the need for institutional changes. Although the Technology-special Listing System has undergone several revisions, Byun noted, "Only a handful of indicators have changed, while the evaluation committees have in fact become more meticulous." He added, "The relaxation of sales requirements is a positive step, but the persistent issue of accumulated losses continues to weigh heavily on companies. What’s needed are realistic adjustments built on broader social consensus."

◇"Strategy is the sum of choices...Extending the view to five years beyond the IPO"

Byun offered a sober assessment of the venture capital market. "Investment capital is still out there, but the 'too big to fail' trend, where hundreds of billions of won are funneled into a handful of companies, is only intensifying," Byun remarked. "Many early-stage firms, heavily dependent on government projects or rushing prematurely to IPO, face steep survival challenges unless they establish clear differentiation strategies."

Byun stressed the importance of understanding venture capitalists’ (VCs) expectations early in the process. "Recognizing the kind of 'fit' investors are looking for can help companies avoid unnecessary trial and error," he stated. "VCs evaluate far more than just an idea, taking into account revenue models, talent pools, and expansion strategies. That’s why it’s essential to develop a compelling storyline that aligns with these criteria from the very beginning," he added.

The keyword Byun repeatedly emphasized was ‘strategy.’ He defined it as ‘the sum of a company’s daily decisions,’ noting that the interplay of partner selection, capital raising, and technology selection ultimately determines whether a company can survive after an IPO.

Byun described an IPO not as an ‘end point,’ but as a ‘process.’ "Real success comes from planning not only for the 10 years leading up to an IPO but also for the five years that follow," he emphasized.

Looking ahead, Byun intends to broaden his scope beyond IPO consulting to include mentoring and policy advice, aiming to reinforce the wider foundation for industry growth. He is already active in the startup ecosystem, serving as a mentor and advisor at creative economy innovation centers, university-based startup programs, and technoparks in regions such as Daegu, Busan, and Gyeonggi Province. "I see my role as offering practical support to help companies cross the threshold of growth," he remarked.

On the other hand, NextGate Partners is set to host a ‘one-day class’ this September in partnership with the Korea Valuation Association (KVA). The program will cover commercialization and technology-special listing strategies for aspiring entrepreneurs and unlisted companies.