Like any negotiation, the terms always depended on how desperate one side was.
So...
Would Samsung Electronics really be incapable of producing smartphones without Taewoo's
patents?
The answer was half true, half false.
With our patents, they could manufacture smartphones without any issues.
But even without permission, they could still produce and release the devices —
they'd just have to brace themselves for a legal battle.
Patent lawsuits could drag on for years.
By the time the ruling came out, Samsung Electronics would have already developed workaround technologies to bypass most patents.
Of course, the core patents couldn't be circumvented —
but the royalties they'd end up paying would be less than half of what they would now.
In other words...there was no reason for me to reject Chairman Oh's proposal.
"If you pay the proper usage fee, you're free to use Taewoo's patents."
"The issue is the price. At the current royalty rates, we'd be losing money on every smartphone we produce."
There's an old saying —
No merchant sells at a loss.
But in the smartphone business, it was entirely possible to sell at a loss — and still win.
"I'd love to offer a lower price...But if I did that, I'd be charged with breach of fiduciary duty and might end up in prison. Wouldn't want both grandfather and grandson taking turns posing for the prosecutor's cameras, would we?"
"Haha...Sounds like you already have a counteroffer in mind."
"It's nothing much. All I ask is that every smartphone Samsung Electronics produces from now on comes pre-installed with Taewoo's apps and services — no exceptions."
Pre-installed apps.
The so-called default apps.
I wanted Taewoo's apps to fill every smartphone home screen right out of the box.
If we pulled that off, the app fees alone would generate profits on par with the royalties.
"Hm... Not a bad proposal. I'll let our teams handle the finer details."
"That's all I ask. As long as we agree on the big picture, the small details are best left to the
working-level teams."
We exchanged smiles and shook hands.
Samsung Electronics secured the patents they needed with reduced royalties.
Taewoo Group earned not only royalties but also app revenue.
It might have seemed like a fair deal on the surface... but as the smartphone market grew, the contract would tilt increasingly in our favor.
After wrapping up the negotiation, I headed to Captain Kang's office.
Dimon was buried in the CL Card investigation but perked up when he saw me.
"How'd the negotiation go?"
I filled him in on the deal in detail.
"I don't quite understand... Was it really necessary to lower the royalties? Sure, pre-installed apps could be lucrative... but users can always delete them if they want. Royalties, on the other hand
— that's guaranteed money."
Dimon's logic made sense on the surface — but he was missing the bigger picture.
"Of course, it's easier to collect royalties. But if Samsung Electronics doesn't join the smartphone race soon, the entire market won't grow fast enough."
With only the iPhone dominating the market, growth would hit a ceiling sooner or later.
It was competition that would expand the pie.
The bigger the market, the bigger our slice.
Because no matter who won the smartphone war... every device would be running on Taewoo's technology.
"Do you really think the smartphone market will grow that much? I've read several expert reports
— most predict the penetration rate will barely reach 30% at best."
"Give it 10 years. Elementary school kids to senior citizens — everyone will be using
smartphones by then. That's why Taewoo Electronics has over 1,500 engineers solely focused on app development."
It wasn't just the 1,500-strong IT department.
Taewoo Electronics and SAVE Investment were quietly acquiring stakes in various app-related companies.
The bigger the smartphone market grew, the more profits would naturally flow into our pockets.
We'd already built a system where the entire ecosystem was rigged in our favor.
"I suppose even Apple would make better products if they had a rival breathing down their neck."
"Exactly. Running alone tires you out quickly. With a giant like Samsung jumping into the race,
Apple will have no choice but to push itself harder."
It wouldn't be long before Apple and Samsung Electronics went to war.
Ideally, Apple would win —
I still held a significant stake in the company.
But even if Apple lost, I wouldn't lose a single cent.
No matter who won the smartphone war, the technology driving both sides belonged to me.
And the smartphone market was far too massive for any one company to monopolize.
Dimon's eyes glinted with realization.
"So in the end... it doesn't matter which horse wins the race, as long as every horse in the race belongs to you."
I smirked.
"Now you're catching on."
Dimon leaned back in his chair, crossing his arms.
"By the way... have you looked into CL Card yet?"
His face darkened.
"It's far worse than I expected. Not just CL Card — the entire credit card industry is on the brink. Reckless card issuances... delinquent payments... people juggling debts by opening new cards... It's a ticking time bomb."
I nodded slowly.
"Do you remember what the situation was like when I sold Taewoo Card to CL Card?
No one saw this coming back then either."
I was thinking of the US subprime mortgage crisis that would erupt years later.
I was planting a seed in Dimon's mind —
everything was playing out according to the blueprint in my head.
"I'm with you, Boss. But something's off...
The government has to know what's happening.
Even we've spotted the warning signs — there's no way they haven't."
"Of course they know. But the government is too busy patting itself on the back for graduating early from the IMF bailout. They don't want another crisis tarnishing their legacy.
Besides... most card companies are backed by powerful parent conglomerates. The government assumes they'll sort out their own mess."
The current ranking of the credit card industry was as follows:
CL Card — firmly in first place after acquiring Taewoo Card.
Samsung Card — leveraging Samsung Group's reputation to grow its customer base.
Hyundai Card — aggressively chasing the top two.
The rest were smaller card companies, all subsidiaries of major banks.
Dimon's brow furrowed.
"CL Card may have the largest debts... but the most dangerous player is Foreign Exchange Card. Unlike other banks, Foreign Exchange Bank is already on the verge of collapse.
Even with Germany's Commerzbank propping them up... the moment the credit card bubble
bursts, they'll go down first."
"Foreign Exchange Bank... They're going to be sold off to foreign capital."
Dimon blinked.
"You're talking about the Lone Star Scandal, aren't you?"
Lone Star —
the American hedge fund that would buy Foreign Exchange Bank for pennies on the dollar... only to flip it later for triple the price.
The credit card crisis would be the match that ignited the entire scheme.
But this time...
I planned to rewrite the playbook.
Dimon's lips curled into a half-smile.
"If they sell it for cheap... I bet quite a few foreign banks will be drooling."
I leaned in slightly.
"What do you think, Dimon? Would you like to become... the president of Foreign Exchange
Bank?"
Dimon's eyes widened.
"You're serious?"
I grinned.
"Dead serious."
Wouldn't it be better for us to enjoy the spoils...
instead of letting some American hedge fund make easy money?
I had no intention of flipping Foreign Exchange Bank for a quick profit.
If Taewoo Group took control, it would benefit both the country and the bank itself.
"Start as the president of Foreign Exchange Bank... and eventually become the CEO of the
world's top financial institution."
Dimon's eyes narrowed.
"Foreign Exchange Bank isn't exactly small... but it's still just a Korean bank. Isn't it too small to serve as a stepping stone for becoming the world's top banking CEO?"
I chuckled.
"You can't fill your belly with one spoonful. Take it one step at a time."
Dimon mulled it over, then nodded.
"Alright... I'll start with Foreign Exchange Bank."
Truthfully, Foreign Exchange Bank was beneath him.
But I was certain — within a few years, Dimon would transform that modest bank into a global financial empire.
"Ah, but first... we need to deal with the CL Card mess."
Dimon's eyes sharpened.
"I'll lay the groundwork for Taewoo Group to acquire CL Card when the time is right."
"If you need any help from Taewoo Group...
just say the word."
***
The credit card crisis was still a few years away.
In the meantime, our priority was the smartphone ecosystem.
Not just to outmaneuver KS Telecom —
but to turbocharge Taewoo Electronics' revenue.
"Vice Chairman, Im Jaebum is here to see you."
"Send him in."
App development wasn't simply about hiring a bunch of engineers.
It required people with groundbreaking ideas...
and the ability to bring those ideas to life.
And I already knew exactly who that person was.
Im Jaebum —
the man who would go on to develop Korea's most famous messenger app...
KokoaTalk.
A decade from now, KokoaTalk would become a national app, used by every single person in
Korea.
But I planned to launch it eight years ahead of schedule —
under Taewoo Group's banner.
The door opened, and Im Jaebum walked in —
a textbook engineering major, still fresh out of college.
"Nice to meet you. I'm Im Jaebum, CEO of IT Solutions. It's an honor to be contacted by Taewoo Group's Vice Chairman."
I smiled warmly.
"The honor is mine."
At this point, Im Jaebum wasn't some genius developer.
He was just a struggling entrepreneur trying to sell enterprise software solutions... on the verge of bankruptcy.
"Your business idea is quite innovative."
Im's face lit up.
"Thank you for saying so."
But I knew the truth.
His ideas were good —
but the market had already been carved up by giant corporations.
His company was doomed if he kept fighting in the same battlefield.
"You've been having a hard time breaking into the market, haven't you?"
Im's smile faltered.
"...Yes. The major players have already dominated the sector."
I leaned forward slightly.
"Why try to carve out a place in the Red Ocean...
when you could join me in creating a completely new market?"
Im's eyes flickered.
I could see it —
that faint spark in his gaze.
The spark of someone who'd spent countless sleepless nights chasing a dream...
only to watch it slip through his fingers.
All he needed...
was someone to believe in him.
"What kind of new market are you talking about...?"
I smiled.
"A world where every single person carries a small computer in their pocket... and where the
most essential app isn't for work... but for communicating with their loved ones."
Im Jaebum's breath caught.
He didn't know it yet...
but I was offering him a chance to create something that would change the daily lives of 50 million people.
A chance to create the KokoaTalk of the future —
eight years ahead of schedule.
There was no need to drag things out.
I had already lost Cyworld to KS Telecom once by moving too slowly.
This time, I intended to wrap up the contract as quickly as possible.
"I'd be honored to work on a project with Taewoo Group... but I'd like to know more details.
And... are you offering me a job at Taewoo Electronics? Or are you proposing some kind of
partnership?"
I leaned forward slightly.
"Have you ever considered creating a joint venture with Taewoo Electronics? We'll provide the overarching vision, capital investment, and manpower. All you'd need to bring... is yourself."
Im Jaebum's eyes widened in disbelief.
"T-That's an incredibly generous offer... almost too generous. Why would you offer me such
favorable terms?"
His wariness was only natural.
If I weren't the Vice Chairman of Taewoo Group, anyone would assume I was a scammer.
I smiled faintly.
"What I need right now... is one genius.
No matter how much money, manpower, or ideas I have... without a genius, this project will
never succeed. Just like Apple had Steve."
Im's fingers clenched involuntarily.
I could see it —
that name lit a fire inside him.
"...Do you really think I could be like Steve Jobs?"
I chuckled softly.
"I'm not just flattering you. I meet with Steve regularly... and to my eyes, you're more like him
than anyone I've ever met."
It wasn't even a lie.
Im Jaebum was a genius —
a diamond in the rough, just waiting to be polished.
What was a little flattery, if it meant snatching up Korea's future tech messiah?
Im's breathing quickened.
He was trying to keep his composure...
but I could already see him dreaming of the future.
I leaned in, dropping my voice.
"I want to create an app... that will be installed on every smartphone in Korea. A messenger app that will connect the entire nation."
Im's eyes sharpened.
He was hooked.
"What you're describing... isn't possible with the current mobile network infrastructure."
I smirked.
"It will be — in exactly two years.
3G networks are already being rolled out globally. By the time we're ready to launch...
the entire world will be using smartphones."
A shiver ran down Im's spine.