Investing in Failures
Fresh and young minds generate Ideas. Finally, it is only the disruptive innovative idea that prevails, generated by creative minds. South Koreans trade for second-hand goods using 당근마켓 (Danggeoun or Karrot Market) only. The word 당근 means near you or carrot . Founded by two former employees of KakaoTalk in 2015, the Karrot, a unicorn startup, which facilitates a considerable subscriber base in Korea, won a lead in just a few years. Bearing the carrot logo, the success of Karrot-Market is founded on an idea termed the “6 Km Rule”. Tilling the mobile phone location, the “Karrot-Market” only encourages the people residing within a radius of 6KMs to trade. The six kilometers rule overpowered the flaws in the online business while enabling the users to avoid fraudulent online transactions and make sure the quality of the commodities they are purchasing in direct face-to-face. A tiny but innovative concept of constraining the distance, by exploiting the cell phone built-in user locati