SKorea fosters startups as it seeks economic shift

Associated Press
SKorea fosters startups as it seeks economic shift

In this Tuesday, May 14, 2013 photo, from left, Ecube Labs CEO Kwon Sunbeom, his co-founders Lee Seungjae and Kwon Hyungsuk pose with their product, a solar energy-powered garbage bin, at their office in Seoul, South Korea. Instead while his peers were seeking jobs at Samsung and LG, Kwon Sunbeom scaled back his studies and started the company with friends. Together they invented the garbage bin that compresses rubbish using solar power and wirelessly communicates to be collected when full. Using 50 million won ($44,000) of their own money and channeling the business in a garage spirit that made Silicon Valley famous, they lived for a month in a shabby factory without air conditioning, subsisting on instant noodles, to make their first prototype. So far they have sold 31 of their “Smart Bins” to universities in Seoul and another 12 to Saudi Arabia and the United Arab Emirates. (AP Photo/Ahn Young-joon)

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