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AVING News interviewed Min Jeong-hyeon, the CEO of Balance Market, which participated in the MIK HOT SPOT (Made in Korea Online Exhibition) Seoul Food Startup Center.
Please introduce your company briefly.
Hello, this is Balance Market. We are a company that manufactures and sells food products for a balanced and healthy life. We are preparing a variety of foods, starting with a simple meal kit and healthy juice that are completed in one pack. We dream of a society that promotes not only balance in food but also the balance in life, creating a healthy life with a healthy body and a healthy mind.
Please introduce major products.
The first product to introduce is the Balanced Juice Kit. It is a meal kit which you can make juice at home with fresh and healthy ingredients. Fruits and vegetables are blended deliciously and prepared in one pack, which can be made to suit the taste of consumers. Fruits and vegetables that give vitality to life are made with know-how without the hassle of preparation. Take a drink a day for my body in my busy day.
Second is ABC Juice, which is also known well overseas. Also called miracle juice, is a juice made with apples, beets, and carrots which literally stand for the alphabets ABC. The recipe itself is very simple, but the process to make is rather complicated, so we started selling it in collaboration with a professional maker. We are confident that the energy and nutrients from good ingredients have been added to the natural sugar content to ensure taste and health.
Please introduce the staff of Balance Market.
Balance Market was founded around October last year by two CEOs. It is a brand created by CEO Min Jeong-hyun with a quick understanding of the customer base and product planning ability and CEO Jeon Yong-mu with the ideas and productivity from running an online market that produces juices.
CEO Jeon Yong-mu: After 7 years of working in the Hyundai Motors’ Sales/Service Business Division, I established a juice company called “Jeup Story” and currently operating it. Based on my juice-related experience, I founded a brand called Balance Market. I am in charge of product and production planning/R&D. I am maintaining the production facilities to supply the juice products sold in Balance Market with stability.
CEO Min Jeong-hyun: While working in the education industry related to the entrance exam in Daechi-dong, CEO Jeon asked me to join. Since I like kids very much and I have high standards about food, I could represent consumers of various age groups in the process of launching the products. I am in charge of quickly grasping the needs of major customer bases and planning products that fit the trend. I am meticulous and realistic, so I focus on establishing a stable system for company operation.
We have divided the roles according to the tendencies and career experience, and we face many differences in opinion when we run one company together. But, we share the thought that the most important thing in the food brand is product power, so we communicate a lot when we run the company. When the product that we had developed for more than six months is about to be launched, we discuss on the marketing and promotion for the product. We are planning to invite experts to do this in the future.
What are your plans for the future?
With the slogan “Balance, your life!” we are going to expand the categories for healthy life, and the type will not be limited to food. We are going to make the effort to share health and good energy wherever people live, and we will grow as the company that provide the food that can provide balanced daily nutrition, and furthermore propose lifestyle. This summer, we will launch 100% watermelon juice as the new product.
Which countries are you targeting for export?
The primary countries of target are Southeast Asian countries like Singapore, Vietnam, and Thailand. As Southeast Asia is rich in fruits, people there have the access to a variety of food and beverages. But, what we want to provide is not just the juice that tastes delicious, but the beverage that has a purpose, that can replace the meal by having an understanding about the fruit itself and with manufacturing know-hows.
Together with the Korean Wave, which is making a sensation in Southeast Asia, we are trying to spread the culture with a difference from the existing local juices in relation to the keywords beauty/diet/supplementary food/health.
We are planning to enter Vietnam where there are plenty of the ingredients necessary for healthy juice to both sell and receive the ingredients, making it possible to manufacture and sell some products. Then, we will expand to other Southeast Asian countries.
Any last words you would like to say?
Balance Market will actively reflect the know-how and current trends through juice manufacturing experience and propose customized foods that are essential to consumers. By developing products using materials from Southeast Asian countries, we intend to do business in a structure that enables collaborative planning/production/sale. We look forward to the interest of Southeast Asian companies. I think we can become good partners to grow together in the future.
Seoul Food Startup Center, which participated in MIK HOT SPOT (Made in Korea Online Exhibition) is providing support to the agri-food-related companies come up with innovative ideas and new products. It is supporting food processing technology, licensing, patents, design, and promotional marketing so that agricultural products can be reborn as high-value products. Various startup support services such as ▴Startup training ▴Mentoring ▴Consulting ▴Investment connection are prepared.
The official of the center said, “We are fostering start-up agri-food companies to help develop new competitive products. This is going to lead to the exports of Korea’s excellent agri-food and create more jobs, becoming a new growth engine for Seoul.”
The global news network AVING News has begun holding the MIK HOT SPOT (Made in Korea Online Exhibition) to help small and medium-sized companies enter the market and attract investment 365 days a year’ AVING News has been running online exhibitions since 2005 and had 975 online exhibitions so far. Its YouTube online exhibition has placed itself as Korea’s largest online exhibition hall that opens with 19,000 videos (booths) with more than 800,000 visits per month which means more than 10 million visits per year.
The MIK HOT SPOT online exhibition is scheduled to be held regularly according to the field, target market, and participating institutions, and it will be presented as a new type of online business by transforming the know-hows and values of the participating companies according to the trend. Companies that want to participate can apply and apply through the marketing support projects from supporting institutions in the local governments. Refer to the institutions for more information.