Recently, the domestic popular culture, including K-pop, dramas, and movies, is gaining popularity worldwide. Although it has not achieved noteworthy results to the same extent, Korean startups are also being recognized for their potential in the global market. At this moment, young Koreans equipped with innovative ideas and revolutionary technologies are preparing to showcase their abilities on the world stage. ChosunBiz met with these youth who are set to embrace the world and listened to their dreams and goals. [Editor’s note]
What if you could receive high-quality dental products from Korean laboratories with just one click from dental offices in the United States, Australia, or Europe? Innovaid has turned this groundbreaking idea into reality.
Innovaid is connecting dental offices worldwide with Korean laboratories through the "Dentlink" service, which matches Korea's sophisticated dental technology with global demand. Overseas dental offices can receive high-quality dental products at a reasonable expense, while Korean laboratories are creating new opportunities in the global market.
Kook Jin-hyuk, the CEO who graduated from Yonsei University College of Dentistry, combined the needs of the dental industry with the potential of digital technology to carve out a new market. To consistently understand the voices from the dental field, he works directly at a family dental clinic to grasp the industry's demands. What could be the secret to Innovaid's success, growing by 12% each month and recording 100% of its revenue overseas?
-What kind of company is Innovaid?
"Innovaid is a startup that combines 'innovation' and 'aid,' solving various issues in the dental industry through digital technology. We operate the 'Dentlink' service that connects overseas dental offices with Korean laboratories."
-I’m curious about what prompted you to start this business.
"I decided to start my business in my fourth year at Yonsei University College of Dentistry. I realized that digital technology is becoming increasingly important in the dental industry. Dentists need dental products for patient treatment, which are produced at dental laboratories, and the dentist must send the patient's oral data to the laboratory to request production. In the past, they physically sent dental impressions, but recently, the method has changed to transmitting digital data using oral scanners. I thought it would be great to connect dental offices worldwide with Korean laboratories."
Korean laboratories have high technical capabilities, but the domestic market is highly competitive and somewhat undervalued. In contrast, the overseas market, including the United States, has a high demand for dental laboratories but prices are 2 to 4 times higher than Korea. I thought this gap could be solved with digital technology."
-Is Dentlink a platform?
"To be precise, it’s a 'virtual laboratory.' When overseas dentists send data taken with oral scanners, we directly place requests with laboratories that match each specialization. Then, Korean laboratories produce dental products based on this and ship them back overseas.
The reason it’s not made into a platform is that dental offices cannot know which laboratory has the best skills and strengths. Additionally, a platform format could lead to excessive price competition. With the current service, Korean laboratories can secure more customers, while overseas dental offices can reduce the expense of dental products. It may not be a complete platform, but we are trying to create a service that satisfies both sides by incorporating many characteristics of a platform."
-It seems like it was probably difficult to secure customers early on.
"It was really tough. At first, I sent emails to dozens of dental offices in the U.S. I visited 20 offices that responded, and secured 4 customers on my first visit. Even now, I go to the U.S. twice a month. I attend many conferences and seminars to promote Dentlink. Since then, dentists who have used our service have been introducing us to their own networks, expanding our business. I’m quite grateful. Currently, 30% of new customers come from recommendations by existing customers."
-What do you think is Dentlink's competitiveness?
"Dentlink has advantages not only in price competitiveness but also in quality and efficiency. Korean laboratories have a pool of skilled technicians, and we have reduced the remake rate due to production errors to 0.6%. In the U.S., the average remake rate is 8 to 10%."
Additionally, we have introduced an artificial intelligence (AI)-based translation system to overcome language barriers, and to reduce logistics expenses, we cooperate with companies such as UPS and DHL, bringing costs down to 70% of previous levels. Through this, we provide a win-win business model for overseas dental offices and Korean laboratories."
-I’m curious about where Dentlink currently stands.
"It has been about two years since we launched the Dentlink service. Since the launch, we have been growing at an average of 12% each month. Currently, 100% of our revenue is generated overseas. The main markets are the U.S. and Australia, and we also provide services in countries like Canada, the U.K., and New Zealand. We have a subsidiary in the U.S. and are currently establishing a branch in Australia."
-I heard news about recent investment acquisitions. How do you plan to utilize it?
"We raised 5 billion won in this Series A round. This fund will be used in two directions. First, we plan to expand our sales and operations teams in the U.S. and Australia, as well as acquire small laboratories to address local customer service and logistics issues. Secondly, we plan to support facility investments in Korean laboratories to enhance productivity and create an environment capable of producing more high-quality dental products."
-I’m curious about your long-term goals.
"I hope Dentlink becomes a household name in dental product manufacturing. I want to be number one in the global dental supply sector. Furthermore, I aspire to leverage digital technology to break down borders in the global dental market and propose new standards for dental treatment."