Today, I will talk about the numerous scammers I have encountered over the past six years.
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During a research project funded with over 1 MM USD from the Korean government, Company A resorted to manipulating their research findings and presenting outdated open-source models as their original results. Shockingly, neither the certification organization, government officials, nor any other party verified the authenticity of the manipulated R&D outcome. Their deceitful behavior led to a staggering investment of over 10 million USD in Korea. It is truly disheartening to observe that the employees, executives, and founder of this company show no signs of regret for their deceitful actions and persist in perpetuating their dishonest practices.
I reached out to the investment team at the renowned Company B, who expressed that our company's size was not yet suitable for their investment. They advised us to seek funding from venture capitalists, grow our company, and then they would reconsider. Surprisingly, a few months later, Company B ended up investing 4 million USD in Company A.
After being introduced by an evil VC, the CEO of Company C proposed that I shut down my company and join forces with him. Of course, I refused. However, over the past three years, he has been surreptitiously monitoring our company's website, trying to pilfer our ideas and business model. Furthermore, Company C approached a remote sensing researcher whom I know, urging them to sell their research findings as source code at a significantly reduced rate. This unethical opportunist thrives on exploiting the work of others and investors, showing no remorse in appropriating their concepts and technologies.
Persistently engaging in pitching competitions, he continues his unethical pursuit of blending foundational technologies developed by others. It is alarming to note that even an executive of Company C is a subscriber to DEEP BLOCK's YouTube channel, engrossed in the act of purloining ideas and solutions.
In the early stages of our business journey, Professor D proposed selling Deep Block's source code for a mere 25K USD. However, considering we had already poured over 250K USD in cash into developing Deep Block, it was an offer we swiftly declined.
Fast forward five years, and a student of Professor D appeared, founding Company E and send me an inquiry about providing DEEP BLOCK as an OEM solution to them. It was evident that this deceitful individual sought to pretend DEEP BLOCK is made by him. Deep Block had been crafted over half a decade with millions of dollars in investment as our own creation. Of course, I refused the deal.
Another student of Professor D and I met 2 months ago. He started a Company called F, and anyone would trust him based on his very polite and quiet demeanor. However, other companies he had already met with told me that he was a fraudster who sold Professor D's data without any products or technology.
The common thread among Companies A, C, E, and F is their reliance on investments. It remains a mystery whether the scammers excel in securing funds, if the VCs are complicit in the deception, or if the blurred lines between scammers and investors enable them to misuse public tax money as their own. The distorted landscape of venture investments and prevailing corruption not only harm the government officials but also the citizens of Korea, leading to detrimental consequences.
Fraudsters lurk in every corner of the world, but it is disheartening to witness how numerous VC funds, startup subsidies, and R&D funds, financed by taxpayers, continue to be exploited by scammers even in the present day.
My university advisor once shared an anecdote in class that left a lasting impression on me.
"An individual often mirrors the characteristics and traits of their mentor or guide."
Furthermore, a respected CEO I am acquainted with once shared an insightful piece of wisdom.
"Fraudsters hang out with crooks, and honest people hang out with honest people."
The encounters I've faced throughout my entrepreneurial journey have only solidified this belief.
Throughout my entrepreneurial journey, I have encountered various scammers who share a common trait - evasion when confronted with important matters. Whether they are deceptive fraudsters or seemingly genuine individuals, their tendency to deflect when discussing crucial topics like technology, business models, or sales is a red flag.
It is essential to be wary of those who dodge important conversations, as their true intentions may not align with yours.
During a challenging period for Omnis Labs Company, I saw one of my alumni who had secured investment funds and had been operating his business for just two years, facing numerous struggles with their venture. Their unhappy relationship with investors after the failure and mental distress served as a stark reminder for me to steer clear of partnerships that did not align with my vision. This prompted me to shift my focus towards achieving self-financed rather than seeking ill-fitting investors.
Because, choosing the freedom to fail over compromising with deceit and sacrificing freedom is always the preferred path to take.