In the second and final part of this series, Medit’s founder and CEO Minho Chang discusses his company’s international orientation, business principles, and wishes for the future.
“Medit has been around for almost two decades now and I believe that this is thanks to our focus on the fundamentals. We invested in something that would be useful for a long time and in the long term. In my opinion, the right kind of success takes time. Running a business is not like a sprint but a marathon – slowly but surely wins the race. Our long-term investment in the fundamentals is now paying off because we have always kept our goal in mind.”
After establishing his 3D technology company, Chang’s ultimate vision regarding the mass application of his know-how became a reality as Medit entered the digital dentistry industry. Today Medit’s products are distributed through a steadily growing network of resellers around the globe. Due to the overwhelming interest, the company has staff and regional managers directly located in Europe and the Americas. However, the international outlook and orientation is nothing new for Medit or Chang himself. “Medit is not a Korean company that found international success. It was a ‘born global’ from the very beginning. You can say that Medit is an international company which just happens to be located in Korea. In the high-tech industry, what is good for the domestic market is just as good for the global one, so there is actually no distinction like that.”
Medit’s global scale is also evident in its staff members. “When we hire people, we care about skills. Language is secondary. I wanted to gather the best people and I believe that I have found them. Marketing and R&D function as multipliers; both are important. While good products are easily transferable across borders in the tech industry, markets themselves obviously have cultural differences. Medit has an international team with representatives from many different backgrounds which allows us to develop a truly global marketing strategy.”
Chang’s sincere enthusiasm for his business is obvious as he takes another sip of coffee from the café downstairs that is also owned by Medit and which provides free beverages for employees. The café is a popular space used by employees as a meeting area to discuss new innovations. Such benefits which support the happiness of his employees are a priority to Chang. “The ideal company needs happy employees, partners, and customers. And it also needs to create something of value for society in order to be sustainable.”
After successfully founding Medit, Chang decided to impart his knowledge to the next generation by joining one of Korea’s top universities as a professor. When teaching potential future business owners, what would be his advice for budding entrepreneurs? “Value the people that you are working with and make sure that you are working with good people. Invest in fundamentals and don’t just follow trends. If your foundation is weak, you will lack the base to prosper over a long time. I believe Medit is now profiting precisely because we had been thinking about the long-term from the start.”
It is clear from talking to Chang that his imaginative vision will continue to be what guides his company towards further innovation and improvement. “Medit has always been deeply focused on R&D and we plan to continue investing heavily in our technology. Our team is comprised of the most talented people worldwide and we will continue working hard to pay back the trust, respect, and love we have received from our clients.”
As noted in the beginning of this series, Medit was founded due to Chang’s desire to contribute his knowledge to the creation of something good for people. So it doesn’t come as a surprise that his future hopes are also along this line. “My wish is that the achievements in digital dentistry will allow patients to keep receiving better and better treatments and that our developments will help in making the lives of dentists, dental hygienists, and lab technicians significantly easier. We won’t stop imagining the possibilities until we reach this goal.”