Third-Generation Chaebol

The ribbon-cutting ceremony proceeded as planned.

Still in a daze, I went through the motions, only grasping the situation once the white cloth covering the signboard was pulled away.

[Trump Model House]

That was the name of the project.

At that moment, a long-buried memory surfaced in my mind.

Back in the mid-90s, my grandfather had helped Trump construct a building in the U.S.. In return, he had been allowed to use the Trump brand name for a project in Korea.

He would become president in the future, but at this point in time, he was still best known as an eccentric businessman, frequently appearing in the media with his signature flamboyant style.

"Are you Min-jae? Your grandfather has spoken very highly of you."

"It's truly an honor to meet you in person after seeing you so often on TV."

"I see. So you've watched Home Alone? That movie was quite popular in Korea. I bet that's where you saw me."

Every Christmas, Home Alone would air on TV, and Trump had made a cameo appearance in the film, giving directions to the protagonist.

"Your acting was outstanding. And I greatly admire you as a businessman as well."

"Haha, no wonder your grandfather boasts about you. If you ever come to the U.S., look me up. I'll arrange a dinner with my family."

I made sure to treat Trump with the utmost respect.

After all, it's not every day you get the chance to build a personal connection with a future U.S. president—completely free of charge.

* * *

After spending two days as Trump's guide, I returned to the office.

Though still processing everything that had happened, I quickly snapped back to reality when I learned that President Woo Sung-il was waiting for me in my office.

"Director, the development of our Internet TV is complete. We can start selling it as early as next month."

"As expected of you, President Woo! I didn't think we'd have a working model this soon."

"I brought a prototype with me. Would you like to take a look?"

With confidence radiating from him, Woo Sung-il unveiled the product.

As soon as the Internet TV was set up in the planning office, I couldn't hold back a small cheer.

"Wow, this is fantastic! It's sleek, lightweight, and the design is stunning—even compared to regular TVs."

"Thank you for your kind words. The only downside is that it requires a set-top box to connect to the Internet. But aside from that, there are no major drawbacks."

In the 1990s, bulky CRT TVs were still dominant—heavy, large, and prone to overheating.

But this year, flat-screen TVs had started hitting the market. Companies like CL Electronics and Samjin Electronics were already selling LCD TVs.

In the flat-screen sector, Taewoo Electronics was a latecomer.

However, when it came to Internet TVs, they were the first mover—and the only one.

"Are we sourcing the LCD panels from CL Electronics?"

"For now, we've signed an exclusive contract with them. But if sales increase, we plan to negotiate with Samjin Electronics as well."

"Then secure that deal now. Internet TVs are going to fly off the shelves."

"Understood. I'll handle it immediately."

Even as we spoke, I was testing the Internet TV's features.

Compared to the Internet TVs of my past life, this was still technologically lacking.

But it included all the essential functions I had envisioned.

"With OTT services, movies stream seamlessly without buffering."

"Not just movies—real-time music streaming is also available. But to use that feature, customers must subscribe to Taewoo's music platform."

This wasn't just an appliance—it was an ecosystem.

To fully utilize the Internet TV, customers needed to subscribe to OTT services, sign up for our music platform, and connect to the Internet through Taewoo Telecom.

Everything was designed to keep customers within our ecosystem.

And I could already see it—the dawn of a new era in entertainment.

Taewoo Electronics, Taewoo Telecom, and the IT division—all three would profit from the Internet TV.

"There are definitely some limitations. That means we'll need to sell it at a lower price."

"But with a built-in set-top box, selling it cheaper than competitors would lead to losses."

"Even if we take a loss on hardware sales, we can recoup profits through Taewoo Telecom and the IT division. In the long run, we'll be highly profitable."

The era of making money solely from selling appliances was over.

The real profit now lay in additional services and ecosystem lock-in.

"In that case, rather than simply lowering the price, we'll run a promotional discount to ensure we're cheaper than the competition."

"There's an even better strategy. Offer the TV for free with a three-year Taewoo Telecom contract."

"You're suggesting we give away TVs for free? That would be a massive loss."

"This will significantly boost Taewoo Telecom's market share. And it's not like Taewoo Telecom is actually getting the TVs for free—they'll purchase them from Taewoo Electronics, so we won't be taking a huge financial hit."

With the magic of contract discounts, everyone could benefit.

A two- to three-year contract would lock in customers, ensuring a steady subscriber base.

And once signed, early termination fees would deter customers from switching providers.

So even if we gave away TVs, it wouldn't be a loss—in fact, it was a highly profitable long-term strategy.

"If we offer free TVs, Taewoo Telecom subscriptions will surge."

"And if we throw in additional benefits for switching from other carriers, even more customers will flock to us."

"We should ramp up production of Internet TVs."

"That's why I told you to finalize the deal with Samjin Electronics for LCD panels. Also, start negotiations with Japanese suppliers—just in case."

Relying on a single supplier was a dangerous move.

If we had an exclusive LCD contract with CL Electronics and something happened at their factory, our entire supply chain would be disrupted.

And we couldn't ignore the possibility of competitors deliberately cutting off our supply. Diversifying our suppliers was the only way to stay ahead.

"I'll schedule negotiations with Japanese firms soon."

"One more thing—once we launch Internet TV, other companies will scramble to develop similar products."

"But we hold the majority of Internet TV patents. Without our approval, they won't even be able to imitate us."

"Still, Samjin and CL hold key flat-screen TV patents. If things get messy, we could run into conflicts."

Even though we had a strong grip on Internet TV patents, Samjin and CL controlled crucial flat-screen technology.

A legal battle would be a hassle for everyone.

"Then let's grant them patent rights—but only on the condition that they use our OTT and music platforms."

"If we go that route, our IT division's revenue will skyrocket, even if appliance sales take a hit."

"TV sales won't drop that much. As long as we dominate the Internet TV market first, we'll be untouchable."

A TV purchase was a long-term decision, with most consumers keeping theirs for at least five years.

By distributing free TVs to Taewoo Telecom subscribers, we'd crush competing TV sales overnight.

"I'll set up a joint marketing task force with Taewoo Telecom and begin planning immediately."

"This is our chance to overtake KS Telecom once and for all."

"Taewoo Electronics will provide full support."

Once Taewoo Telecom secured the No.1 spot, maintaining that position would be effortless.

After all, we still had one last trump card—

The iPhone.

* * *

One month later.

Taewoo Telecom's CEO, Lee Joo-young, burst into the planning office.

His face was flushed with excitement, and he let out a victorious cheer as he delivered the good news.

"We've finally pulled ahead of KS Telecom by double digits! The free Internet TV marketing strategy worked like a charm!"

"Well, that was the expected outcome. We poured in that much money—of course we had to see results."

It was a brute-force strategy, fueled by sheer financial firepower.

Telecom bill discounts, free Internet TVs, OTT services, gaming platforms, and music streaming.

Anyone who joined Taewoo Telecom received all these perks—so naturally, subscribers flocked in droves.

To make this possible, Taewoo Group invested a massive amount of capital.

At first glance, it looked like a huge financial hit, but in the long run, it was a highly profitable move—one well worth the initial loss.

"OTT and music streaming subscriptions have skyrocketed as well. Every business run by the IT division is now generating massive revenue. In particular, our gaming platform is receiving rave reviews in the U.S. and Europe."

"You can tell how much our subscriber base has grown just by looking at Taewoo Electronics' and Taewoo Telecom's soaring stock prices—they've more than doubled in just a few months."

"This is all thanks to you, Director. You built the IT division from the ground up, and now it's flourishing. And the Internet TV was the final blow that sealed the deal."

A TV was an expensive household appliance.

And Internet TVs were even more expensive than regular ones.

So when people heard they could get one for free just by subscribing to an internet plan, there was no reason not to sign up.

"Now, push bundle discounts with mobile phone plans as well. We've widened the gap—now we need to secure our lead."

"Understood. But I won't just maintain the gap—I'll widen it even further."

For now, Taewoo Telecom's dominance seemed unstoppable.

But Korea's telecom giants weren't ones to go down without a fight.

A counterattack was inevitable.

* * *

Every industry is deeply interconnected.

And the telecom industry was no exception.

Executives, even from rival companies, often shared mentor-mentee relationships.

Since they all competed over the same pie, even those from different backgrounds addressed each other as seniors or juniors.

"Senior, don't you think Taewoo Telecom is crossing the line these days?"

"I've been keeping an eye on them for the sake of industry growth, but they're overstepping."

A closed-door meeting was underway.

Gathered around the table were executives from Korea's two largest telecom firms—

Along with former industry leaders who had moved into politics and key government positions.

"Senior, we need you to restore order. Taewoo Telecom doesn't even attend industry meetings properly."

"Well, they're new to the game. They probably don't know how things work."

"Aren't we in charge of setting them straight? A word from the Ministry of Information and Communication, and they'll fall in line."

The Ministry of Information and Communication oversaw and regulated telecom companies.

And a few key officials in the ministry had deep financial ties to the industry.

"I'd like to impose regulations, but it wouldn't be fair. If we tighten restrictions on them, they'll argue, 'Why us and not the others?' That could get complicated. Plus, Chairman Kim Tae-jung is close with the Blue House. We have to be careful about the VIP's reaction."

"We don't need to actually regulate them. Just pretend to—just enough to make them nervous. They'll get the message."

The conversation between telecom executives and government officials dragged on, growing increasingly dull.

A politician, who had been listening in silence, finally cleared his throat.

"Why make things so complicated? Just move the political machine, and the problem solves itself."

"Are you saying you can pull the strings in politics?"

"Well, the political world can't act first—but give us the right justification, and we'll move. For instance, if parents' associations start protesting in droves, then of course, we'd have to step in."

Representative Yang Il-seop.

A three-term lawmaker and a key player in the telecom cartel—he had just revealed the perfect strategy to bring down Taewoo Telecom.