Corporate identity and the people behind it define the power and sustainability of startups, according to Tim Hwang, a young CEO of FiscalNote, a fast-growing legal analytics firm and rising star in the venture community.

Corporate culture comes ahead of developing technology when it comes to successfully building a startup, Hwang said as he shared his experience at "Try Everything” startup extravaganza held in Seoul on Thursday on the sidelines of the World Knowledge Forum hosted by Maeil Media Group.

Technology evolves over time, but establishment of the right corporate culture, organization, and collaboration must become the pillar to a company.

Hwang founded FiscalNote, which uses artificial intelligence to track and analyze changes in laws, in 2013 at the age of 21. He has grown the company to have over 4,000 clients including Fortune 500 firms.

As a successful tech startup entrepreneur, Hwang said the key to succeed in the tech industry is full commitment in work. He advised aspiring entrepreneurs not to mistake the job as a path to change a career as the reality is endless work hours that completely change the life and work relationship.

He, however, sees the present time is the best time ever to start business due to changes in regulations and more welcoming environment to new technologies and services.

When companies develop product roadmaps, they need to consider the impacts from regulations and also track legal changes to better respond to consumers, advised Hwang.

Hwang was among the guest speakers to Try Everything, a global startup fair which was held in tandem with the 22nd World Knowledge Forum, opened in Seoul on Sept 14-16. The event is co-hosted by Seoul Metropolitan Government and Maeil Business Newspaper.

By Cho Jeehyun

[ⓒ Pulse by Maeil Business Newspaper & mk.co.kr, All rights reserved]