Leaders September issue, 2024 - Yoo Tae-hwan, CEO of HJWAVE Co., Ltd. …
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HJWAVE Co., Ltd. continues to make remarkable progress. Last year, the company was solely selected for the national project of the Ministry of SMEs and Startups, focusing on the development of wideband, wide-angle antennas to reduce performance deviations between multiple channels. The research results are expected to reduce channel deviations by more than 60% compared to conventional technology. Additionally, HJ Wave was named as one of the 'Top Automotive Solutions Providers 2023' by CIO Review APAC, a specialist in the field of technology and solutions. This recognized the company's pioneering role in the increasingly important field of radar antennas for autonomous driving technology. HJ Wave's antenna structure technology with beam tilt functionality earned the company the Minister's Award from the Ministry of Trade, Industry, and Energy at the '2023 Korea Invention Patent Exhibition'. This year, the company was also selected in the future mobility sector of the 'Super Gap Startup 1000+ Project,' further proving its technological capabilities. We met Yoo Tae-hwan, CEO of HJ Wave, to learn about the secret behind the company’s outstanding achievements.
Millimeter Wave (mmWave) is a high-frequency electromagnetic wave in the frequency range of 30GHz to 300GHz, with a wavelength measured in millimeters. The use of high frequencies enables ultra-fast data transmission, and its short wavelength allows for smaller antenna sizes. Moreover, mmWave is less congested than other frequency bands, resulting in reduced interference and the ability to support more devices simultaneously. These characteristics make mmWave a key technology for next-generation communications and various advanced technologies, drawing attention for its research and application in fields such as communications, radar, healthcare, and security. HJ Wave is a leading next-generation millimeter-wave antenna company with core technologies in autonomous driving radar and next-generation antennas. The company has achieved global success by securing large-scale technical contracts with global automotive Tier 1 and semiconductor companies and is expected to become a unicorn company in the antenna sector.
Evolving into a 'Super vendor(乙)' Company with Exceptional Technology
In August, the Korean government announced a new project with the goal of nurturing Korea's materials, components, and equipment companies into ‘super vendor(乙)’ companies that hold an unshakable position in the global supply chain. The term refers to companies that, despite their smaller size in business negotiations, possess exclusive technology or parts, giving them strong bargaining power over large corporations. From this perspective, HJ Wave has already achieved a 'super strong' position. Globally, only three companies own proprietary 3D Waveguide Antenna technology for autonomous driving radar: a Swiss company (H), a Swedish company (G), and HJ Wave. The Swiss company has an annual revenue of around 1.6 trillion won, and the Swedish company continues to grow year-on-year. In the Asia-Pacific region, HJ Wave is the sole player.
HJ Wave's technology has several advantages compared to its Swiss and Swedish counterparts. First, the accuracy of its simulations is superior. In RF technology, one of the most challenging aspects is ensuring that the product designed in simulation is identical in performance to the final product. While the average accuracy level in the industry is around 80%, HJ Wave boasts a 96.86% accuracy rate. This not only reduces development costs and time but also allows for thorough validation during the simulation phase. The strategic choice of using nickel plating from the early stages of development also contributed to the company's success. While competitors tend to use gold or silver plating, which offer excellent electrical conductivity, Yoo recognized the limitations posed by high costs. By focusing on fundamental design technologies that compensate for the drawbacks of electrical conductivity, HJ Wave was able to create a structure that balances cost competitiveness, mass production, and quality. Yoo stated, "Our strategy is to be pioneers in technology and followers in pricing."
"From the perspective of radar Tier 1 companies or multinational corporations, I believe our company is the most rational choice. There are only three companies globally with this technology, and we are the only one in the Asia-Pacific region. While many companies in the U.S. and Europe are developing cars that use this technology, the largest consumer market is in Asia-Pacific. Perhaps we are in the most key market with the most purchasing power compared to other companies. Moreover, HJ Wave is competitive in terms of solution costs among the three companies, which naturally gives us an advantage in logistics costs and local responsiveness."
Key to Success: Moving Faster Than the Market by Predicting the Future
Without high-level technology aligned with the times, factors such as geographical advantages and cost structures cannot provide a competitive edge. Yoo predicted the future accurately by focusing on mmWave RF technology development, even when most of the market was nurturing microwave RF technology. He realized that the lack of available bandwidth in the microwave frequency band would inevitably lead to a shift to higher frequencies. Yoo predicted that the use of mmWave would be essential for high-capacity, high-speed transmissions and improving resolution. Focusing on the development of autonomous driving radar antennas, the most active area of mmWave research, maximized the company’s achievements.
“The global semiconductor companies are the ones leading the mmWave RF-based autonomous driving radar market. We started developing our own technology with them 2-3 years before new chipsets for autonomous driving were released, securing independent technology. Our thorough early preparation created a major barrier for competitors trying to enter the market. I believe these efforts are what enabled us to do business with global Radar Tier 1 and semiconductor companies. We aim to secure cost competitiveness and mass production quality based on our proprietary mmWave RF core technology and grow to become the No.1 mmWave specialist in the Asia-Pacific region. I also believe we can become a company that spans both Europe and the U.S.”
Looking at the patent technologies HJ Wave has secured, each one is interconnected and capable of continuous expansion, which highlights Yoo's forward-looking insight. The flexibility in responding to changing environments is one example, particularly the adaptation to changes in frequency. Last year, the decision was made to shift from the existing 79GHz frequency band to the 140GHz band for autonomous driving radar. At a time when global companies were busy adapting to the sudden change, Yoo calmly reviewed the technology his company had already developed. Since they already possessed technology capable of handling mmWave frequencies, there was no need to develop entirely new technologies or explore completely different business models. With 27 patents to its name, HJ Wave has already released a product this year in Q2 that meets the frequencies needed 10 years into the future.
“We don’t see our technology as limited to a specific point in time or a particular field. In the autonomous driving market, we are solidifying relationships with the global top 3 companies while planning to expand into new fields like telecommunications and defense, where our technology can be effectively applied. My goal is to create a business that is continuously evolving and expanding based on the present.”
Sustainable Results Rooted in 'Trust'
Yoo emphasizes that the most important principle in management is trust (信義). In his various roles, he has redefined what trust means to him. As a team member, trust meant maintaining integrity in relationships within and outside the organization, and staying true to the beliefs he sought to achieve through technology. A conversation with a senior figure in the autonomous driving industry reshaped his understanding of trust.
“I had a chance to speak with a senior figure considered the godfather of Korea’s autonomous driving industry. It was shortly after I founded the company, and I told him my vision—to grow into a company that keeps its promises, that upholds trust. He responded, ‘Only a company with power can talk about keeping trust.’ That’s when I realized that while I was in a situation where I couldn’t keep my promises on my own, I was clinging to a goal that was just empty rhetoric. To fulfill my trust in the industry leaders and customers who chose us, I realized that instead of just having the right mindset, I needed the capabilities to back it up. So, I developed our proprietary technology and products, and secured new customers. Three years later, I went back to that senior figure and said, ‘Now we are a company that can keep its promises.’ I also made another promise, ‘I will continue to work hard so we can keep our promises in the future as well.’”
The trust Yoo speaks of has manifested not just in words but in business results. The company has consistently exceeded its revenue targets by more than 100% each year, and has never recorded a loss since its founding. With a net profit margin of over 20%, HJ Wave is receiving praise from investors, customers, and the market as a whole. In 2023, the company started by raising 8 billion won in common stock investments, surpassing the target of 15 billion won and raising 35 billion won, with the final round of investments expected to close in October. As of August 2024, the company has already received 17.5 billion won in investments, further validating its strong business performance and growth potential from investors.
Moreover, the company is in discussions for an annual supply contract of over 10 million antennas following years of continuous projects and technical validation with global semiconductor companies. HJ Wave has applied for and registered 27 domestic and international patents related to the technology, and has obtained SQ certification to mass-produce and supply products to Hyundai-Kia Motors. It also holds the IATF-16949 certification for global supply.
“Investors trust in our future value and vision. I believe their trust, as well as the interest of future investors, is my responsibility and the trust I need to uphold. In the early stages of our business, we faced many challenges. But I understood that fulfilling the promises I made early on was essential to maintaining the trust of our investors. I constantly reminded myself to focus on building a business, not just running a short-term venture. Mutual trust was built with stakeholders because we prioritized trust over short-term profits or temptations, and I believe that’s why we’ve seen the success we have today.”
Realizing Broader Value Through Passion and Perseverance
Yoo cites Angela Duckworth’s book 'Grit' as a key influence. Early in his entrepreneurial journey, he found wisdom in this book to help set his goals and mindset for technological development. While anyone can start something, not everyone achieves success. According to Grit, successful individuals share common traits: they explore their passions intensely, consciously train to connect their interests to achievements, pursue higher goals, and persevere through adversity with a sense of hope. Yoo’s journey—focusing on mmWave technology through careful trend analysis, presenting tangible results through R&D, and never giving up despite the challenges, all while upholding his values of trust—closely mirrors the process described in Grit.
“When I meet young people who feel like they have no choice but to give up because of the failure they’ve experienced or the difficult circumstances they face, I advise them to plan their lives in five or ten-year increments until they turn 70. If you still can’t make any plans even with that approach, it’s not that the world has turned its back on you, but that you’ve failed to consider how to open up the world for yourself. Don’t anticipate failure and worry about it, but instead consciously support and believe in your own choices.”
Even now, Yoo continues to operate with the same mindset he had at the start of his business, never resting on his laurels despite putting HJ Wave on a stable track. What stands out most is his constant drive to raise his goals and increase the value he creates through his work.
The value Yoo has always sought is technology that can protect human life and safety. HJ Wave’s success has been driven not only by financial goals but also by this greater value. Now, Yoo is focused on realizing even broader values.
“With our strong foundation of technological prowess and trust, I want to grow into a company that can continue doing business not only for 10 or 30 years but for 100 years into the future. My goal is to create a company recognized as one that guarantees success for all who work with us. As a company that develops technologies with an eye toward the future, I want to contribute to the future of humanity by realizing value for both our company and society.”
Original article source: Leaders Magazine (www.kleaders.com)
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